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Win Olympic Gold, Pay the IRS U.S. Olympic medal winners will owe up to $9,000 to the IRS
ATR ^
| 08/01/2012
| Hugh Johnson
Posted on 08/01/2012 10:38:15 AM PDT by SeekAndFind
WASHINGTON, D.C. — While 529 hardworking athletes proudly represent the United States in the 2012 Olympics, any medals and money they earn wearing red, white and blue will be taxed by the IRS. According to research done by the Americans for Tax Reform Foundation, U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games.
American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.
At today’s commodity prices, the value of a gold medal is about $675. A silver medal is worth about $385 while a bronze medal is worth under $5.
There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.
So how much will U.S. Olympic medal winners have to pay in taxes to the IRS?
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Medal Tax
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Prize Tax
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Total Tax Burden
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Gold
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$236
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$8,750
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$8,986
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Silver
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$135
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$5,250
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$5,385
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Bronze
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$2
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$3,500
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$3,50
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American gold medal winners will pay the IRS up to $8,986. Silver medal winners will pay up to $5,385. Bronze medal winners will pay up to $3,502.
It gets even worse. Not only do our Olympic athletes have to pay taxes on their medals and prizes – chances are their competitors on the field will face no such taxation when they get home. Because the U.S. is virtually the only developed nation that taxes “worldwide” income earned overseas by its taxpayers, our Olympic athletes face a competitive disadvantage that has nothing to do with sports.
TOPICS: Constitution/Conservatism; Culture/Society; Front Page News; Government
KEYWORDS: 2012olympics; athletes; congress; irs; olympics; taxes; uk; usa; winners
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To: SeekAndFind
This is fair.
After all, they didn’t earn that medal all by themselves.
They needed the Obamadork’s help. The Hillabeast’s help, and most importantly, Moooooooooochellllllle’s help.
Pay up, honkies.....
2
posted on
08/01/2012 10:40:40 AM PDT
by
Da Coyote
To: SeekAndFind
Interesting.
Also note that Obama's Noble prize was tax free.
3
posted on
08/01/2012 10:50:05 AM PDT
by
Drill Thrawl
(Another day. Another small provocation. Another step closer.)
To: SeekAndFind
The medals are largely symbolic. Not worth much.
Gold medals contain just 1% gold. The remaining metal mix is silver 92.5% and about 6% copper, which puts the material price under $650.
Silver medals are mandated by the International Olympic Committee to contain at least 550 grams of high quality silver. Despite the mandate and the rising price of silver, the second-place medals are worth about half of the gold medals.
Bronze medals (like the one dented in a bizarre shower accident by Brazils Felipe Kitadai) are made up of 97% copper, 2.5% zinc, and .5% tin. Based on current market prices, the raw value of the materials in the medals would bring less than $5.00.
4
posted on
08/01/2012 10:50:51 AM PDT
by
ryan71
To: SeekAndFind
As they aren’t employed by the Olympics, they are contractors. As contractors, ALL their expenses associated with earning the awards is tax deductible. I doubt if any of them have under $50,000 in expenses so far this year, the real successful athletes, several times that.
5
posted on
08/01/2012 10:50:57 AM PDT
by
wrench
To: wrench
They are in the 1%...it is only “fair” that their monies be redistributed to the “less fortunate”. Oh, by the way, they also should give nobama’s campaign $3.
6
posted on
08/01/2012 10:53:52 AM PDT
by
hal ogen
(First Amendment or Reeducation Camp?)
To: SeekAndFind
Phelps is in big trouble.
7
posted on
08/01/2012 10:59:21 AM PDT
by
agere_contra
(Vote ABO. Don't choose the Greater Evil and then boast about how principled you are)
To: SeekAndFind
gold medals are just gold plated silver medals.
heh
8
posted on
08/01/2012 11:00:45 AM PDT
by
GeronL
(The Right to Life came before the Right to Pursue Happiness)
To: SeekAndFind
Yep... it certainly pays to represent the good ol US of A these days.
9
posted on
08/01/2012 11:02:16 AM PDT
by
A Voice
(Few men desire liberty; most men wish only for a just master. -- Sallust)
To: wrench
Jim Thorpe had his medals taken away for what??????
10
posted on
08/01/2012 11:09:31 AM PDT
by
massgopguy
(I owe everything to George Bailey)
To: hal ogen
Maybe they should just have Obama step up on the podium and receive the gold medal for his campaign. Then he can put his hand on his crotch for the playing of the national anthem.
11
posted on
08/01/2012 11:13:50 AM PDT
by
KarlInOhio
(Recycled Olympic tagline Shut up, Bob Costas. Shut up! Shut up! Shut up! Shut up! Shut up! Shut up!)
To: Da Coyote
After all, they didnt earn that medal all by themselves.
Agreed, since they didn't earn them they should donate the medals to the 0bama Gold Plated Campaign Fund and he would reduce their taxes by 50%.
One of those win/win deals !
12
posted on
08/01/2012 11:20:24 AM PDT
by
TYVets
(Pure-Gas.org ..... ethanol free gasoline by state and city)
To: SeekAndFind
So do those who don’t make it to the podium get food stamps and free cell phones???
To: SeekAndFind
When did the “worldwide” tax laws change?
In the 70s - 80s I earned hundreds of thousands of dollars overseas and didn’t have to pay any U.S. tax on that income.
To: SeekAndFind
This example and all examples of America’s tax insanity could end by replacing the income tax code with a more efficient, smoother, more transparent, easier to comprehend, easier to implement and collect, easier to enforce, more fair, less burdensome tax system that would boost GDP by more than 10% in the first year and revive American manufacturing while making American products and services hugely more competitive globally. What is is?
Here it is:
http://www.fairtax.org/site/PageServer?pagename=about_faq
And if you don’t like it then Shut UP and pay your income taxes.
15
posted on
08/01/2012 11:26:47 AM PDT
by
Hostage
(Be Breitbart!)
To: SeekAndFind
It’s obama’s birthday today. They’re lucky he hasn’t demanded they send him their medals as a birthday present.
16
posted on
08/01/2012 11:36:44 AM PDT
by
bgill
To: bgill
17
posted on
08/01/2012 11:38:20 AM PDT
by
bgill
To: hal ogen
Well they must be clad or plated with a minimum 6 grams of gold..which is about give or take ten bucks 180 dollars. the rest is correct though.
To: SeekAndFind
Thanks for posting. The double taxation continues.
19
posted on
08/01/2012 11:45:20 AM PDT
by
92nina
To: SeekAndFind
Please tell me that this is satire.
If the First Dork did not have to pay taxes on his Nobel Prize, (after all he did not earn it himself, other people did that) why are no Republicans screaming bloody murder?
I wonder if the athletes can choose to represent the US Tea Party instead?
On the other hand, maybe the athletes all think that paying taxes on their awards and sharing the wealth is a good thing.
Most highly successful Olympic Athletes do very well for themselves. It's more the principle of the thing.
20
posted on
08/01/2012 11:58:43 AM PDT
by
publius911
(Formerly Publius 6961, formerly jennsdad)
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