IRS Looters Shake Down Olympic Medalists

[Oddball]

Pffft.

Like I need you giving me lessons in self-respect.

 

[Ravi]

Pffft.

Like I need you giving me lessons in self-respect.

Maybe the people in the Special Olympics could.

 

[Charles_Main]

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

You do know he got over 75,000 Dollars in Cash Prizes as well, and that is what is being taxed, right?

 

[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’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

You do know he got over 75,000 Dollars in Cash Prizes as well, and that is what is being taxed, right?

Michael Phelps isn't the norm.

In the meantime, medalists who win in things like pentathlon and the goofy gymnastics with the fruity streamer will get tagged as well....No big notoriety, scholarships or endorsement deals in it for them.

 

[gallantwarrior]

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

"You didn't do that by yourself!"

 

[rightwinger]

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.

Track and Field gold medal winners do well both with endorsements, sponsorships and the international track circuit

 

[OohPooPahDoo]

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

Like Liability, I'm not seeing the problem. Are we supposed to tax income differently depending on how it was earned?

 

[OohPooPahDoo]

Yet, there is no tax deduction for training, for equipment, or coaches.

Its an amateur sport. do you know what "amateur" means?

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.

For what? Are you suggesting the prize money makes it all worth that - so long as the feds don't get their share?

Most of the money that is to be made by olympic athletes is in SPONSORSHIPS - I suppose we shouldn't tax that, either?

 

[Peach]

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.

Track and Field gold medal winners do well both with endorsements, sponsorships and the international track circuit

It matters not, the selfish will give OTHER AMERICANS' LIVES, but don't ask them to contribute one thin dime to the nation that allowed them to have the highest standard of living in the free world. And be they "religious" or not, help for the poor is out of the question. (I gather they edit Christ's teachings on charity from their Bibles.)

 

[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.

Track and Field gold medal winners do well both with endorsements, sponsorships and the international track circuit

They're not the norm, either.

 

[Oddball]

Yet, there is no tax deduction for training, for equipment, or coaches.

Its an amateur sport. do you know what "amateur" means?

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.

For what? Are you suggesting the prize money makes it all worth that - so long as the feds don't get their share?

Most of the money that is to be made by olympic athletes is in SPONSORSHIPS - I suppose we shouldn't tax that, either?

How many kids get sponsored from the day they take up their given sport?

How much does the average parent pay in non-deductable funds for trundling their kid off to track meets and field hockey games from the age of 10-12 years old on upward?

 

[OohPooPahDoo]

Yet, there is no tax deduction for training, for equipment, or coaches.

Its an amateur sport. do you know what "amateur" means?

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.

For what? Are you suggesting the prize money makes it all worth that - so long as the feds don't get their share?

Most of the money that is to be made by olympic athletes is in SPONSORSHIPS - I suppose we shouldn't tax that, either?

How many kids get sponsored from the day they take up their given sport?

How much does the average parent pay in non-deductable funds for trundling their kid off to track meets and field hockey games from the age of 10-12 years old on upward?

Mittens got to deduct the expenses for his horse.

 

[OohPooPahDoo]

Yet, there is no tax deduction for training, for equipment, or coaches.

Its an amateur sport. do you know what "amateur" means?

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.

For what? Are you suggesting the prize money makes it all worth that - so long as the feds don't get their share?

Most of the money that is to be made by olympic athletes is in SPONSORSHIPS - I suppose we shouldn't tax that, either?

How many kids get sponsored from the day they take up their given sport?

So we should exempt people from taxation until they are getting sponsored?

How much does the average parent pay in non-deductable funds for trundling their kid off to track meets and field hockey games from the age of 10-12 years old on upward?

Hobby losses are deductible up to the amount of hobby income.

 

[jillian]

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

the medals themselves are exempt from taxes.

but it's much easier to make up stuff.

 

[del]

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

you left out gubmint and fabian socialists.

tsk

 

[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

the medals themselves are exempt from taxes.

but it's much easier to make up stuff.

Not according to the piece in the OP.

But it's much easier to *ahem* assume.

 

[OohPooPahDoo]

At the top income rate of 35 percent, that means a gold medalist will owe Uncle Sam $8,896. Each silver means a $5,385 bill, and each bronze is $3,502.

lol! Sorry but how many Olympic medalists are in the top income tax bracket?

 

[rightwinger]

At the top income rate of 35 percent, that means a gold medalist will owe Uncle Sam $8,896. Each silver means a $5,385 bill, and each bronze is $3,502.

lol! Sorry but how many Olympic medalists are in the top income tax bracket?

All of the US Olympic Basketball Team

 

[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.



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

You do know he got over 75,000 Dollars in Cash Prizes as well, and that is what is being taxed, right?

Michael Phelps isn't the norm.

In the meantime, medalists who win in things like pentathlon and the goofy gymnastics with the fruity streamer will get tagged as well....No big notoriety, scholarships or endorsement deals in it for them.

And after they write off their expenses they will pay nothing

 

[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

the medals themselves are exempt from taxes.

but it's much easier to make up stuff.

Not according to the piece in the OP.

But it's much easier to *ahem* assume.

the piece in the op lied but its easier for you to accept thst lie