Usain Bolt's Tax Lesson [Archive] - Glock Talk

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W420Hunter
08-17-2012, 14:55
British law punishes the world's best athletes for their success (http://online.wsj.com/article/SB10000872396390444375104577591101501483984.html?mod=googlenews_wsj)
I mean how far are we from this really? I think the tax rate for US athletes is something around 35%?

HarlDane
08-17-2012, 16:51
The tax rates for American athletes is the same as for American plumbers, which is 0%-35% depending on you're bracket.

Brucev
08-17-2012, 22:08
Punished? Hardly. He simply has to abide by the same law as any other citizen. Can't see a problem with this. If he wants to play games, he has to abide by the rules. He is no different than any other citizen.

frizz
08-17-2012, 22:42
Punished? Hardly. He simply has to abide by the same law as any other citizen. Can't see a problem with this. If he wants to play games, he has to abide by the rules. He is no different than any other citizen.
British tax laws are extra horrible for many people in certain fields. This is been he case or a long time.

I suspect this is the same law that encouraged Led Zeppelin and other bands to spend as much time out of the country as possible, or maybe up to a certain minimum. I don't know the exact rate, but I think direct royalties to an artist were taxed at ~90%.

They called it "Tax Exile."

czsmithGT
08-18-2012, 12:48
British law punishes the world's best athletes for their success (http://online.wsj.com/article/SB10000872396390444375104577591101501483984.html?mod=googlenews_wsj)
I mean how far are we from this really? I think the tax rate for US athletes is something around 35%?


The article is confusing. On one hand it says:

"But normally Britain takes a cut of an athlete's worldwide endorsement earnings—that means overseas sponsors in addition to those in the U.K.—proportional to the time spent in Britain."

In another paragraph it says if he ran six races in a year with one of therm in UK, they would tax him on 1/6 of his world-wide endorsement earnings. Now to me it would seem if he spent one day competing in UK they should only tax him on 1/365 of his endorsement earnings.