Olympians getting taxed for their Medals

[CompOrange04GT]

I had no idea this happened

Americans for Tax Reform : Win Olympic Gold, Pay the IRS


Not only do they get taxed for the winnings they make off something they are the best in the world at, but depending on the medal they get, is how much they get taxed on the medal itself.

 

[soccerman002]

A friend just linked this article to his Facebook page, what a ****ing crock of shit.

 

[Sonic 03 Cobra]

This has always been the case. Just like your favorite NASCAR driver has to pay tax on his winnings


Sent from my iHype using Tapatalk

 

[Stanley]

I can see paying taxes on money won, but the medal?

 

[soccerman002]

Big difference between Jeff Gordon or Jimmie Johnson being paid by Hendrick Motorsports to race with their equipment, versus a lot of these athletes putting themselves in a financial hole just to get over to London to compete and represent the United States. I think there should be an exemption.

 

[John@Lethal]

Phelps must get so bent over then

 

[hoamskilet]

Big difference between Jeff Gordon or Jimmie Johnson being paid by Hendrick Motorsports to race with their equipment, versus a lot of these athletes putting themselves in a financial hole just to get over to London to compete and represent the United States. I think there should be an exemption.

Agreed. I don't exactly see an olympic athlete that gets to compete once every 4 years and representing their country the same as your every day pro athlete. This is complete horseshit

 

[caveeagle]

Yup, we do sales inventives at work all the time. Any prize our employees win (or earn), gets tracked by payroll for tax purposes.

When (I wonder) will sheep in this country finally get tired of the govt taking a big slice of everything that is earned, and giving a small slice to people that are not earning or producing anything? !

My guess is that its too late already. There was a new report on the TV this morning. They are trying (again) to find another way to tax internet commerce.

 

[CompOrange04GT]

My question is...some contractors who work overseas and are Americans don't get taxed for their work, and bring themoney back over here

Why do Olympians get taxed when they win?

 

[REPCobra10]

Wow! I had no idea at all that this went on. It's news to me, and to be quite frank, I don't agree with it at all. Our athletes in the Olympics aren't rich people, for the most part, and they're simply there to represent our great nation on a global level, not to make a killing with winnings. I would have thought that the IRS would give them a "pass" on being taxed on their winnings, but I guess not. I mean, they're our Olympians, for crying out loud.

 

[04RedfireVert]

I did not know they got a cash payment along with winning a medal.
25k for gold
15k silver
10k bronze
But still, they shouldn't be taxed for Olympic winnings IMO

 

[CompOrange04GT]

I did not know they got a cash payment along with winning a medal.

did you really think they did all this travel and training for free?

 

[caveeagle]

I would have thought that the IRS would give them a "pass" on being taxed on their winnings, but I guess not. I mean, they're our Olympians, for crying out loud.

:lol::lol::lol::lol:

IRS giving them a pass :lol: :lol:

Dont our active duty service members pay income tax? My father is retired army and I am pretty sure he always had to file for income tax.

 

[HYBRED]

My question is...some contractors who work overseas and are Americans don't get taxed for their work, and bring themoney back over here

They have to be over there something like 11 months out of the year to qualify.

 

[REPCobra10]

:lol::lol::lol::lol:

IRS giving them a pass :lol: :lol:

Dont our active duty service members pay income tax? My father is retired army and I am pretty sure he always had to file for income tax.

Thanks for the 6 :lol: that you gave me. You almost made me feel like a famous comedian!:rollseyes I believe this thread was about Olympians being taxed for their medals, not service members being taxed. Please, try to keep on topic, because you're starting shit that needn't be started. Nobody in this thread was comparing what Olympians do and the taxes they pay to what the great men and women of the armed forces do for us everyday and the taxes they pay. You started that trend...:kaboom:

 

[oldmodman]

If the athletes expense out all their training costs, travel expenses, and medical costs they should be able to show a negative income and get money back.

 

[65fastback2+2]

its all bull crap. should be able to keep what you earn.

blasted government.

 

[caveeagle]

I believe this thread was about Olympians being taxed for their medals, not service members being taxed. Please, try to keep on topic, because you're starting shit that needn't be started. Nobody in this thread was comparing what Olympians do and the taxes they pay to what the great men and women of the armed forces do for us everyday and the taxes they pay. You started that trend...

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Wow, thin skin!! :lol:

Hey your the one that said athletes should get a special exemption because they are "representing our great nation on a global level". I was just making the point that our service members are subject to income tax as a point of comparison.


Now, I am not defending either practice. I would like to see our country on a consumption tax, and get our federal govt on a crash spending diet.

 

[REPCobra10]

get our federal govt on a crash spending diet.

I agree with you on this...:beer:

 

[caveeagle]

I agree with you on this...:beer:

I think 70% to 80% of Americans could get aligned around this. Romney should quit getting suckered into arguments that most people to give a cr@p about!

STOP SPENDING MONEY WE DON'T HAVE!

.......Repeat this every time a dumb @$$ reporter asks another dumb @$$ question.