Posted on 02/09/2014 11:36:34 AM PST by SeekAndFind
Somebody has to cover the cost of Sandra Fluke's contraceptives. So, with that in mind, government mafia extortionists disguised as the IRS are eagerly awaiting the tally on Olympic gold, silver and bronze.
At the SOTU, Barack Obama said of the Sochi Olympics: "We believe in the inherent dignity and equality of every human being, regardless of race or religion, creed or sexual orientation."
Then he said, "Next week the world will see one expression of that commitment when Team USA marches the red, white and blue into the Olympic stadium and brings home the gold."
Translation: The president is sending delegates, some of whom are homosexual, to Putin's gay-unfriendly Russia. Their job is to gaily cheer on athletes from whom the IRS hopes they can extort cash on behalf of Obama.
Like all earned income, prizes awarded by the U.S. Olympic Committee (USOC) are subject to federal taxes.
That means if an elite athlete has spent an entire life training for the Olympics and manages to win a medal, he or she now owes the U.S. Government a chunk of the monetary prize.
Olympic gold is worth $25,000; silver $15,000; and bronze $10,000. So, gold-medal-winning snowboarder Sage Kotsenburg had better be stuffing some of his hard earned winnings into an IRS envelope. Those in the 39.6% tax bracket, like high-earning gold medalist Shaun White, will have to cough up $9,900 on every $25,000 medal they win.
(Excerpt) Read more at americanthinker.com ...
Some countries are actually paying their athletes for winning Gold medals.
Ours’ makes them pay.
What a Country!
Will John F’n Kerry have to pay tax on his Nobel? I’ll bet he claims selling out Israel as a business expense.
Ok; is this a new thing; or the way it has always been?
RE: Will John F’n Kerry have to pay tax on his Nobel?
You must have insider information...
Personally, I don't think there are too many Olympic athletes who are going to end up paying a dime to the IRS for any of their medals. The big-name players probably get six-figure incomes from sponsorships, so this would be a small drop in the bucket anyway.
Taxes on prizes seems fair, but I think there should be some way for Olympians or similar to have help paying them.
Everyone winning prizes of any monetary value does have to pay about 50% of their winnings, but let’s put some common sense into this. We won $35k of concert tickets from AT&T. It was fair for us, or lottery winners, to pay taxes on that. But we sat on our butts and won. An Olympic athlete often trains for a decade or two, makes many sacrifices, his family even makes many (including financial) sacrifices, and somehow it seems wrong as anything for them to pay taxes on an object they would never sell.
Everyone knows that if you are poor, and you win a car for being in oprahs audience, sell it to pay the taxes, and you come away with half the car’s worth. No Olympian wants to sell his or her medal. It doesn’t seems fair or common sense.
Olympic gold is worth $25,000; silver $15,000; and bronze $10,000.
Are they REAL GOLD? Or is this the going rate on eBay?
And a bronze medal is worth a lot less. Is there a cash prize with the medals?
If I work my whole life training to start a business in support of helping the US economy through job creation and the other benefits to the region and community, and bringing that goal to fruition, I get taxed on my “gold medal” if I succeed.
I don’t see the problem.
I didn’t know there was a cash award. I thought it was only the worth of the metal?
Those countries must be filled with losers. Some countries -- like the United States -- don't have to pay their athletes for winning medals ... but their athletes are among the leaders in the medals standings anyway. LOL.
If they say that it’s income, then athletes can claim expenses associated with receiving that income. Equipment, ice rink rental, airfare, trainers, etc.
Is this the way to treat athlets who give glory to their homeland?
I thought so, until I saw that the gold medal has a value of $25,000 and the silver medal is $15,000. These values don’t seem to correspond to precious metal prices unless they use a lot more silver than gold in those medals!
That’s odd. I thought they were giving glory to NBC, Anheuser-Busch, Google, Coca-Cola, McDonald’s, etc.
They need to tell the IRS to take a hike.
I’d think the cost of training far exceeds any worth of the medal. But once the endorsements kick in then it gets really positive for the athlete, as long as he/she is smart.
But what is you don’t win a medal but just minor prizes. Seems to me you could also deduct relevant expenses and run a loss. Hmmm.
did this ever happen before ?
With all of the corporate sponsors of these national teams, I would venture to guess that the cost of training is very small for many of these athletes. It’s probably a different story for minor sports that nobody pays any attention to.
“Olympic gold is worth $25,000; silver $15,000; and bronze $10,000.
Are they REAL GOLD? Or is this the going rate on eBay?
And a bronze medal is worth a lot less. Is there a cash prize with the medals?”
Yes, there is a cash prize, paid for by the US Olympic Committee, which has been paying cash prizes for medals for many Olympics now.
It’s just normal income like any other bonus a company pays you.
This article is silly, of course you pay taxes on cash income.
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