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| -Short Attention Span Theater- |
| Win Olympic Gold, Pay the IRS |
| 2012-08-01 |
| 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? 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. |
| Posted by:Beavis |
| #9 Didn't we kick the British out for just this sort of nonsense? ... He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our people and eat out their substance. ... For imposing Taxes on us without our Consent ... --"The unanimous Declaration of the thirteen united States of America," |
| Posted by: SteveS 2012-08-01 19:00 |
| #8 This is leaving out dealing with state taxes as well... |
| Posted by: Pappy 2012-08-01 18:40 |
| #7 Christian Lopez, the fan who caught and returned Jeter's home run ball at Yankee Stadium on Saturday, could be facing a tax bill for all that he received in return for his good deed, potentially to the tune of about $14,000. The Yankees gave the 23-year-old Lopez four luxury suite tickets for each of the team's remaining home games, including the postseason, as well as three bats, three balls and two jerseys all signed by Jeter. He also received front-row seats for Sunday's game, which reportedly sell for up to $1,358.90 each. http://www.foxnews.com/sports/2011/07/12/fan-who-caught-derek-jeters-3000th-hit-may-have-to-pay-hefty-tax-bill/ |
| Posted by: swksvolFF 2012-08-01 17:47 |
| #6 And people wonder why Apple keeps tens of billions of dollars in offshore accounts instead of bringing it back and reinvesting it. |
| Posted by: DarthVader 2012-08-01 12:37 |
| #5 The UK "Hidden Economy". YOU can report them anonymously! The 'hidden economy' Some businesses operate without ever registering with HMRC and so pay no tax. Others register, but only declare and pay tax on some of their income. They're described as being part of the hidden economy. Often, such businesses ask you to pay them in cash. (Very common in the State of Georgia by the way) If you know someone whose business is not registered for tax you can report it online, or call the Tax Evasion Hotline on 0800 788 887 (open Monday to Friday from 8.00 am to 6.00 pm, closed weekends and bank holidays) and HMRC will do something about it. You don't need to leave your name and address. |
| Posted by: Besoeker 2012-08-01 11:54 |
| #4 Not surprising, We punish initiative and achievement whenever we get a chance. |
| Posted by: bigjim-CA 2012-08-01 11:41 |
| #3 You didn't win that yourself! Anyone off the street could have done it with "The Champ" as president! I don't know why the states didn't pick the Olympic entrants by lottery, it would be much less discriminatory. |
| Posted by: Bright Pebbles 2012-08-01 11:39 |
| #2 Thanks, Obama. For thinking that any American overseas MUST be a tax-dodger. Pay tax to the local government for your local income, and pay again for U.S. taxes. Thanks again, asshole. |
| Posted by: gromky 2012-08-01 11:36 |
| #1 "Income" Taxes ...on an Olympic medal earned by a deserving young athlete who has invested untold years of training and dedication are dispicable, but a one time outlay. Invest the $25,000 "winnings" in the stock market and pay for the rest of your bloody life....and beyond, if you pass your portfolio along. |
| Posted by: Besoeker 2012-08-01 11:34 |