IRS Looters Shake Down Olympic Medalists

[Oddball]

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.

LONDON – Allison Schmitt swam a sizzling final leg to lead the U.S. to a gold medal in the 4x200 freestyle relay Wednesday.

Congratulations, Allison. You now owe the IRS $26,679.


That’s what she gets for winning two golds, a silver and a bronze medal at the Olympics. It takes years of training and sacrifice to get to win one for your country, and this is how your country thanks you?

Doesn’t exactly make you proud to be an American.

<snip>

Yikes, I don&#8217;t even want to think about what Phelps has had to pay over the years. Whatever the figure, Occupy Wall Street protesters would say it&#8217;s not even a fair share. They never swam 50 miles a week to get to the top of the medal stand.

Olympics 2012: Medal tax is all the thanks U.S. Olympic athletes get - London Olympics 2012 - Sporting News

 

[Liability]

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

 

[Katzndogz]

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.

 

[Katzndogz]

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

Not quite correct, the gold, silver and bronze in the medals are themselves taxable.

 

[Liability]

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

Not quite correct, the gold, silver and bronze in the medals are themselves taxable.

Ok. Then ADD a little bit more:

A gold medal, which is worth $650, according to CNN, could cost athletes about $236 in taxes.

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.

 

[Oddball]

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

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!

 

[tererun]

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

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.

 

[rightwinger]

This all came about after the Tax Reform Foundation released a simple study on the tax implications of Olympic success. The USOC awards athletes $25,000 for each gold medal, $15,000 for each silver and $10,000 for each bronze.

Paying tax on cash awards seems reasonable. Comes with being a professional athlete

 

[Oddball]

This all came about after the Tax Reform Foundation released a simple study on the tax implications of Olympic success. The USOC awards athletes $25,000 for each gold medal, $15,000 for each silver and $10,000 for each bronze.

Paying tax on cash awards seems reasonable. Comes with being a professional athlete

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

Parasites is too kind a term.

 

[WillowTree]

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

 

[rightwinger]

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

Why shouldn't professional athletes pay taxes?

 

[Liability]

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

They aren't going to be able to tax my turds. They will have to confiscate them.

Fuck it. I will mail all my turds to 'em.

But, they have to pay for the mailing envelopes and the postage. Fair is fair.

 

[rightwinger]

This all came about after the Tax Reform Foundation released a simple study on the tax implications of Olympic success. The USOC awards athletes $25,000 for each gold medal, $15,000 for each silver and $10,000 for each bronze.

Paying tax on cash awards seems reasonable. Comes with being a professional athlete

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

Parasites is too kind a term.

They are pros. They compete for money and endorsements. They also have sponsors who pick up training costs

Personally, I think the medals should be tax free but they owe for cash awards

 

[Politico]

It's a tax on income. Nothing to see here.

 

[Oddball]

It's a tax on income. Nothing to see here.

A tax that doesn't allow those being hit with it to deduct the years upon years of expenses they've incurred.

 

[Liability]

It's a tax on income. Nothing to see here.

A tax that doesn't allow those being hit with it to deduct the years upon years of expenses they've incurred.

Not allowing deductions SHOULD be grounds to void ANY income tax imposed.

I agree with you entirely on that point, Odd.

 

[Politico]

They won't pay any more taxes than anyone else would pay when it's all said and done. And they aren't denied or allowed any deductions that you aren't.

 

[signelect]

I pay tax when I make money so do the athlets I don't see the difference but I do think they should be able to deduct training cost just as business deducts business expense.

 

[Liability]

They won't pay any more taxes than anyone else would pay when it'sall said and done. And they aren't denied or allowed any deductions that you aren't.

I have heard otherwise. I haven't confirmed what I heard, though.

Have you?

 

[Oddball]

They won't pay any more taxes than anyone else would pay when it'sall said and done. And they aren't denied or allowed any deductions that you aren't.

Actually, as amateur athletes they get no deductions for all the years of training costs, as they're not in it for the money.

They're getting hosed for receiving a little bit of prize money and their medals.