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The IRS Cashes In On Olympic Medal Winners

Discussion in 'Political Issues' started by JBnTX, Aug 2, 2012.

  1. JBnTX

    JBnTX

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    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/olymp...dal-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."
     
  2. aircarver

    aircarver Descent Terminated Silver Member

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    Just one more reason to cut the goober-mint down to size ..... :upeyes:

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  3. Fed Five Oh

    Fed Five Oh NRA Member

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    They didn't win that.
     
  4. JFrame

    JFrame

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    Yeah -- I'm sure they had to drive, or be driven to, training facilities on, like, actual roads... :upeyes:
     
  5. series1811

    series1811 Enforcerator. CLM

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    :rofl::rofl::rofl:
     
  6. HarlDane

    HarlDane

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    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.
     
  7. humanguerrilla

    humanguerrilla

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    Last edited: Aug 2, 2012
  8. MARINE DIVISION TWO

    MARINE DIVISION TWO

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    The Goverment works 24/7 on ways to Tax the American Worker,Had Enough ? Vote Romney 2012 !
     
  9. HarlDane

    HarlDane

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    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
     
  10. Don H

    Don H

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    :rofl:
     
  11. CAcop

    CAcop

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

    Willard Who, me?

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    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.
     
  13. HarlDane

    HarlDane

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    There are a number of athletes in the games still attending college (or HS) who do not want to lose their amateur status.
     
  14. series1811

    series1811 Enforcerator. CLM

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    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.
     
  15. HarlDane

    HarlDane

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    I agree, which is why this "news story" is so pointless.
     
  16. Guss

    Guss

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  17. Guss

    Guss

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    It will be the United States Olympic Committee giving them the money.
     
  18. RWBlue

    RWBlue Mr. CISSP, CISA CLM

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    It would seem pretty easy to deduct the training costs and come up with a negative tax bill.:wavey:
     
  19. HarlDane

    HarlDane

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    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.
     
  20. cowboy1964

    cowboy1964

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    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?
     
    Last edited: Aug 4, 2012