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Author Topic: U.S. Olympic medal winners will owe up to $9,000 to the IRS  (Read 4135 times)

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Offline Chris_

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U.S. Olympic medal winners will owe up to $9,000 to the IRS
« on: July 31, 2012, 03:06:36 PM »
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U.S. Olympic medal winners will owe up to $9,000 to the IRS

American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.

Because the U.S. is virtually the only developed nation that taxes “worldwide” income earned overseas by its taxpayers, our Olympic athletes face a competitive disadvantage that has nothing to do with sports.
Americans for Tax Reform

Progressive taxation strikes again.
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Offline njpines

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #1 on: July 31, 2012, 03:10:16 PM »
Quote from: chris_ on July 31, 2012, 03:06:36 PM
Americans for Tax Reform

Progressive taxation strikes again.

That's just insane!!  :thatsright:

 :facepalm2:
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Offline obumazombie

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #2 on: July 31, 2012, 03:11:11 PM »
Quote from: chris_ on July 31, 2012, 03:06:36 PM
Americans for Tax Reform

Progressive taxation strikes again.
They should only generate a tax if they are sold.
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Offline Airwolf

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #3 on: July 31, 2012, 03:47:25 PM »
Probably won't matter to most of the kids that get huge endorsments after the games .
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Offline Kyle Ricky

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #4 on: July 31, 2012, 04:50:48 PM »
Typical liberal plan to suck money out of anything.
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Offline JohnnyReb

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #5 on: July 31, 2012, 06:29:32 PM »
Quote from: Kyle Ricky on July 31, 2012, 04:50:48 PM
Typical liberal plan to suck money out of anything.

Democrat votes can't be bought as cheaply as they once were.
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Offline Freeper

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #6 on: July 31, 2012, 06:52:03 PM »
Come on now, they owe that money for the roads and bridges that made their wins possible.
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Offline franksolich

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #7 on: July 31, 2012, 06:54:29 PM »
Quote from: Freeper on July 31, 2012, 06:52:03 PM
Come on now, they owe that money for the roads and bridges that made their wins possible.

Good one.

Awesome.
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Offline obumazombie

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #8 on: July 31, 2012, 06:57:17 PM »
Quote from: franksolich on July 31, 2012, 06:54:29 PM
Good one.

Awesome.
In this case, they really didn't build that (the gold medal), they just earned it. Maybe owebuma thinks they didn't earn it. Maybe owebuma thinks someone else earned it.
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Offline Kyle Ricky

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #9 on: July 31, 2012, 07:42:08 PM »
Quote from: Freeper on July 31, 2012, 06:52:03 PM
Come on now, they owe that money for the roads and bridges that made their wins possible.

Yeah, if I remember correctly, our tax money paid for the roads and bridges in England as well as here in U.S....
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Offline thundley4

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #10 on: July 31, 2012, 07:54:54 PM »
Quote from: Kyle Ricky on July 31, 2012, 07:42:08 PM
Yeah, if I remember correctly, our tax money paid for the roads and bridges in England as well as here in U.S....

I don't know about that, but our taxes are paying for infrastructure works in China.  That is according to Elizabeth Warren.
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Offline MrsSmith

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #11 on: July 31, 2012, 08:30:38 PM »
When my last town wanted paved streets and sidewalks installed, each home & business had to pay for their own...
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Offline njpines

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #12 on: August 01, 2012, 11:26:25 AM »
Hey, those athletes winning multiple medals should redistribute to those who didn't win any.  Darn 1%-ers!! (/OccupyOlympics)
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Offline ADsOutburst

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #13 on: August 01, 2012, 11:40:49 AM »
Quote from: Kyle Ricky on July 31, 2012, 07:42:08 PM
Yeah, if I remember correctly, our tax money paid for the roads and bridges in England as well as here in U.S....
Don't forget, someone had to build that water for the swimmers to swim in!
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Offline Kyle Ricky

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #14 on: August 01, 2012, 12:42:56 PM »
Quote from: ADsOutburst on August 01, 2012, 11:40:49 AM
Don't forget, someone had to build that water for the swimmers to swim in!

Yes, that is right. I totally forgot about the water  :thatsright:
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Offline RobJohnson

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #15 on: August 01, 2012, 06:20:39 PM »
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WASHINGTON, D.C. — While 529 hardworking athletes proudly represent the United States in the 2012 Olympics, any medals and money they earn wearing red, white and blue will be taxed by the IRS. According to research done by the Americans for Tax Reform Foundation, U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games.
 
American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.


Read more: http://atr.org/win-olympic-gold-pay-irs-a7091#ixzz22L7HBBOA

I love the article comments.....

Quote
"You did not earn those medals! The government provided the roads and bridges that allowed you to attend practices". Silly athletes!


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Offline Freeper

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #16 on: August 02, 2012, 08:01:21 PM »
Is this something new? Or have we been taxing them for awhile now?
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Offline Tess Anderson

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #17 on: August 02, 2012, 08:38:39 PM »
They also tax Nobel Prize winners, why Obama "regifted" his. Rubio has introduced a bill to exempt Olympic winners from these taxes that is gaining traction.
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Offline RobJohnson

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #18 on: August 03, 2012, 02:19:16 AM »
We are one of the few nations that has a worldwide income tax. Which sounds like a competitive disadvantage to our athletics to me.
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Offline formerlurker

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #19 on: August 03, 2012, 05:25:52 AM »
Quote from: thundley4 on July 31, 2012, 07:54:54 PM
I don't know about that, but our taxes are paying for infrastructure works in China.  That is according to Elizabeth Warren.

Lizzie wants us to be China, she gushes over them at every opportunity.
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Offline obumazombie

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #20 on: August 05, 2012, 12:43:47 AM »
Quote from: formerlurker on August 03, 2012, 05:25:52 AM
Lizzie wants us to be China, she gushes over them at every opportunity.
Just like Anita Dunn the former White House Communications Director, who admires Mao.
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Offline I_B_Perky

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #21 on: August 05, 2012, 08:35:33 PM »
I wonder if they can take all their training expense off on their taxes? 

Something about taxing their medals just don't sit right with me.
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Offline Chris_

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #22 on: August 05, 2012, 08:44:07 PM »
Quote from: I_B_Perky on August 05, 2012, 08:35:33 PM
I wonder if they can take all their training expense off on their taxes? 

Something about taxing their medals just don't sit right with me.
Good question.  Obama would just trash them for using "loopholes" in the tax code.  You know, standard tax deductions and business expenses... the sort of thing that typical white people use to avoid paying their fair share.
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Offline Freeper

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #23 on: August 05, 2012, 09:02:27 PM »
Quote from: chris_ on August 05, 2012, 08:44:07 PM
Good question.  Obama would just trash them for using "loopholes" in the tax code.  You know, standard tax deductions and business expenses... the sort of thing that typical white people use to avoid paying their fair share.

Never mind that 0bama has used those same deductions that whitey gets.
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Offline I_B_Perky

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Re: U.S. Olympic medal winners will owe up to $9,000 to the IRS
« Reply #24 on: August 05, 2012, 09:07:51 PM »
Quote from: Freeper on August 05, 2012, 09:02:27 PM
Never mind that 0bama has used those same deductions that whitey gets.

But that is OK cause he is a brotha!!!   :fuelfire: :fuelfire: :fuelfire:


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