Winning A Olympic Medal Will Cost You ..... - The Firearms Forum

JohnHenry · 08-01-2012, 11:06 AM

http://www.weeklystandard.com/blogs/...rs_649187.html

Because conservatives are scrooges, the good folks at Americans for Tax Reform have gone through the fine print to find out what our Olympians will have to cough up to the IRS should they be lucky enough to win any medals in London.

Even by the standards of our government, the numbers are insane.

For instance: Americans who win bronze will pay a $2 tax on the medal itself. But the bronze comes with a modest prize—$10,000 as an honorarium for devoting your entire life to being the third best athlete on the planet in your chosen discipline. And the IRS will take $3,500 of that, thank you very much.

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

Silver medalists will owe $5,385. You win a gold? Timothy Geithner will be standing there with his hand out for $8,986.

So as of this writing, swimmer Missy Franklin—who's a high school student—is already on the hook for almost $14,000. By the time she's done in the pool, her tab could be much higher. (That is, unless she has to decline the prize money to placate the NCAA—the only organization in America whose nuttiness rivals the IRS.)

ATR notes that the real twist of the knife is that most other Olympians won't pay any taxes on their medals because America is one of only a handful of countries which taxes "worldwide" prize income earned overseas.

carver · 08-01-2012, 11:14 AM

Conservatives?

45Auto · 08-01-2012, 11:59 AM

On the other hand, the olympians would have all of the standard deductions, such as their various expenses. With this in mind the tax bills would then be much lower. Of course, as common folks, they would pay at a much higher rate/percentage than people like Wall Street investors who can afford to pay Congress to give them special tax status.

aa1911 · 08-01-2012, 01:27 PM

I got dinged by the customs department when I bought my bagpipes from Scotland; I had to pay a $50 extra 'import tax' on a $900 order, seemed a bit steep when there's loads of crap coming from China that get all kinds of exemptions.

I didn't realize Olympic medalists got that much $$. Now if you win a medal in a combat zone, you wouldn't have to pay taxes!

Old Grump · 08-01-2012, 04:06 PM

Quote:

Originally Posted by aa1911

I got dinged by the customs department when I bought my bagpipes from Scotland; I had to pay a $50 extra 'import tax' on a $900 order, seemed a bit steep when there's loads of crap coming from China that get all kinds of exemptions.

I didn't realize Olympic medalists got that much $$. Now if you win a medal in a combat zone, you wouldn't have to pay taxes!

Unless your legal residence is in Wisconsin, then you get to pay state income tax.

gvw3 · 08-01-2012, 04:26 PM

I now work for healthcare and taxes. My home is paid off and I have very little debit. I can't retire due to taxes and the cost of healthcare. My taxes on my home are now what my house payment with taxes used to be.

Its both the liberals and the conservatives fault. Republicans give breaks to the rich and pass it off to the working class. The Democrats redistribute the wealth to the minority's and anyone that doesn't want to work.

rcairflr · 08-01-2012, 06:01 PM

Marco Rubio has introduced a bill that eliminates taxes on Olympic medals and the honorarium.

BlackEagle · 08-01-2012, 08:20 PM

Gun Geezer · 08-01-2012, 09:35 PM

What a country!

hogger129 · 08-02-2012, 06:53 AM

I'd toss it onto the ground on TV in protest.

08-01-2012, 11:06 AM	#1
JohnHenry Advanced Senior Member Join Date: Apr 2011 Location: Livingston county, Michigan Posts: 1,215	Winning A Olympic Medal Will Cost You ..... http://www.weeklystandard.com/blogs/...rs_649187.html Because conservatives are scrooges, the good folks at Americans for Tax Reform have gone through the fine print to find out what our Olympians will have to cough up to the IRS should they be lucky enough to win any medals in London. Even by the standards of our government, the numbers are insane. For instance: Americans who win bronze will pay a $2 tax on the medal itself. But the bronze comes with a modest prize—$10,000 as an honorarium for devoting your entire life to being the third best athlete on the planet in your chosen discipline. And the IRS will take $3,500 of that, thank you very much. There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. Silver medalists will owe $5,385. You win a gold? Timothy Geithner will be standing there with his hand out for $8,986. So as of this writing, swimmer Missy Franklin—who's a high school student—is already on the hook for almost $14,000. By the time she's done in the pool, her tab could be much higher. (That is, unless she has to decline the prize money to placate the NCAA—the only organization in America whose nuttiness rivals the IRS.) ATR notes that the real twist of the knife is that most other Olympians won't pay any taxes on their medals because America is one of only a handful of countries which taxes "worldwide" prize income earned overseas. __________________ Freedom .... Is Never Free ! We need Term Limits .... Send the "Professional Politicians" home . -->

08-01-2012, 11:14 AM	#2
carver TFF Moderator/Host Join Date: Jul 2008 Location: DAV, Deep in the Pineywoods of East Texas, just west of Shreveport, LA Contributor Posts: 11,221	Re: Winning A Olympic Medal Will Cost You ..... Conservatives? __________________ Y'all be safe now, ya hear! Lamentations Chapter 5: 1. Remember, O LORD, what is come upon us: consider, and behold our reproach. 2. Our inheritance is turned to strangers, our houses to aliens. 3. We are orphans and fatherless, our mothers [are] as widows. 5. Our necks [are] under persecution: we labour, [and] have no rest. 16. The crown is fallen [from] our head: woe unto us, that we have sinned! 21. Turn thou us unto thee, O LORD, and we shall be turned; renew our days as of old.

08-01-2012, 11:59 AM	#3
45Auto Advanced Senior Member Join Date: Apr 2008 Posts: 1,116	Re: Winning A Olympic Medal Will Cost You ..... On the other hand, the olympians would have all of the standard deductions, such as their various expenses. With this in mind the tax bills would then be much lower. Of course, as common folks, they would pay at a much higher rate/percentage than people like Wall Street investors who can afford to pay Congress to give them special tax status.

08-01-2012, 01:27 PM	#4
aa1911 Advanced Senior Member Join Date: Dec 2010 Location: Pacific Northwest Posts: 3,110	Re: Winning A Olympic Medal Will Cost You ..... I got dinged by the customs department when I bought my bagpipes from Scotland; I had to pay a $50 extra 'import tax' on a $900 order, seemed a bit steep when there's loads of crap coming from China that get all kinds of exemptions. I didn't realize Olympic medalists got that much $$. Now if you win a medal in a combat zone, you wouldn't have to pay taxes! __________________ "Loud noises don't end gunfights.... well placed shots do."

08-01-2012, 04:26 PM	#6
gvw3 Advanced Senior Member Join Date: Oct 2011 Location: Chicago IL Area Contributor Posts: 3,247	Re: Winning A Olympic Medal Will Cost You ..... I now work for healthcare and taxes. My home is paid off and I have very little debit. I can't retire due to taxes and the cost of healthcare. My taxes on my home are now what my house payment with taxes used to be. Its both the liberals and the conservatives fault. Republicans give breaks to the rich and pass it off to the working class. The Democrats redistribute the wealth to the minority's and anyone that doesn't want to work. __________________ Criminals advocate stronger gun laws to foster a safer work environment. This limits their exposure to risk.

08-01-2012, 06:01 PM	#7
rcairflr Advanced Senior Member Join Date: Jul 2011 Location: Wichita, Ks Posts: 1,309	Re: Winning A Olympic Medal Will Cost You ..... Marco Rubio has introduced a bill that eliminates taxes on Olympic medals and the honorarium.

08-01-2012, 08:20 PM	#8
BlackEagle Advanced Senior Member Join Date: Nov 2011 Location: UK Posts: 3,154	Re: Winning A Olympic Medal Will Cost You .....

08-01-2012, 09:35 PM	#9
Gun Geezer Advanced Senior Member Join Date: Oct 2009 Location: Central Florida Posts: 1,710	Re: Winning A Olympic Medal Will Cost You ..... What a country! __________________ If voting could change anything for the better, It'd already be illegal.

08-02-2012, 06:53 AM	#10
hogger129 Advanced Senior Member Join Date: Nov 2009 Posts: 4,064	Re: Winning A Olympic Medal Will Cost You ..... I'd toss it onto the ground on TV in protest. __________________ Samuel Adams once said, "among the natural rights of the colonists are these: first, a right to life, secondly to liberty, thirdly to property; together with the right to defend them in the best manner they can."