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Usain Bolt's Tax Lesson

Discussion in 'Political Issues' started by W420Hunter, Aug 17, 2012.

  1. W420Hunter

    W420Hunter

    3,341
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    Jun 25, 2007
    Ohio
  2. HarlDane

    HarlDane

    6,404
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    Jul 26, 2005
    San Joaquin Valley
    The tax rates for American athletes is the same as for American plumbers, which is 0%-35% depending on you're bracket.
     

    Last edited: Aug 17, 2012

  3. Brucev

    Brucev

    9,189
    5
    Jul 19, 2009
    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.
     
  4. frizz

    frizz

    1,670
    1
    Jul 6, 2012
    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."
     
  5. czsmithGT

    czsmithGT

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    1,414
    Jan 8, 2004

    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.