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.)
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.)
So they win money and expect not to be taxed? So I guess we can drop the tax for them, but while we're at it we can also do away with the bonuses they get for winning a medal.
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So they win money and expect not to be taxed? So I guess we can drop the tax for them, but while we're at it we can also do away with the bonuses they get for winning a medal.
So they win money and expect not to be taxed? So I guess we can drop the tax for them, but while we're at it we can also do away with the bonuses they get for winning a medal.
First off, a gold/silver/bronze medal isn't money - it may have value, but in terms of fiat money (which is where I think you were heading with that), it simply isn't money.
I'd love to hear your argument about why the U.S. government should tax them.
Is it because you believe taxing their medals is for debt for services rendered and benefits received?
Is it because you believe taxing their medals falls under the fairy tale-esque "social contract" that nobody has ever signed?
Is it because you believe taxing their medals falls under the foolishness that we should have a moral debt to those in need?
Or is it simply because you're a statist and have allowed yourself to be duped by not educating yourself thoroughly?
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bill702
So they win money and expect not to be taxed? So I guess we can drop the tax for them, but while we're at it we can also do away with the bonuses they get for winning a medal.
First off, a gold/silver/bronze medal isn't money - it may have value, but in terms of fiat money (which is where I think you were heading with that), it simply isn't money.
I'd love to hear your argument about why the U.S. government should tax them.
Is it because you believe taxing their medals is for debt for services rendered and benefits received?
Is it because you believe taxing their medals falls under the fairy tale-esque "social contract" that nobody has ever signed?
Is it because you believe taxing their medals falls under the foolishness that we should have a moral debt to those in need?
Or is it simply because you're a statist and have allowed yourself to be duped by not educating yourself thoroughly?
LOL at the OP and various posters, not limited to the covers community, getting upset at the government for taxing Olympians who medal, of which there are currently 49 individuals who will be taxed, many with very rich sponsorship deals or ones forthcoming for their success, in a country of 315 million, 1/2 of which live at or near the poverty line.
This is the kind of misguided rage of the delusional masses that distracts them from the deep-seated problems with the US economy and the world at large which is perfect for the corporate state while it systematically dissolves worker's rights, increases taxes on the middle-class and poor while giving tax breaks and loopholes to the rich and disenfranchises select groups.
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LOL at the OP and various posters, not limited to the covers community, getting upset at the government for taxing Olympians who medal, of which there are currently 49 individuals who will be taxed, many with very rich sponsorship deals or ones forthcoming for their success, in a country of 315 million, 1/2 of which live at or near the poverty line.
This is the kind of misguided rage of the delusional masses that distracts them from the deep-seated problems with the US economy and the world at large which is perfect for the corporate state while it systematically dissolves worker's rights, increases taxes on the middle-class and poor while giving tax breaks and loopholes to the rich and disenfranchises select groups.
So they win money and expect not to be taxed? So I guess we can drop the tax for them, but while we're at it we can also do away with the bonuses they get for winning a medal.
First off, a gold/silver/bronze medal isn't money - it may have value, but in terms of fiat money (which is where I think you were heading with that), it simply isn't money.
I'd love to hear your argument about why the U.S. government should tax them.
Is it because you believe taxing their medals is for debt for services rendered and benefits received?
Is it because you believe taxing their medals falls under the fairy tale-esque "social contract" that nobody has ever signed?
Is it because you believe taxing their medals falls under the foolishness that we should have a moral debt to those in need?
Or is it simply because you're a statist and have allowed yourself to be duped by not educating yourself thoroughly?
Uhhhh they're taxing the bonus given. My income gets taxed why wouldn't theirs?
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Quote Originally Posted by atlheatholder:
bill702
So they win money and expect not to be taxed? So I guess we can drop the tax for them, but while we're at it we can also do away with the bonuses they get for winning a medal.
First off, a gold/silver/bronze medal isn't money - it may have value, but in terms of fiat money (which is where I think you were heading with that), it simply isn't money.
I'd love to hear your argument about why the U.S. government should tax them.
Is it because you believe taxing their medals is for debt for services rendered and benefits received?
Is it because you believe taxing their medals falls under the fairy tale-esque "social contract" that nobody has ever signed?
Is it because you believe taxing their medals falls under the foolishness that we should have a moral debt to those in need?
Or is it simply because you're a statist and have allowed yourself to be duped by not educating yourself thoroughly?
Uhhhh they're taxing the bonus given. My income gets taxed why wouldn't theirs?
LOL at the OP and various posters, not limited to the covers community, getting upset at the government for taxing Olympians who medal, of which there are currently 49 individuals who will be taxed, many with very rich sponsorship deals or ones forthcoming for their success, in a country of 315 million, 1/2 of which live at or near the poverty line.
This is the kind of misguided rage of the delusional masses that distracts them from the deep-seated problems with the US economy and the world at large which is perfect for the corporate state while it systematically dissolves worker's rights, increases taxes on the middle-class and poor while giving tax breaks and loopholes to the rich and disenfranchises select groups.
You must have forgot about me. I'mnot one of the nationalist/statist folks that belongs to the delusional mass. I'm not ignoring all of the harm the government has done and continues to do - but that's another topic for another day. This thread was solely based upon the Olympians being taxed. This isn't about 1/2 of 315 million U.S. citizens who live at or near the poverty line (which is apparently $23,050 - and that number is a joke in itself - that aint poverty.....).
I'm not speaking of worker's rights, disenfranchising select groups, the corporate state, middle-class tax increases, tax loopholes for the rich, Go Diego Go, or what a douche Bill Maher is.
And there is definitely no misguided rage here - as you stated. Every little piece of government theft, regulation, laws, etc - is relevant and worthy of discussion.
Please don't come into the thread and work your deflect, divide, & conquer abilities. If you'd like to offer something valuable to the topic at hand, then do. If you'd rather not, then roll on.
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scal
LOL at the OP and various posters, not limited to the covers community, getting upset at the government for taxing Olympians who medal, of which there are currently 49 individuals who will be taxed, many with very rich sponsorship deals or ones forthcoming for their success, in a country of 315 million, 1/2 of which live at or near the poverty line.
This is the kind of misguided rage of the delusional masses that distracts them from the deep-seated problems with the US economy and the world at large which is perfect for the corporate state while it systematically dissolves worker's rights, increases taxes on the middle-class and poor while giving tax breaks and loopholes to the rich and disenfranchises select groups.
You must have forgot about me. I'mnot one of the nationalist/statist folks that belongs to the delusional mass. I'm not ignoring all of the harm the government has done and continues to do - but that's another topic for another day. This thread was solely based upon the Olympians being taxed. This isn't about 1/2 of 315 million U.S. citizens who live at or near the poverty line (which is apparently $23,050 - and that number is a joke in itself - that aint poverty.....).
I'm not speaking of worker's rights, disenfranchising select groups, the corporate state, middle-class tax increases, tax loopholes for the rich, Go Diego Go, or what a douche Bill Maher is.
And there is definitely no misguided rage here - as you stated. Every little piece of government theft, regulation, laws, etc - is relevant and worthy of discussion.
Please don't come into the thread and work your deflect, divide, & conquer abilities. If you'd like to offer something valuable to the topic at hand, then do. If you'd rather not, then roll on.
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.)
So Missy Franklin devoted "her whole life" to swimming, is getting two checks and will have endorsements, but shouldn't pay tax??
Lebron James really really needs that 25k??
Taxing the value of the medal is weak. Taxing the check is dead on.
How is it so different than the guy who "devoted his life" to accounting and gets two $25,000 checks per year??
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.)
So Missy Franklin devoted "her whole life" to swimming, is getting two checks and will have endorsements, but shouldn't pay tax??
Lebron James really really needs that 25k??
Taxing the value of the medal is weak. Taxing the check is dead on.
How is it so different than the guy who "devoted his life" to accounting and gets two $25,000 checks per year??
LOL at the OP and various posters, not limited to the covers community, getting upset at the government for taxing Olympians who medal, of which there are currently 49 individuals who will be taxed, many with very rich sponsorship deals or ones forthcoming for their success, in a country of 315 million, 1/2 of which live at or near the poverty line.
This is the kind of misguided rage of the delusional masses that distracts them from the deep-seated problems with the US economy and the world at large which is perfect for the corporate state while it systematically dissolves worker's rights, increases taxes on the middle-class and poor while giving tax breaks and loopholes to the rich and disenfranchises select groups.
To coin a phrase... "DEAD ON".
~~~~~ZOSO~~~~~
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Quote Originally Posted by scalabrine:
LOL at the OP and various posters, not limited to the covers community, getting upset at the government for taxing Olympians who medal, of which there are currently 49 individuals who will be taxed, many with very rich sponsorship deals or ones forthcoming for their success, in a country of 315 million, 1/2 of which live at or near the poverty line.
This is the kind of misguided rage of the delusional masses that distracts them from the deep-seated problems with the US economy and the world at large which is perfect for the corporate state while it systematically dissolves worker's rights, increases taxes on the middle-class and poor while giving tax breaks and loopholes to the rich and disenfranchises select groups.
Please READ the article and GET A CLUE... Good Lord is reading comprehension such a scarce commodity???
What IS being taxed is the PRIZE money that accompanies the medal... NOTE: PRIZE Money that accompanies the medal...
THE PRIZE MONEY is what several of us believe should not be taxed. ONLY, ONLY, the money given to those who win a medal is what some of us do not think should be taxed.
INCOME from endorsement contracts and any JOB the Olympic Medalist gets SHOULD be taxed.
NO ONE, NO ONE has advocated that Olympic medalist should be tax exempt for life...
is it all really that hard to comprehend???
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Please READ the article and GET A CLUE... Good Lord is reading comprehension such a scarce commodity???
What IS being taxed is the PRIZE money that accompanies the medal... NOTE: PRIZE Money that accompanies the medal...
THE PRIZE MONEY is what several of us believe should not be taxed. ONLY, ONLY, the money given to those who win a medal is what some of us do not think should be taxed.
INCOME from endorsement contracts and any JOB the Olympic Medalist gets SHOULD be taxed.
NO ONE, NO ONE has advocated that Olympic medalist should be tax exempt for life...
LOL at the OP and various posters, not limited to the covers community, getting upset at the government for taxing Olympians who medal, of which there are currently 49 individuals who will be taxed, many with very rich sponsorship deals or ones forthcoming for their success, in a country of 315 million, 1/2 of which live at or near the poverty line.
This is the kind of misguided rage of the delusional masses that distracts them from the deep-seated problems with the US economy and the world at large which is perfect for the corporate state while it systematically dissolves worker's rights, increases taxes on the middle-class and poor while giving tax breaks and loopholes to the rich and disenfranchises select groups.
Na, don't overanalyze it. Those Olympians are just getting penalized to a degree for being one of best in the world in their sport. Also, you think 1/2 of those people have "lucrative sponsorships"? Which 24.5 are you referring to? Michael Phelps, Missy Franklin and a couple of gymnastic girls....that's about all that come to mind to me (other than the men's basketball team) but they are not included in that 49 yet. Not trying to be an ass at all but really find it hard to believe that you are genuinely supporting this tax. For what? Winning? Doing you country a favor and gaining notoriety for you country? ANY thing the government or the legal system can do to get your money....they will. No hard feelings but this is pretty ludicrous if you ask me.
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Quote Originally Posted by scalabrine:
LOL at the OP and various posters, not limited to the covers community, getting upset at the government for taxing Olympians who medal, of which there are currently 49 individuals who will be taxed, many with very rich sponsorship deals or ones forthcoming for their success, in a country of 315 million, 1/2 of which live at or near the poverty line.
This is the kind of misguided rage of the delusional masses that distracts them from the deep-seated problems with the US economy and the world at large which is perfect for the corporate state while it systematically dissolves worker's rights, increases taxes on the middle-class and poor while giving tax breaks and loopholes to the rich and disenfranchises select groups.
Na, don't overanalyze it. Those Olympians are just getting penalized to a degree for being one of best in the world in their sport. Also, you think 1/2 of those people have "lucrative sponsorships"? Which 24.5 are you referring to? Michael Phelps, Missy Franklin and a couple of gymnastic girls....that's about all that come to mind to me (other than the men's basketball team) but they are not included in that 49 yet. Not trying to be an ass at all but really find it hard to believe that you are genuinely supporting this tax. For what? Winning? Doing you country a favor and gaining notoriety for you country? ANY thing the government or the legal system can do to get your money....they will. No hard feelings but this is pretty ludicrous if you ask me.
It just seems wrong man...unjust to me. Makes the feeling of winning a little bit sour I would imagine. IDK, funny to me that someone would even think to tax that. "Congratulations Michael Phelps! Thanks for every thing buttttt....please, before you go, hand over that 9k! Thanks!" hahahahahahaha just seems laughable to me. But hey, we gotta make sure everyone gets their share right?
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It just seems wrong man...unjust to me. Makes the feeling of winning a little bit sour I would imagine. IDK, funny to me that someone would even think to tax that. "Congratulations Michael Phelps! Thanks for every thing buttttt....please, before you go, hand over that 9k! Thanks!" hahahahahahaha just seems laughable to me. But hey, we gotta make sure everyone gets their share right?
I don't know it's kind of hard to feel sorry for someone having to pay a $5000 tax right after getting a check for 15k along with the many other benefits.The winners of the super bowl get an extra check after they win should we not tax them either? So we are supposed to feel bad for little Missy Franklin that she's going to come home with a fat check and a few medals.
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I don't know it's kind of hard to feel sorry for someone having to pay a $5000 tax right after getting a check for 15k along with the many other benefits.The winners of the super bowl get an extra check after they win should we not tax them either? So we are supposed to feel bad for little Missy Franklin that she's going to come home with a fat check and a few medals.
There are people paying taxes that do a lot more for our country than Olympic athletes.
I agree with this. However, if I just won something that I have practiced for for my whole life or years...not necessarily pertaining to a "career", I'd be sour if I had to submit to such things. The Olympics themselves (in terms of sport and competition) should be held to a different standard IMO. It's all about world unity and peace right? IDK, maybe I am off here but hey, to each is own. I'm not super offended by this or anything so I am not going to get in to a heated debate about it. But I appreciate everyone's feedback. Hope everyone is having a good weekend as well
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Quote Originally Posted by I_Need_A_Detox:
There are people paying taxes that do a lot more for our country than Olympic athletes.
I agree with this. However, if I just won something that I have practiced for for my whole life or years...not necessarily pertaining to a "career", I'd be sour if I had to submit to such things. The Olympics themselves (in terms of sport and competition) should be held to a different standard IMO. It's all about world unity and peace right? IDK, maybe I am off here but hey, to each is own. I'm not super offended by this or anything so I am not going to get in to a heated debate about it. But I appreciate everyone's feedback. Hope everyone is having a good weekend as well
It just seems wrong man...unjust to me. Makes the feeling of winning a little bit sour I would imagine. IDK, funny to me that someone would even think to tax that. "Congratulations Michael Phelps! Thanks for every thing buttttt....please, before you go, hand over that 9k! Thanks!" hahahahahahaha just seems laughable to me. But hey, we gotta make sure everyone gets their share right?
I'm sure Phelps would have gained the millions he has had in the endorsements if he didn't do America a tremendous favor by going to the Olympics.
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Quote Originally Posted by ad1260:
It just seems wrong man...unjust to me. Makes the feeling of winning a little bit sour I would imagine. IDK, funny to me that someone would even think to tax that. "Congratulations Michael Phelps! Thanks for every thing buttttt....please, before you go, hand over that 9k! Thanks!" hahahahahahaha just seems laughable to me. But hey, we gotta make sure everyone gets their share right?
I'm sure Phelps would have gained the millions he has had in the endorsements if he didn't do America a tremendous favor by going to the Olympics.
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