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 ...
I can hear now Jesse and Al whining about how the Winter Olympics are only for White people, and the Olympic Committee should spend so much resources on it.
The athletes should explore the idea of leaving such medals in Russia for safekeeping...
Yeah those out - of - pocket deductibles for 0bamacare Plan turned out to be a lot steeper than everyone said. They would be.
heh.
I don’t think the tax is on the medal, but on the cash award that comes with it.
Problem is the lump sum and it is taxed as thought you make that much every week.
I never knew they were actually gold, silver and bronze, I always thought they were just typical cheap lead covered with plating...
The gold must have 6 grams of gold (thick plating or cladding) which is worth a couple hundred dollars, plus the value of the silver that makes up most of it (a couple hundred more). The silver is solid silver (presumably 92.5% sterling).
This is satire, right?
Old Polish Joke (When you have a Polish last name, you hear ‘em all):
Hey did you hear about the Polish athlete who won a Gold Medal at the Olympics?
He got it bronzed.
Along with Super Bowl rings.
You determine your withholding. Your weekly rate is based on your weeky salary that is spread over a year.
When I used to get a lot of overtime I would zoom into a different bracket and have to wait till next year for a refund.
Read the article again. The US Olympic Committee pays athletes when they win medals. They owe taxes on that money. They're still netting money -- it's just not tax free.
The cash award is not from the IOC, it's from the US Olympic Committee and it's a bonus for US athletes only.
There's no tax on the medal itself (well there might be, but depends on the value of the medal), but there's a tax on the cash prize that the US Olympic Committee hands out to athletes. That cash prize, which is not tax free, is where they get the $25k figure...
I thought they had changed that rule during the Iraq debacle so TDY (temporary duty) civilian contractors could enjoy the tax free status of long term expats.
Even the gay athletes have to pay out the ass? No exemption for them?
The dumb jerks in the government think they own everything...its hateful.
That gold medal? Someone stole it from my doorless room in Sochi. Yeah, that’s my story and I’m sticking to it.
Amazing the number of people who think this is fair and as it should be.
Groan!
Thanks for that info. I didn't realize it.
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