IRS Looters Shake Down Olympic Medalists

[California Girl]

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!

Well, according to Obama, they didn't get there on their own. They owe us. For the record, they can keep my share... I didn't earn it, I don't want it.

 

[RoadVirus]

How nice.

You represent your country with dignity and honor. You win medals and you come home a hero. And waiting for you, next to your family, the marketing guys from General Mills (Wheaties) and Nike and maybe a few politicians looking for that photo-op for the next campaign brochure, is a guy in a bad suit with a clipboard and tax form with his hand out saying "Give me your hard-earned reward!"

Makes me feel all warm and fuzzy.

 

[Ravi]

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’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’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

Actually, her tax burden would be $9165 with no deductions. If she isn't a deduction to her parents, it would be quite a bit less as she would be able to deduct herself.

Negged for being a partisan hack. Not to mention stupid.

 

[Ravi]

btw, Dud, you should change your tag line to "stormfront"

 

[Ariux]

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.

Oddball, I see you support tax breaks for the elite, just because they are elite. I hope you enjoy your cake, shithead.

 

[Ariux]

Yet, there is no tax deduction for training, for equipment, or coaches. Nothing.

All of their expenses can be deducted from their income, before taxes.

Considering that you're ignorant as shit, why do you talk as if you know anything? Because you're a fucktard, to boot.

 

[Moonglow]

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.

Just ask Mittens how he got a tax deduction of 77, 000.00 for his Olympic ballarina dancing horse.

 

[Ravi]

This law would also apply to their endorsements, etc. Any one of them could get a few million in endorsements and not have to pay taxes.

LMFAO!

 

[Desperado]

When I first heard of this I was on the side of the Athletes. However after further consideration, Why should Olympic Athletes be tax free. There is no difference between them and a person with a regular job. Now don't get me wrong I think the government takes way more than they should. Why do they even have a right even to 33% of what you make? So if you look at the athletes as just another taxpayer, then they should have to pay their share just like the rest of us.

 

[Ravi]

Business expenses

An athlete who wins a medal bonus would be free to deduct any unreimbursed expenses from the bonus, lowering -- or maybe even eliminating -- their tax hit. In fact, accountants say an athlete would be crazy not to.

"Anything used for the production of income is deductible," said Brad Bell, a partner with BGBC Partners LLP in Indianapolis who specializes in accounting for athletes.

Greg Shafer, an accountant in Colorado Springs, Colo., added that "if they were my client and had to pay that kind of tax, I would say, ‘Well, what are your ordinary and necessary expenses?’ That could be travel, uniforms, cell phone use." The U.S. Olympic Committee is based in Colorado Springs, and Shafer said he has provided accounting services to athletes.

So expenses for gymnasts might include tumbling classes, payments to coaches and travel costs to international meets. Cyclists would pay for new bikes and maintenance. An Olympian fencer told Forbes.com that her expenses for equipment and competitions run around $20,000 per year.

http://www.politifact.com/truth-o-m...tax-reform/do-olympic-medalists-owe-9000-irs/

 

[Ravi]

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!

I didn't read the entire thread before I replied to your stupidity.

I can only stress what an idiot you really are.

 

[Ariux]

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.

Shitball, as already noted, they get deductions. But all those "years of training costs", someone else is paying the bill. For example, most of them get full-ride athletic scholarship in college. And, the best of them will be rewarded handsomely with endorsements and careers relating to their athletic skill.

People in the military have tax exempt income if they're in a "combat zone" (which is usually very safe and peaceful). But, do you think all military income should be tax exempt? How about firemen and policemen, our community heroes, should they be tax exempt. Shithead, where do you draw the line between the taxed class vs. the untaxed class of people?

 

[rightwinger]

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!

Well, according to Obama, they didn't get there on their own. They owe us. For the record, they can keep my share... I didn't earn it, I don't want it.

Actually, that was Romney who said Olympic athletes didn't get there on their own.

 

[Liability]

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.

Shitball, as already noted, they get deductions. But all those "years of training costs", someone else is paying the bill. For example, most of them get full-ride athletic scholarship in college. And, the best of them will be rewarded handsomely with endorsements and careers relating to their athletic skill.

People in the military have tax exempt income if they're in a "combat zone" (which is usually very safe and peaceful). But, do you think all military income should be tax exempt? How about firemen and policemen, our community heroes, should they be tax exempt. Shithead, where do you draw the line between the taxed class vs. the untaxed class of people?

Hey Ariyuchs, you pussy motherfucker racist asshole scumbag piece of rat twat:

Did it KILL you when a young black girl won GOLD for the USA?

How about when a young Jewish girl won GOLD for the USA?

God dayum. You must have choked on your own vomit and bile.

Excellent.

 

[California Girl]

This law would also apply to their endorsements, etc. Any one of them could get a few million in endorsements and not have to pay taxes.

LMFAO!

Gabby's mom is on the verge of losing her home. I don't begrudge that kid one fucking dime.

 

[Ariux]

Hey Ariyuchs, you pussy motherfucker racist asshole scumbag piece of rat twat:

Did it KILL you when a young black girl won GOLD for the USA?

Shithead, is it beyond you to ever say anything that's intelligent? It's like you don't even try.

I don't care that an Afro won gold for the USA. Do you hate it that hundreds of whites whites in gymnastics have won gold for the USA? It's good that an Afro girl won, for two reasons: 1) zero is a number that's hard make ratios with, compare to 100s:1. And, 2) it provided that priceless moment when the NBC news-idiot expressed hope that her win would attract more "African Americans" into the sport, immediately followed by the chimp gymnast commercial.

 

[bodecea]

This is new?

 

[Oddball]

This law would also apply to their endorsements, etc. Any one of them could get a few million in endorsements and not have to pay taxes.

LMFAO!

Tell us all what endorsements that the friggin' triple jumper or discus hucker is going to get, you fool.

 

[Oddball]

btw, Dud, you should change your tag line to "stormfront"

As soon as you change your to "dumb as dirt".

 

[Ravi]

This law would also apply to their endorsements, etc. Any one of them could get a few million in endorsements and not have to pay taxes.

LMFAO!

Tell us all what endorsements that the friggin' triple jumper or discus hucker is going to get, you fool.

If you had any self-respect you'd pull an RGS and slink away from this thread.