IRS Looters Shake Down Olympic Medalists

Discussion in 'Current Events' started by Oddball, Aug 9, 2012.

  1. Oddball
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    Oddball BANNED Supporting Member

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    Don't let that sense of world class accomplishment and warm glow of patriotism get to your heads, ladies and gents, your rich uncle in the District of Criminals wants his protection payola.

    Olympics 2012: Medal tax is all the thanks U.S. Olympic athletes get - London Olympics 2012 - Sporting News
     
  2. Liability
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    Not for nuthin', but in context, the story isn't as bad as the article suggests.

    U.S. Olympic Athlete wins a gold medal. In addition to the hunk of medal with some gold layered on it, he gets a check in the amount of $25,000.00 from the U.S. Olympic Committee. THAT'S what the IRS taxes.

    At a rate of say 33%, what does the tax come to? About $8,250.00 That leaves the U.S. Olympic Gold Medalists with the gold medal AND $16,750.00
     
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  3. Katzndogz
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    Katzndogz Diamond Member

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    Yet, there is no tax deduction for training, for equipment, or coaches. Nothing. The parents pay and sacrifice from the athlete's earliest years as what? What is this? A donation to the federal government to be paid by the child at a future date.
     
  4. Katzndogz
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    Katzndogz Diamond Member

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    Not quite correct, the gold, silver and bronze in the medals are themselves taxable.
     
  5. Liability
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    Ok. Then ADD a little bit more:

    Olympians Could Owe The IRS Thousands In Taxes On Medals, Cash Bonuses

    Still unable to work up more than roughly 1/16th of a fuck over it.
     
  6. Oddball
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    Oddball BANNED Supporting Member

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    They're also being taxed for the value of the metal in the medals, as though they're just itching to melt them down or rush to the pawn shop to cash in upon their return.

    That aside, let's just ignore the years upon years of getting up at 5 bells in the AM, the thousands upon thousands spent on coaching, travel to meets, lodging, equipment purchases, etcetra....But don't let them accept a small token cash prize for all that effort, without ponying up to the parasites at the IRS!
     
  7. tererun
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    tererun BANNED

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    don't forget, just like any other american who makes money, they get to write off their expenses. In the end it costs m,uch more than 25k to go to the olympics, and they will pay no taxes on their money unless they are really stupid.
     
  8. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    Paying tax on cash awards seems reasonable. Comes with being a professional athlete
     
  9. Oddball
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    Oddball BANNED Supporting Member

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    Right....But none of the years upon years of expenses can be written off.

    Parasites is too kind a term.
     
  10. WillowTree
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    WillowTree Diamond Member

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    libruls will tax your turds if they are given the chance.
     

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