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

[midcan5]

Sometimes I get confused, I'm not sure if Americans worship money or sports the most? But when the two collide and taxes are noted you're in for a real tragicomedy. I'm not sure if the wingnuts of the right think money grows on trees or not, but Americans pay for the Olympics, and there is no reason they should not be taxed on their earnings (?) just like every other American.

"One of the things he talks about most is how he heroically showed up on the scene and bailed out and resolved the problems of the Salt Lake City Olympic Games," Rick Santorum, now a Romney supporter, said in February when he opposed Romney for the GOP nomination. "He heroically bailed out the Salt Lake City Olympic Games by heroically going to Congress and asking them for tens of millions of dollars to bail out the Salt Lake Games — in an earmark." The Associated Press: Romney resume from 2002 in focus amid Olympic rift

http://www.usmessageboard.com/current-events/237456-the-modern-american-olympics.html
.

 

[Desperado]

But of course this thread is bogus. They are not taxed.

Actually not it is not bogus, don;t believe me, Google "are us Olympic athletes taxed on their winning" for yourself.

 

[Gadawg73]

Why should it not be taxed?

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

Lottery winnings are not earned.
That is pure luck with not one ounce of earning involved.
Damn, you should know that. How is winning a lottery earned?

 

[Gadawg73]

But of course this thread is bogus. They are not taxed.

Actually not it is not bogus, don;t believe me, Google "are us Olympic athletes taxed on their winning" for yourself.

Cash bonuses are taxed, winnings other than medals are taxed.
Medals are not taxed.

 

[Gadawg73]

Sometimes I get confused, I'm not sure if Americans worship money or sports the most? But when the two collide and taxes are noted you're in for a real tragicomedy. I'm not sure if the wingnuts of the right think money grows on trees or not, but Americans pay for the Olympics, and there is no reason they should not be taxed on their earnings (?) just like every other American.

"One of the things he talks about most is how he heroically showed up on the scene and bailed out and resolved the problems of the Salt Lake City Olympic Games," Rick Santorum, now a Romney supporter, said in February when he opposed Romney for the GOP nomination. "He heroically bailed out the Salt Lake City Olympic Games by heroically going to Congress and asking them for tens of millions of dollars to bail out the Salt Lake Games — in an earmark." The Associated Press: Romney resume from 2002 in focus amid Olympic rift

http://www.usmessageboard.com/current-events/237456-the-modern-american-olympics.html
.

$$$ yes, medals no.

 

[CrusaderFrank]

Obama to medalists: You didn't win that! Someone else won that for you!

 

[Article 15]

Obama to medalists: You didn't win that! Someone else won that for you!

The bill would amend the Internal Revenue Code of 1986 to eliminate the tax on Olympic medals and prize money won by U.S. athletes. If enacted into law, the gross income of Olympic athletes “shall not include the value of any prize or award won by the taxpayer in athletic competition in the Olympic Games.”

Sen. Rubio: Don’t ‘Punish’ US Olympians with Taxes on Medals and Prize Money - ABC News

The Internal Revenue Code of 1986.

Hmm....

I wonder who signed that into law?

Who was president in 1986, Frank?

 

[CrusaderFrank]

Obama to medalists: You didn't win that! Someone else won that for you!

The bill would amend the Internal Revenue Code of 1986 to eliminate the tax on Olympic medals and prize money won by U.S. athletes. If enacted into law, the gross income of Olympic athletes “shall not include the value of any prize or award won by the taxpayer in athletic competition in the Olympic Games.”

Sen. Rubio: Don’t ‘Punish’ US Olympians with Taxes on Medals and Prize Money - ABC News

The Internal Revenue Code of 1986.

Hmm....

I wonder who signed that into law?

Who was president in 1986, Frank?

The guy who defeated the USSR: Ronald W. Reagan

 

[Katzndogz]

Unlike most other countries, the US does NOT support olympic athletes, which is why the olympics ask for donations all the time.

United States Government Does Not Support Our Olympic Athletes | Trifter

Russia and China pay for training from the earliest years, it's one of the complaints against them, how they treat their olympic hopefuls. It's the parents who pay, and sacrifice everythng for their children. None of it is tax deductiable. The government doesn't pay for swimming lessons or soccer coaches. I don't know where someone would get the idea that the olympians have corporate sponsors, since they aren't permitted, as amateurs, to give one whiff of endorsements. Corporate sponsors do sponsor the olympics generally, but not an individual athlete before or during the games. It's something olympic contenders have been protesting for a long time.

http://www.nytimes.com/2012/07/31/s...pics-protest-sponsorship-rule-on-twitter.html

Nick Symmonds and other Olympians sponsored by Nike took to Twitter to criticize Rule 40, an International Olympic Committee regulation that prevents athletes from advertising for non-Olympic sponsors just before and during the Games.

I thought everyone knew all this stuff.

It's understandable that obama would hound these kids for taxes. It's not like they really won those medals on their own. Someone else built that swimming pool, soccer field, tennis court. If their parents went without to pay for training that ten year old, they made their money by using the roads someone else built to get to work. They live in homes someone else built. The talent, the work, the dedication put into what makes an olympian doesn't matter, they need to pay their fair share. They OWE all the others who don't have talent, don't work and have no dedication. Time to pay up.

 

[Article 15]

Obama to medalists: You didn't win that! Someone else won that for you!

The bill would amend the Internal Revenue Code of 1986 to eliminate the tax on Olympic medals and prize money won by U.S. athletes. If enacted into law, the gross income of Olympic athletes “shall not include the value of any prize or award won by the taxpayer in athletic competition in the Olympic Games.”

Sen. Rubio: Don’t ‘Punish’ US Olympians with Taxes on Medals and Prize Money - ABC News

The Internal Revenue Code of 1986.

Hmm....

I wonder who signed that into law?

Who was president in 1986, Frank?

The guy who defeated the USSR: Ronald W. Reagan

So Ronald Reagan was the guy who decided that Olympians should be punished for success.

Why did Ronald Reagan hate success and American exceptionalism so much that he felt that Olympians should be punished for winning?

 

[Katzndogz]

If taxing the olympic athletes was signed into law by the president, it was likely buried in a thick ream of tax code changes like all the other crap the left hides. They almost succeeded in hiding gun control in some unrelated bit of legislation recently.

 

[uscitizen]

But of course this thread is bogus. They are not taxed.

Actually not it is not bogus, don;t believe me, Google "are us Olympic athletes taxed on their winning" for yourself.

Talk about bogus that is not a quote from me. You have broken board rules and should be banned.

 

[Trajan]

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.

they do? links please?

 

[Katzndogz]

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.

they do? links please?

That would come as a HUGE surprise to the parents of the kids in training. Costs of training aren't even tax deductible and I already gave a link where the US is one of the few countries that does not support the olympians.

 

[uscitizen]

The costs of training paid for by corporations are tax deductable I think.

 

[Desperado]

Actually not it is not bogus, don;t believe me, Google "are us Olympic athletes taxed on their winning" for yourself.

Talk about bogus that is not a quote from me. You have broken board rules and should be banned.

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.

No, it is not a quote from you. It was a bad cut and paste from me and it was not intentional. Sorry

 

[uscitizen]

Talk about bogus that is not a quote from me. You have broken board rules and should be banned.

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.

No, it is not a quote from you. It was a bad cut and paste from me and it was not intentional. Sorry

NO prob, we have had problems in the past with those who modify quotes.

 

[Quantum Windbag]

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.

My suggestion, stop spending tax money on facilities designed for elite athletes. That would end your incentive to whinge about athletes using tax money, save gazillions of dollars, and reduce the deficit. It would also end your absurd argument that the government is entitled to anyone's money.

 

[Quantum Windbag]

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.

Actually, most of their sponsorship comes from evil corporations, not the government.

 

[Quantum Windbag]

Why should it not be taxed?

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

Lottery winnings are not a reward, they are designed to trap suckers that don't understand statistics, and have nothing to do with the abilities of the person who wins.