Win Olympic Gold, Pay the IRS U.S. up to $9,000

Discussion in 'Current Events' started by Desperado, Aug 1, 2012.

  1. Desperado
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    Desperado Gold Member

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    I thought all the athletes won were the medals, but the Gold pays $25,000.
    Of course the IRS will be standing right next to the podium to get their share of the winnings. The US Government isn't satisfied with that, they also tax the value of the medal the athlete won. $236 tax for a gold medal.

    Americans for Tax Reform : Win Olympic Gold, Pay the IRS
     
  2. uscitizen
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    uscitizen Senior Member

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    Why should it not be taxed?
     
  3. Desperado
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    Desperado Gold Member

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    The Athletes are representing the US in the Olympics.
    The cost of the travel and training I hope is deductible so that it will be a wash.

    Wonder what tax Obama paid on his unearned Nobel Peace Prize?
     
    Last edited: Aug 1, 2012
  4. uscitizen
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    uscitizen Senior Member

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    for virtually all of them their cost of training and travel is deductable since corporate sponsors are paying for it.
     
  5. konradv
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    konradv Gold Member

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    I doubt that they'd be taxed. The medals aren't pure gold. I've never heard of cash prizes. Whatever they might have to pay wouldn't be anywhere near 35%. That web site seems to be at least 99.99% bullshit and I'm being kind.
     
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  6. Desperado
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    Desperado Gold Member

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    That web site maybe BS but the tax is not. The tax is confirmed in this story where, Marco Rubio introduces a bill to eliminates federal tax on Olympic medals and the cash honorarium.
    Never knew that that was also a cash prize associated with the medals.

    Sen. Marco Rubio introduced a bill Wednesday to eliminate the federal government’s tax on Olympic medals, saying the levy amounted to yet another way the government tries to punish those who succeed.
    Rubio bill eliminates federal tax on Olympic medals - Washington Times
     
  7. Moonglow
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    Moonglow Diamond Member

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    Then we shouldn't tax successful gamblers either.
     
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  8. Desperado
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    Desperado Gold Member

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    Rubio's statement " levy amounted to yet another way the government tries to punish those who succeed." Now this could be said for all taxes not just on the Olympic medals
    What I found interesting is that the U.S. is virtually the only developed nation that taxes “worldwide” income earned overseas by its taxpayers,
    Read more: Americans for Tax Reform : Win Olympic Gold, Pay the IRS
     
  9. WillowTree
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    WillowTree Diamond Member

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    Exactly!
     
  10. tjvh
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    tjvh Senior Member

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    That's why you have to stay away from Slots... You don't get taxed on card games. Of course I'm no expert.:eusa_whistle:
     

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