The IRS Cashes In On Olympic Medal Winners [Archive] - Glock Talk

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JBnTX
08-02-2012, 06:29
Just one more reason to abolish the IRS and completely re-do the American tax system.


Winning a gold medal brings a $9,000 tax bill
http://sports.yahoo.com/blogs/olympics-fourth-place-medal/winning-gold-medal-brings-9-000-tax-bill-171555961--oly.html

"Medalists will have to pay hefty taxes for standing on the podium in London."

"The United States Olympic Committee rewards Olympic medalists with honorariums."

"A gold medal brings $25,000. Silver medals get you $15,000. And a bronze is worth $10,000."

"The Weekly Standard, a conservative news magazine, ran the numbers and tabulated that the tax bill on a gold is $8,986, silver is $5,385 and bronze is $3,500."

aircarver
08-02-2012, 06:40
Just one more reason to cut the goober-mint down to size ..... :upeyes:

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Fed Five Oh
08-02-2012, 06:47
They didn't win that.

JFrame
08-02-2012, 07:27
They didn't win that.


Yeah -- I'm sure they had to drive, or be driven to, training facilities on, like, actual roads... :upeyes:

series1811
08-02-2012, 08:01
They didn't win that.

:rofl::rofl::rofl:

HarlDane
08-02-2012, 10:13
There are a lot of things wrong with the tax code, but carving out exemptions for athletes doesn't fix a single thing and if anything just makes the whole system more inequitable. There's no reason earning 25K swimming should be treated any differently than earning 25K mowing lawns, flipping burgers or performing heart surgery.

humanguerrilla
08-02-2012, 10:26
Only about $500 in metals in the London Gold. 1.35 percent gold and 92.5 percent silver.

http://www.zerohedge.com/news/austerity-olympics-each-gold-medal-contains-134-gold

Nearly 36% tax rate on Olympic honorariums seems olympically excessive.

MARINE DIVISION TWO
08-02-2012, 10:30
The Goverment works 24/7 on ways to Tax the American Worker,Had Enough ? Vote Romney 2012 !

HarlDane
08-02-2012, 10:47
Only about $500 in metals in the London Gold. 1.35 percent gold and 92.5 percent silver.

http://www.zerohedge.com/news/austerity-olympics-each-gold-medal-contains-134-gold

Nearly 36% tax rate on Olympic honorariums seems olympically excessive.
If they pay a dime in taxes on this income, it would be at whatever their marginal rate is. For Phelps or Kobe, that's gonna be 35%, for other athletes it's less and most won't pay anything once they deduct their expenses or turn down the prize money to keep their amateur status. This is pure sensationalism, designed to get an emotional response

Don H
08-02-2012, 10:50
They didn't win that.

:rofl:

CAcop
08-02-2012, 11:10
There are a lot of things wrong with the tax code, but carving out exemptions for athletes doesn't fix a single thing and if anything just makes the whole system more inequitable. There's no reason earning 25K swimming should be treated any differently than earning 25K mowing lawns, flipping burgers or performing heart surgery.

Exactly. Carving out exemptions for "special groups" is why we have a system like we do.

Willard
08-02-2012, 15:31
The IRS should NOT be taxing any monies earned outside of the US! Period! We are the only (or one of the few) countries that do this, and it is STUPID!

BTW - no one is turning down the $ to retain their amateur status. They are ALL pros now.

HarlDane
08-02-2012, 16:39
The IRS should NOT be taxing any monies earned outside of the US! Period! We are the only (or one of the few) countries that do this, and it is STUPID!

BTW - no one is turning down the $ to retain their amateur status. They are ALL pros now.There are a number of athletes in the games still attending college (or HS) who do not want to lose their amateur status.

series1811
08-02-2012, 16:44
If they pay a dime in taxes on this income, it would be at whatever their marginal rate is. For Phelps or Kobe, that's gonna be 35%, for other athletes it's less and most won't pay anything once they deduct their expenses or turn down the prize money to keep their amateur status. This is pure sensationalism, designed to get an emotional response

I don't think you have to do nearly as much sensationalizing as you think to get people worked up against the IRS, our tax code, and the way our taxes are being spent.

HarlDane
08-02-2012, 16:57
I don't think you have to do nearly as much sensationalizing as you think to get people worked up against the IRS, our tax code, and the way our taxes are being spent.I agree, which is why this "news story" is so pointless.

Guss
08-03-2012, 00:45
Olympians don't have to pay any more than we do.

http://www.politifact.com/truth-o-meter/statements/2012/aug/01/americans-tax-reform/do-olympic-medalists-owe-9000-irs/

Guss
08-03-2012, 01:27
The IRS should NOT be taxing any monies earned outside of the US! Period!...
It will be the United States Olympic Committee giving them the money.

RWBlue
08-03-2012, 08:28
It would seem pretty easy to deduct the training costs and come up with a negative tax bill.:wavey:

HarlDane
08-03-2012, 10:57
It would seem pretty easy to deduct the training costs and come up with a negative tax bill.:wavey:I would guess for most athletes it's treated like hobby income and expenses can only offset income and can't create a net loss.

cowboy1964
08-04-2012, 01:36
Yeah sorry but I can't get too worked up about people winning Olympic medals having to pay a bit of tax. Really? This is what we're worried about? $16 TRILLION DEBT, people. Priorities?

TKM
08-04-2012, 08:24
Can the cost of training, travel and competition be written off as an uncollectible account receivable if I lose? :dunno:

JFrame
08-04-2012, 08:26
Can the cost of training, travel and competition be written off as an uncollectible account receivable if I lose? :dunno:

That would only be fair (a popular term for progressives)...


.

Guss
08-04-2012, 09:04
Ask Mrs. Romney about the expenses on her dressage horse. Surely she will know all the tricks.

jakebrake
08-04-2012, 09:08
and yet, they won't go knocking on geitner's door.

spend enough time under obozos desk, i guess you can pull it off.

Fed Five Oh
08-04-2012, 11:19
Ask Mrs. Romney about the expenses on her dressage horse. Surely she will know all the tricks.Why do you hate success, Comrade?

ConcealedG23
08-04-2012, 13:34
The Goverment works 24/7 on ways to Tax the American Worker,Had Enough ? Vote Romney 2012 !

You type that like it's going to make a difference. Obama or Romney; one's collective tax burden will be the same with either.

D

RWBlue
08-04-2012, 19:26
Can the cost of training, travel and competition be written off as an uncollectible account receivable if I lose? :dunno:

No, I don't think it is.

If it were then everyone could write off their gym membership, because they just were not good enough to win, but maybe next time.....

Skyhook
08-05-2012, 06:47
They didn't win that.


Wasn't that the essence of Obama's congratulatory note to Gabby- 'You didn't do that'? :whistling:

DustyJacket
08-05-2012, 08:03
I did not know the USOC gave money to medal winners...........

Oh well. Income is income.
Witholding/estimated tax payments is not the same as final tax rate......