"In Philadelphia, it's worth 50 bucks."
Posted on 02/09/2014 11:36:34 AM PST by SeekAndFind
If there’s a dispute over what a medal’s value, maybe they ought to take it to the Pawn Stars for evaluation ...
"In Philadelphia, it's worth 50 bucks."
I think you mean (partially) withheld as though you make that much every week.
(BTW, an Olympic medal isn't really "income", since it is not an item that is intended to be exchanged for other products or services, but rather is essentially a souvenir by which the winner can remember his or her moment of excellence for a lifetime.)
We have Franklin D. Roosevelt and his administration to "thank" for introducing the country to income tax withholding, and Woodrow Wilson's for introducing the income tax to begin with.
Wonder if the IRS is so diligent about other "amateur" athletes.
"La Taxa Nostra"? Would be laughing if wasn't so true.
Did the parents of the first children’s friends pay income taxes for the trips that we taxpayers funded?
(BTW, an Olympic medal isn’t really “income”, since it is not an item that is intended to be exchanged for other products or services, but rather is essentially a souvenir by which the winner can remember his or her moment of excellence for a lifetime.)
They are not taxing the medal, they are taxing the CASH BONUS the USOC pays out for medals.
I wasn't aware of such an arrangement. Olympic sports were considered strictly AMATEUR until somewhere in the late 1980s or early 1990s. Things have really changed, I suppose.
Of course, even before this open professionalism, despotic governments - notably, the USSR and its Eastern European satellites - were paying their Olympic athletes "under the table."
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