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Winning A Olympic Medal Will Cost You .....

Discussion in 'The Fire For Effect and Totally Politically Incorr' started by JohnHenry, Aug 1, 2012.

  1. JohnHenry

    JohnHenry Well-Known Member

    Apr 30, 2011
    Livingston county, Michigan

    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.
  2. carver

    carver Moderator

    Jul 28, 2008
    DAV, Deep in the Pineywoods of East Texas, just we
  3. 45Auto

    45Auto Active Member

    Apr 9, 2008
    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.
  4. aa1911

    aa1911 Active Member

    Dec 12, 2010
    Pacific Northwest
    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!
  5. Old Grump

    Old Grump New Member

    Feb 21, 2010
    Little hut in the woods near Blue River Wisconsin
    Unless your legal residence is in Wisconsin, then you get to pay state income tax.
  6. gvw3

    gvw3 Well-Known Member Supporting Member

    Oct 16, 2011
    Chicago IL Area
    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.
  7. rcairflr

    rcairflr Well-Known Member

    Jul 2, 2011
    Wichita, Ks
    Marco Rubio has introduced a bill that eliminates taxes on Olympic medals and the honorarium.
  8. BlackEagle

    BlackEagle Well-Known Member Supporting Member

    Nov 25, 2011
  9. Gun Geezer

    Gun Geezer Well-Known Member

    Oct 5, 2009
    Central Florida
    What a country!
  10. hogger129

    hogger129 Active Member

    Nov 29, 2009
    I'd toss it onto the ground on TV in protest.
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