USA will tax it's athletes for winning at the Olympics... - GoFuckYourself.com

sperbonzo · 08-01-2012, 02:59 PM

http://www.atr.org/win-olympic-gold-pay-irs-a7091

Win Olympic Gold, Pay the IRS
U.S. Olympic medal winners will owe up to $9,000 to the IRS.

WASHINGTON, D.C. ? While 529 hardworking athletes proudly represent the United States in the 2012 Olympics, any medals and money they earn wearing red, white and blue will be taxed by the IRS. According to research done by the Americans for Tax Reform Foundation, U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games.

American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.

At today?s commodity prices, the value of a gold medal is about $675. A silver medal is worth about $385 while a bronze medal is worth under $5.

There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.

So how much will U.S. Olympic medal winners have to pay in taxes to the IRS?

Medal/////Tax/////Prize Tax/////Total Tax Burden

Gold/////$236/////$8,750//////$8,986

Silver////$135/////$5,250//////$5,385

Bronze///$2///////$3,500//////$3,502

American gold medal winners will pay the IRS up to $8,986. Silver medal winners will pay up to $5,385. Bronze medal winners will pay up to $3,502.

It gets even worse. Not only do our Olympic athletes have to pay taxes on their medals and prizes ? chances are their competitors on the field will face no such taxation when they get home. Because the U.S. is virtually the only developed nation that taxes ?worldwide? income earned overseas by its taxpayers, our Olympic athletes face a competitive disadvantage that has nothing to do with sports.

.

Freaky_Akula · 08-01-2012, 03:02 PM

Gary Johnson for president!

Sly · 08-01-2012, 03:02 PM

Kick in the nuts to those that literally spend their whole lives training with virtually no compensation aside from personal pride.

Coup · 08-01-2012, 03:04 PM

boo fucking hoo

Wizzo · 08-01-2012, 03:05 PM

That's because they get paid cash for winning...

scuba steve · 08-01-2012, 03:06 PM

you sure about those stats on the medals? sorry i don't trust exactly a tax reform website. from what i've read the intrinsic value of the gold medal isn't really that much but i could be wrong

Brujah · 08-01-2012, 03:07 PM

If they worked for Jesus, they wouldn't always have to pay.

xNetworx · 08-01-2012, 03:08 PM

That sucks

kane · 08-01-2012, 03:23 PM

The value of those medals is much higher than the commodity price of them. I'm not saying that they should be taxed on them, I don't think they should, but any Olympic gold medal is worth a decent amount of money and if it is from a well-known athlete it can be worth tens of thousands of dollars.

Dead · 08-01-2012, 03:30 PM

Quote:

Originally Posted by Brujah

If they worked for Jesus, they wouldn't always have to pay.

Fucked up loophole for sure....

Rochard · 08-01-2012, 03:31 PM

Um.... We also tax our military, teachers, and police officers. Get over it.

(Come to think of it, that's a great incentive for teachers if they no longer had to pay taxes.)

Dead · 08-01-2012, 03:34 PM

Maybe they could make them "selves" a non profit organization, and pay the winnings into said account and enjoy the shelter giving to this type of setup

Due · 08-01-2012, 03:36 PM

Quote:

Originally Posted by sperbonzo

http://www.atr.org/win-olympic-gold-pay-irs-a7091

Win Olympic Gold, Pay the IRS
U.S. Olympic medal winners will owe up to $9,000 to the IRS.

WASHINGTON, D.C. ? While 529 hardworking athletes proudly represent the United States in the 2012 Olympics, any medals and money they earn wearing red, white and blue will be taxed by the IRS. According to research done by the Americans for Tax Reform Foundation, U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games.

American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.

At today?s commodity prices, the value of a gold medal is about $675. A silver medal is worth about $385 while a bronze medal is worth under $5.

There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.

So how much will U.S. Olympic medal winners have to pay in taxes to the IRS?

Medal/////Tax/////Prize Tax/////Total Tax Burden

Gold/////$236/////$8,750//////$8,986

Silver////$135/////$5,250//////$5,385

Bronze///$2///////$3,500//////$3,502

American gold medal winners will pay the IRS up to $8,986. Silver medal winners will pay up to $5,385. Bronze medal winners will pay up to $3,502.

It gets even worse. Not only do our Olympic athletes have to pay taxes on their medals and prizes ? chances are their competitors on the field will face no such taxation when they get home. Because the U.S. is virtually the only developed nation that taxes ?worldwide? income earned overseas by its taxpayers, our Olympic athletes face a competitive disadvantage that has nothing to do with sports.

.

That is incorrect. USA is the only or one of the only countries in the world that tax their citizens on their worldwide income regardless of their country of residence. HOWEVER other countries tax their residence meaning they tax people who have a residence IN THEIR country regardless of where the money is earned. Money earned at the olympics is still taxed everywhere else according to the tax laws in the country they are living in. If a usa citizen is living in germany he will be taxed in germany and usa but receive a tax credit from USA for taxes paid in germany to avoid double taxation.
Ff

Wizzo · 08-01-2012, 03:46 PM

Quote:

Originally Posted by scuba steve

you sure about those stats on the medals? sorry i don't trust exactly a tax reform website. from what i've read the intrinsic value of the gold medal isn't really that much but i could be wrong

Its not for the medals, Its because The United States Olympic Committee rewards Olympic medalists with honorariums. A gold medal brings $25,000. Silver medals get you $15,000. And a bronze is worth $10,000 and so they are taxed as if its income because it is.

Brujah · 08-01-2012, 03:48 PM

Quote:

Originally Posted by Wizzo

Its not for the medals, Its because The United States Olympic Committee rewards Olympic medalists with honorariums. A gold medal brings $25,000. Silver medals get you $15,000. And a bronze is worth $10,000 and so they are taxed as if its income because it is.

It makes sense, but I agree too that it'd be a grand gesture to make this income tax-free.

MaDalton · 08-01-2012, 03:54 PM

i'm sure it's Obamas fault...

but actually unless it's a lottery win, in most countries price money is income and will be taxed

geedub · 08-01-2012, 03:58 PM

Quote:

Originally Posted by MaDalton

i'm sure it's Obamas fault...

but actually unless it's a lottery win, in most countries price money is income and will be taxed

lottery winnings and some casino winnings over certain amounts are also taxed in USA

DWB · 08-01-2012, 03:59 PM

The cash I understand. Taxing the value of the medal I don't. It would make sense to tax them if they ever sold it, but simply winning it shouldn't make them have to pay tax on the medal itself. I don't ever remember anyone paying tax on bowling or BMX trophies.

Oh well. Like it or leave.

tony286 · 08-01-2012, 04:06 PM

Quote:

Originally Posted by sperbonzo

http://www.atr.org/win-olympic-gold-pay-irs-a7091

Win Olympic Gold, Pay the IRS
U.S. Olympic medal winners will owe up to $9,000 to the IRS.

WASHINGTON, D.C. ? While 529 hardworking athletes proudly represent the United States in the 2012 Olympics, any medals and money they earn wearing red, white and blue will be taxed by the IRS. According to research done by the Americans for Tax Reform Foundation, U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games.

American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.

At today?s commodity prices, the value of a gold medal is about $675. A silver medal is worth about $385 while a bronze medal is worth under $5.

There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.

So how much will U.S. Olympic medal winners have to pay in taxes to the IRS?

Medal/////Tax/////Prize Tax/////Total Tax Burden

Gold/////$236/////$8,750//////$8,986

Silver////$135/////$5,250//////$5,385

Bronze///$2///////$3,500//////$3,502

American gold medal winners will pay the IRS up to $8,986. Silver medal winners will pay up to $5,385. Bronze medal winners will pay up to $3,502.

It gets even worse. Not only do our Olympic athletes have to pay taxes on their medals and prizes ? chances are their competitors on the field will face no such taxation when they get home. Because the U.S. is virtually the only developed nation that taxes ?worldwide? income earned overseas by its taxpayers, our Olympic athletes face a competitive disadvantage that has nothing to do with sports.

.

So when a team wins the world series that should be tax free? They arent amateurs anymore.

kane · 08-01-2012, 04:15 PM

Quote:

Originally Posted by JohnnyClips

Taxation is theft

Just because you change the name of something doesn't change the morality of it

Just so I am clear. Do you want all taxes abolished? And if so are you willing to give up all the services provided to you with those taxes?

I'm not saying taxes aren't too high, they are. But I think most of us take for granted the everyday things we have because of them.

SuckOnThis · 08-01-2012, 04:19 PM

I'm sure according to Sean Hannity there are athletes who are refusing to go to the Olympics because they will have to pay taxes if they win something.

MaDalton · 08-01-2012, 04:21 PM

Quote:

Originally Posted by JohnnyClips

If the government didn't have a monopoly on all those "Services" and didn't force us to pay taxes then yea of course. It'd be like anything...the movies, your dating life, your hobbies, where you work, etc. There'd be lots of different and of course better, options

good thing is that we have already established that you're an idiot...

MaDalton · 08-01-2012, 04:24 PM

but you could read this for a start: http://en.wikipedia.org/wiki/Merit_good

Sly · 08-01-2012, 04:24 PM

Quote:

Originally Posted by tony286

So when a team wins the world series that should be tax free? They arent amateurs anymore.

Hardly comparable.

World Series is full of multimillionaires, people that get paid big money to play a game for big money.

Olympians spend big money, training to be great, to represent their country. To thank them, we tax their glory. Stupendous!

MaDalton · 08-01-2012, 04:25 PM

Quote:

Originally Posted by JohnnyClips

Right, because promoting peace and voluntarism is being an "idiot" you fucking nazi

kane · 08-01-2012, 04:28 PM

Quote:

Originally Posted by JohnnyClips

If the government didn't have a monopoly on all those "Services" and didn't force us to pay taxes then yea of course. It'd be like anything...the movies, your dating life, your hobbies, where you work, etc. There'd be lots of different and of course better, options

So would you just take a vote on what services people want, then let the market decide how much they are going to cost and then just evenly split that cost among everyone that lives in a particular area? Will you get to opt out of paying for things you don't want. For example, if you have no kids can you opt out of paying for education for other kids. Can you opt out of paying for national defense? Police? Fire? Rescue? Roads? Who controls what road and who pays to fix what road? We just going to get rid of all food inspection and let the market handle it?

How do you think all of this stuff will work? I have a feeling you will be shocked at just how much more you will be paying.

MaDalton · 08-01-2012, 04:34 PM

Quote:

Originally Posted by JohnnyClips

The free market would solve things

no

SuckOnThis · 08-01-2012, 04:34 PM

Quote:

Originally Posted by JohnnyClips

"They have to pay their fair share for the privilege of being an American and living in this great country"

Move to Saudi Arabia, no taxes there you dumb fuck.

Brujah · 08-01-2012, 04:34 PM

Quote:

Originally Posted by kane

So would you just take a vote on what services people want, then let the market decide how much they are going to cost and then just evenly split that cost among everyone that lives in a particular area? Will you get to opt out of paying for things you don't want. For example, if you have no kids can you opt out of paying for education for other kids. Can you opt out of paying for national defense? Police? Fire? Rescue? Roads? Who controls what road and who pays to fix what road? We just going to get rid of all food inspection and let the market handle it?

How do you think all of this stuff will work? I have a feeling you will be shocked at just how much more you will be paying.

You're too intelligent to actually believe that JohnnyClips is capable of having this discussion, or that he is open-minded enough to even consider what you are saying. I think I understand meetings of the elite much better now with this example. It's really the only way a progressive think tank could exist and not devolve.

kane · 08-01-2012, 04:36 PM

Quote:

Originally Posted by JohnnyClips

The free market would solve things

If the government ended slavery, then how would we eat?!

If we don't have arranged marriages, then how will people get married?!

There's thousands of different ways to do it- ALL better than what we have now

So how would the police work?

How about fire departments?

How about roads?

Education?

National defense?

Details please.

kane · 08-01-2012, 04:37 PM

Quote:

Originally Posted by Brujah

You're too intelligent to actually believe that JohnnyClips is capable of having this discussion, or that he is open-minded enough to even consider what you are saying. I think I understand meetings of the elite much better now with this example. It's really the only way a progressive think tank could exist and not devolve.

I know I am knocking on a door that will never be answered, but maybe the lizard king will suddenly give him a moment of enlightenment and he will floor us all with some brilliant insight. . . or maybe I will shit a pile gold Krugerrand.

MaDalton · 08-01-2012, 04:38 PM

Quote:

Originally Posted by MaDalton

but you could read this for a start: http://en.wikipedia.org/wiki/Merit_good

Quote:

Originally Posted by JohnnyClips

Right, the free market never works...ya moron!

you obviously decided not to read this

i studied economy and even if i forgot a lot - this i remember

tony286 · 08-01-2012, 04:39 PM

Quote:

Originally Posted by Sly

Hardly comparable.

World Series is full of multimillionaires, people that get paid big money to play a game for big money.

Olympians spend big money, training to be great, to represent their country. To thank them, we tax their glory. Stupendous!

Actually it is pro basketball players can play in the Olympics, tennis stars also. Micheal Phelps is worth 45 million. The days of Al Oerter ,working a day job and training at night are long over.

MaDalton · 08-01-2012, 04:39 PM

this btw has nothing to do with free markets in other areas

Sly · 08-01-2012, 04:54 PM

Quote:

Originally Posted by tony286

Actually it is pro basketball players can play in the Olympics, tennis stars also. Micheal Phelps is worth 45 million. The days of Al Oerter ,working a day job and training at night are long over.

You named Pro basketball players and Michael Phelps. We have over 500 people in the Olympics and we have thousands of others training to become part of the Olympics.

How many of them can you name? How many of them do you think have more than a dime to their name?

Sly · 08-01-2012, 04:54 PM

How much money is our top female judo Olympian worth? What's her name?

tony286 · 08-01-2012, 05:02 PM

http://www.politifact.com/truth-o-me...-owe-9000-irs/

kane · 08-01-2012, 05:02 PM

Quote:

Originally Posted by Sly

You named Pro basketball players and Michael Phelps. We have over 500 people in the Olympics and we have thousands of others training to become part of the Olympics.

How many of them can you name? How many of them do you think have more than a dime to their name?

Most of them likely have very little money unless their families have money and most of them will make very little if anything when they come home. The woman who is going for her third straight gold in fencing comes from my state so they have been covering her and she talks about working her regular job and training after work and on weekends.

If you are in a marquee sport like swimming or gymnastics they often get large sponsors that will help pay the cost of the training and cover your living expenses, but you aren't getting rich by any means.

kane · 08-01-2012, 05:05 PM

There was a story a few years back about the guy who caught Barry Bond's record breaking homerun ball. They said it was worth about a million dollars. The guy was considering keeping it, but then found out he could be taxed on the value of the ball so he could end up having to pay over $300K in taxes if he decided to hold onto it so he ended up selling it.

kane · 08-01-2012, 05:06 PM

Quote:

Originally Posted by JohnnyClips

You guys obviously have zero clue of what a free market is

You're just propagandized statists

I am asking for enlightenment, but you refuse to give details.

Colmike9 · 08-01-2012, 05:37 PM

They're working on making Olympic prizes for US athletes tax exempt. Look up the Rubio bill.

tony286 · 08-01-2012, 05:58 PM

in reality like the article I posted said , a accountant worth half their salt would get it close to zero if not zero. You have some many expenses to go against it.

JFK · 08-01-2012, 06:04 PM

Quote:

Originally Posted by Brujah

If they worked for Jesus, they wouldn't always have to pay.

yeah, fucking ridiculous is'nt it

FreeHugeMovies · 08-01-2012, 07:47 PM

Pay 9k to make a few million when you get back? Where do I sign up?

epitome · 08-01-2012, 10:35 PM

Quote:

Originally Posted by tony286

http://www.politifact.com/truth-o-me...-owe-9000-irs/

#1 rule on GFY: Facts don't matter.

08-01-2012, 03:02 PM	#2
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scuba steve Confirmed User Join Date: Oct 2008 Location: i'm in miami bitch Posts: 1,888	you sure about those stats on the medals? sorry i don't trust exactly a tax reform website. from what i've read the intrinsic value of the gold medal isn't really that much but i could be wrong __________________

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08-01-2012, 02:59 PM	#1
sperbonzo I'd rather be on my boat. Industry Role: Join Date: May 2003 Location: Miami, FL Posts: 9,748	USA will tax it's athletes for winning at the Olympics... http://www.atr.org/win-olympic-gold-pay-irs-a7091 Win Olympic Gold, Pay the IRS U.S. Olympic medal winners will owe up to $9,000 to the IRS. WASHINGTON, D.C. ? While 529 hardworking athletes proudly represent the United States in the 2012 Olympics, any medals and money they earn wearing red, white and blue will be taxed by the IRS. According to research done by the Americans for Tax Reform Foundation, U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games. American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory. At today?s commodity prices, the value of a gold medal is about $675. A silver medal is worth about $385 while a bronze medal is worth under $5. There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. So how much will U.S. Olympic medal winners have to pay in taxes to the IRS? Medal/////Tax/////Prize Tax/////Total Tax Burden Gold/////$236/////$8,750//////$8,986 Silver////$135/////$5,250//////$5,385 Bronze///$2///////$3,500//////$3,502 American gold medal winners will pay the IRS up to $8,986. Silver medal winners will pay up to $5,385. Bronze medal winners will pay up to $3,502. It gets even worse. Not only do our Olympic athletes have to pay taxes on their medals and prizes ? chances are their competitors on the field will face no such taxation when they get home. *Because the U.S. is virtually the only developed nation that taxes ?worldwide? income earned overseas by its taxpayers,* our Olympic athletes face a competitive disadvantage that has nothing to do with sports. . __________________ Michael Sperber / Acella Financial LLC/ Online Payment Processing [email protected] / http://Acellafinancial.com/ ICQ 177961090 / Tel +1 909 NET BILL / Skype msperber

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08-01-2012, 03:23 PM	#9
kane Too lazy to set a custom title Join Date: Aug 2001 Location: portland, OR Posts: 20,684	The value of those medals is much higher than the commodity price of them. I'm not saying that they should be taxed on them, I don't think they should, but any Olympic gold medal is worth a decent amount of money and if it is from a well-known athlete it can be worth tens of thousands of dollars.

08-01-2012, 03:31 PM	#11
Rochard Jägermeister Test Pilot Industry Role: Join Date: Dec 2001 Location: NORCAL Posts: 73,450	Um.... We also tax our military, teachers, and police officers. Get over it. (Come to think of it, that's a great incentive for teachers if they no longer had to pay taxes.) __________________ “The choice is no longer between right or left. The choice is between normal and crazy.” - Sarah Huckabee Sanders YNOT MAIL \| THE BEST ADULT MAILING SOLUTION

08-01-2012, 03:34 PM	#12
Dead They left the door open Industry Role: Join Date: Apr 2003 Posts: 4,456	Maybe they could make them "selves" a non profit organization, and pay the winnings into said account and enjoy the shelter giving to this type of setup

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MaDalton I am Amazing Content! Industry Role: Join Date: Feb 2004 Posts: 39,822	i'm sure it's Obamas fault... but actually unless it's a lottery win, in most countries price money is income and will be taxed __________________ AmazingContent.com - providing only the best content and service since 2003 Monetize your content on Veegaz.com - one of Germanies largest VOD sites Got German traffic? We convert it into money for you! Skype: madalton02826 - Email: oltecconsult [at] gmail [dot] com

08-01-2012, 03:59 PM	#18
DWB Registered User Industry Role: Join Date: Jul 2003 Location: Encrypted. Access denied. Posts: 31,779	The cash I understand. Taxing the value of the medal I don't. It would make sense to tax them if they ever sold it, but simply winning it shouldn't make them have to pay tax on the medal itself. I don't ever remember anyone paying tax on bowling or BMX trophies. Oh well. Like it or leave.

08-01-2012, 04:19 PM	#21
SuckOnThis So Fucking Banned Join Date: Oct 2003 Location: In my head Posts: 6,844	I'm sure according to Sean Hannity there are athletes who are refusing to go to the Olympics because they will have to pay taxes if they win something.

08-01-2012, 04:24 PM	#23
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08-01-2012, 04:39 PM	#34
MaDalton I am Amazing Content! Industry Role: Join Date: Feb 2004 Posts: 39,822	this btw has nothing to do with free markets in other areas __________________ AmazingContent.com - providing only the best content and service since 2003 Monetize your content on Veegaz.com - one of Germanies largest VOD sites Got German traffic? We convert it into money for you! Skype: madalton02826 - Email: oltecconsult [at] gmail [dot] com

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kane Too lazy to set a custom title Join Date: Aug 2001 Location: portland, OR Posts: 20,684	There was a story a few years back about the guy who caught Barry Bond's record breaking homerun ball. They said it was worth about a million dollars. The guy was considering keeping it, but then found out he could be taxed on the value of the ball so he could end up having to pay over $300K in taxes if he decided to hold onto it so he ended up selling it.

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08-01-2012, 05:58 PM	#42
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	in reality like the article I posted said , a accountant worth half their salt would get it close to zero if not zero. You have some many expenses to go against it.

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