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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.
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.
Thats 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?
Doesnt exactly make you proud to be an American.
<snip>
Yikes, I dont even want to think about what Phelps has had to pay over the years. Whatever the figure, Occupy Wall Street protesters would say its 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
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.
Thats 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?
Doesnt exactly make you proud to be an American.
<snip>
Yikes, I dont even want to think about what Phelps has had to pay over the years. Whatever the figure, Occupy Wall Street protesters would say its 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
*****
It's maddening! I can see when you win a prize on a game show or the lottery....(within reason) but that is downright sick. It's not even full gold it's gold plated as in a silver/nickle base with gold on top. sheesh and ovr 20 grand in taxes? what a ripoff. and I heard we are the ONLY country to tax our athletes on their medals. so so sad
Hobby losses are deductible up to the amount of hobby income.
A tax that doesn't allow those being hit with it to deduct the years upon years of expenses they've incurred.It's a tax on income. Nothing to see here.
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
*****
It's maddening! I can see when you win a prize on a game show or the lottery....(within reason) but that is downright sick. It's not even full gold it's gold plated as in a silver/nickle base with gold on top. sheesh and ovr 20 grand in taxes? what a ripoff. and I heard we are the ONLY country to tax our athletes on their medals. so so sad
The medals should not be taxed
Prize money is fair game
This is actually pretty funny to watch. People that Normally have no problem with Raising other peoples taxes are just shocked that if you win 75,000 Dollars in Prizes you pay 33% of it in taxes just to the Fed.
Welcome to the 1% lol.
Just wait till you make your first million and find out after state, Local and Fed Taxes you actually only get to keep 450,000 dollars. lol
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
This is actually pretty funny to watch. People that Normally have no problem with Raising other peoples taxes are just shocked that if you win 75,000 Dollars in Prizes you pay 33% of it in taxes just to the Fed.
Welcome to the 1% lol.
Just wait till you make your first million and find out after state, Local and Fed Taxes you actually only get to keep 450,000 dollars. lol
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
Yes, but I don't think they should have to pay anything. They won that medal and that prize money, its a reward, and it should be tax free.
33% taxes on a $25,000 income?
Wrong.
This is new?
33% taxes on a $25,000 income?
Wrong.
LOL at Dud for thanking this post which he clearly misunderstood.
Awww.....still puzzling over TM's thank record?33% taxes on a $25,000 income?
Wrong.
LOL at Dud for thanking this post which he clearly misunderstood.
Maybe. But editec had his own obvious comprehension problem, too.
Funny, you don't "see" that, however, Rabid.
Awww.....still puzzling over TM's thank record?LOL at Dud for thanking this post which he clearly misunderstood.
Maybe. But editec had his own obvious comprehension problem, too.
Funny, you don't "see" that, however, Rabid.
Yes, but I don't think they should have to pay anything. They won that medal and that prize money, its a reward, and it should be tax free.
