Getbig.com: American Bodybuilding, Fitness and Figure
Getbig Main Boards => Gossip & Opinions => Topic started by: Coach is Back! on August 01, 2012, 11:53:47 AM
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http://www.weeklystandard.com/blogs/go-gold-pay-irs_649187.html
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.
london olympics
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.
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imo only the black athletes should pay tax
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Um, income is taxable. I get that they're elite athletes and all, but the Olympics are now corporatized, and these people are getting money for doing the winning - ergo the taxes.
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bronze metal is only worth $3 worth of metal
Silver metal is worth $250 in metal
Gold is $500 in metal
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Sport is no longer a priority for the US. It's actually sad.
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I think any athlete who makes a living playing a sport should pay a 50% tax on any earnings and be glad its not more. After all, they are playing children's games for money. False idols all of them...
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Um, income is taxable. I get that they're elite athletes and all, but the Olympics are now corporatized, and these people are getting money for doing the winning - ergo the taxes.
Exactly. I'm no fan of high taxes, particularly business taxes, but the athletes are being taxed on the income that they're being given by the US for winning the medals, not on the medals themselves, so I have zero problem with that.
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hot dog eating is the sport of the usa the super power of al capone
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Pro bodybuilders should have to pay $10,000 nudity tax for showing too much glutes on stage.
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These people should deduct all of their expenses in training etc and end up paying nothing at all.
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People who make money owe taxes on that money.
So what you won a medal. Big deal. I show up to work everyday and work my ass off. I don't get a medal, mind you, but I should. And I have to pay taxes.
No gifts. No special treatment. All for one, one for all.
Now, as to how heavily we're all taxed as a rate basis...that's a different matter.
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People who make money owe taxes on that money.
So what you won a medal. Big deal. I show up to work everyday and work my ass off. I don't get a medal, mind you, but I should. And I have to pay taxes.
No gifts. No special treatment. All for one, one for all.
Now, as to how heavily we're all taxed as a rate basis...that's a different matter.
The coach is a moron, he fails to understand that the bulk of the tax dollar is spent on things that are integral to any first world nation.
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Thanks, BO ::) ::)
(http://www.getbig.com/boards/index.php?action=dlattach;topic=431916.0;attach=479073;image)
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Yes, Geitner is waiting, but Paulson didn't ::) I don't think you realize that they don't pay shit. The USOC will take care of it.
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Yes, Geitner is waiting, but Paulson didn't ::) I don't think you realize that they don't pay shit. The USOC will take care of it.
...and really, what's an O-athlete's gross income? With all expenses, if they're operating as a consultant or entity, I doubt they're really going to get overly taxed when they report to the IRS. Think of all the expenses salient to an athlete...travel, food, misc....all expenses. Against a meager income from a medal. And if they're one of the very lucky few, maybe an endorsement deal. But most don't get a deal.
No, these folks aren't going to declare a lot of taxable income to Uncle Sam come reporting time. And even for the IRS, as low as they are, I wonder if they'd have the balls to audit a national olympic hero. Actually, who am I kidding...of course they would audit.
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I agree the irs and our whole taxation system are a bunch of theives, i get that taxes are needed for infrastructure and other vital needs but the fact is the majority of it just get squandered, sent to foreign nation, or is outright 'lost' ::)
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imo only the black athletes should not pay tax
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(http://www.getbig.com/boards/index.php?action=dlattach;topic=410593.0;attach=453555;image)
Get a job, government leech! >:(
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The coach is a moron, he fails to understand that the bulk of the tax dollar is spent on things that are integral to any first world nation.
Like outspending the next twenty-five countries combined in "defense" ::)
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The IRS can suck a dick
Not mine, I don't want them anywhere near me.
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This negro is rotting in prison as we speak. Don't fukc with the IRS
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Republicans have a weird love affair with IRS. They claim to dislike the IRS and want to be rid of it, but they love paying taxes and telling other people to pay taxes. Screwed up logic at its finest.
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Phelps is on the hook so far for over 150k in taxes. The high school swimmer for almost 30k with no endorsements. Phelps can afford it but others with gold who have no endorsement.deals can't its bs.
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Phelps is on the hook so far for over 150k in taxes. The high school swimmer for almost 30k with no endorsements. Phelps can afford it but others with gold who have no endorsement.deals can't its bs.
Gaybama needs the $$$$ to shower his wife w $6,800 jackets.
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Phelps is on the hook so far for over 150k in taxes. The high school swimmer for almost 30k with no endorsements. Phelps can afford it but others with gold who have no endorsement.deals can't its bs.
Come on now coach, those young kids winning medals inspiring and representing their country need to pay up!!! How else are we going to get the billions of taxpayer dollars to send to israel, afghanistan,iraq,africa, pakistan, and all the other foriegn shithole nations of the world?
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Everyone pays taxes it's called taxable income. Quit your crying. Nothing more to see here, move along.
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bronze metal is only worth $3 worth of metal
Silver metal is worth $250 in metal
Gold is $500 in metal
Theres only around 6 grams of gold in a gold medal. lol
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Everyone pays taxes it's called taxable income. Quit your crying. Nothing more to see here, move along.
Hi, they won it in another country.
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If they gave Gold medals for tax deductions and tax evasion, Mitt Romney would be in first place.
Go Romney ...
you lying scambag!
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If they gave Gold medals for tax deductions and tax evasion, Mitt Romney would be in first place.
Go Romney ...
you lying scambag!
Another liberal genius, great. No wonde why this country is going to shit!
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The athletes should pay taxes for what they earn from sponsors/advertisement etc., but paying taxes on medals and prizes, jeebus ! The next step will be to tax the lottery winnings. Oh, wait... :-\
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Surprised to hear there's money associated with placings, even if it's chicken feed compared to endorsement deals. I thought the Olympics was a strictly amateur endeavour.
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Surprised to hear there's money associated with placings, even if it's chicken feed compared to endorsement deals. I thought the Olympics was a strictly amateur endeavour.
The $25,000 dollars is given to ensure that if medal winning athletes lose their endorsements before the next games, they will have enough money for steriods to tide them over
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The $25,000 dollars is given to ensure that if medal winning athletes lose their endorsements before the next games, they will have enough money for steriods to tide them over
For every rhino horn a chinaman eats, I'm going to eat a 16 yo female chinese swimmer.
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BS $ was made in another country
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Yeah they shouldn't have to pay tax in the country where they made it and again when they come home.
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For every rhino horn a chinaman eats, I'm going to eat a 16 yo female chinese swimmer.
Haha yes, eating her shoulders alone would produce great gains.