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

[Desperado]

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

 

[uscitizen]

Why should it not be taxed?

 

[Desperado]

Why should it not be taxed?

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?

 

[uscitizen]

Why should it not be taxed?

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.

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

 

[konradv]

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.

 

[Desperado]

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

 

[Moonglow]

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

Then we shouldn't tax successful gamblers either.

 

[Desperado]

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

 

[WillowTree]

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

Exactly!

 

[tjvh]

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

Then we shouldn't tax successful gamblers either.

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

 

[Harry Dresden]

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.

and the dam things are probably made in China....

 

[RoadVirus]

Why should it not be taxed?

Oh i don't know. Maybe because they worked so hard for it, maybe Uncle Sam should keep his f-ing greedy mittens off their reward.

 

[Quantum Windbag]

Why should it not be taxed?

The better question is, why should it?

 

[tererun]

You know, in the case of sports and the people who are on the olympic level there is a lot of government support for their achievement. Right up the road from me is national whitewater where the olympic trials for kayaking were held on a man made course costimg millions or even billions of dollars funded by the state. I actually came to the owners of the land offering my help in using their many acres of land that was well developed and used for alternative sports to have paintball games there. I was told that paintball is not an olympic sport so it doesn't get funded, and even though I showed them how the game would be profitable and fit right into their designs and plans they were about government money. The guys even said had they been a business it would have made complete sense to incorporate my designs into the location.

I learned a bit about the areas that are made to train olympians by the state. So yeah, we can tax them because we pay for a lot of their training and opportunities to do these sports.

 

[tererun]

Why should it not be taxed?

Oh i don't know. Maybe because they worked so hard for it, maybe Uncle Sam should keep his f-ing greedy mittens off their reward.

Uncle sam backs their training every step of the way and they certainly would not be able to get the level of training or opportunities to train without the support from our government so no they did not do it all on their own.

 

[Noomi]

Why should it not be taxed?

Nothing earned via reward should be taxed. That includes gold medals, lottery winnings etc.

 

[Ariux]

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

Maybe Americans for Tax Reform need to rename themselves Shitheads for Unequal Treatment. What the f- in wrong with you that you think there's something wrong here?

You get income, you should pay taxes on it, like everyone else. Whether mowing lawns or speed walking at the Olympics. Most of these Athletes have received years of free training, they should get free income, too?

Whatever expenses they do have, they can deduct against their income. So, if they are paying anything themselves, they can deduct it from the prize money.

 

[squeeze berry]

Why should it not be taxed?

Oh i don't know. Maybe because they worked so hard for it, maybe Uncle Sam should keep his f-ing greedy mittens off their reward.

Uncle sam backs their training every step of the way and they certainly would not be able to get the level of training or opportunities to train without the support from our government so no they did not do it all on their own.

how many hours per week do they train?

How muach is the time worth?

Deduct that from the cost of the medal and Uncle Sam owes them....

How many hours a week do you think a swimmer or runner train?

 

[Gadawg73]

Why should it not be taxed?

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?

We pay for all their travel and expenses. Same as any team athlete anywhere.

 

[Gadawg73]

Why should it not be taxed?

So the $12 trophy a kid wins playing baseball should be taxed.
Come on man, get real.
But of course this thread is bogus. They are not taxed.