Olympic athletes must pay for metals... - Page 3

I'm no athlete spitter - if she wins, she will make some money, and if that's all she makes she probably won't pay any income tax on it - but it IS income.

No different than my income.

Is an athlete's toil more noble than mine?

I feed people, and clothe them, and provide shelter, and smartphones fer god's sake!

and?!!?

 

If my kid goes on a business trip to England should he get paid tax free?

can I fund raise for a free trip too?

 

I am exactly on the same page as BillyBob.

 

for the rich endorsement laden athletes this is a non issue,

and for the poor ones who happen to win gold, I'm sure they aren't paying a lot of income tax anyway.

 

so what's the issue?

aside from a FALSE outrage that they are having to dig out of their pockets to pay tax on the medal,

as if there wasn't cash that comes with it.

 

YES if there was NO cash,

and they had to pay tax on the medal,

then I would join in the outrage.

always back to the pillars

You are completely missing the bigger picture. The fact that any income earned outside the US being subject to income tax is the issue. This "worldwide tax system" is stiffling many businesses from repatriating earnings back to the US. The US tax policy affects corporate decisions about investment location and profit repatriation. What does this mean, corporations will not reinvest money earned outside the US back into our economy because of the tax. More importantly, corporations will either establish subsidiaries or completely relocate outside the US to avoid one of the highest corporate tax rates of any country in the world. Hence, why jobs are moving overseas.

Why do we have such a tax? Because our government has completely overspent and desperately needs to raise revenue to service the debt burden created by fighting recent wars and, the biggest contributor, entitlement programs that have spiraled out of control since being established the 1930's. Wars have always been fought, financed and typically repaid within a reasonable timeframe. But entitlement programs keep exponentially growing and creating such a burden that simply servicing the interest has become problematic.

The taxing of monies earned abroad by Olympic athletes is just the tip of the iceberg. It is symptomatic of a much deeper issue affecting this countries economic woes. The "narcississtic socialistic" behavior of our far left leaders/politicians is crippling this country.

 

If he was representing his country on the biggest stage of the world I'd be all for it.

 

Especially if it was a one way ticket.

OK. Tax the "honorarium" if you want, but the winners should be able to document the amount of money that they and (in the event that the competing athlete is a dependent minor) the families of Olympic athletes have paid for special equipment, trainers, coaches, travel expenses, lodging, special diets, supplements and other costs incurred, and write them off against the "internationally earned income" tax.
Along the same lines, if the amount of expenses incurred during their years of training exceed the amount of the earned income, then the athlete or their tax paying parents should be entitled to an earned income tax credit for the amount of the overage. Fair is fair,,right??

For the record, I don't think that lottery winnings should be taxed either. I've never won anything more than a plug at the Food Fling, but if I ever did, It would pain me greatly to give 40% of my winnings to The Government. I would prefer to give the same percentage of my winnings to the charities of my choice than see it wasted by pork barrel politicians be they Republicans or Democrats, liberals, conservatives or independents.

i say tax cuts for the hot broads

I dunno,

if I got a boatload of cash for doing nothing but picking good numbers,

I'd happily pay the tax on it.

 

Taxes bug me more when I think of the hours WORKING for money that I hand over.

 

free money is another story for me.

It's 1099 income, and they probably have to send an estimated tax payment in soon after they earn the money--just like every other prize winner.

I go on Jeopardy, and because of my intelligence and education win $25,000. Is Senator Rubio going to give me a tax break because of my success?

Olympians are no different than anyone else who wins prize money. It's fully taxable as income. Always has been for my lifetime. It's not anything new.

I don't like payin for baby mama's who have 6 children and list the daddy as I. Dunno.

imagine that...the govt penalizing someone for thier sucess. They sure dont do anything to helpl them win it......or wait the roads etc, my bad lol......

what a joke. they shuodl get to deduct thier training expenses if they are gonna have to pay taxes on the meager prize money they get.

nope,

Rubio would denounce you as an egg headed elitist.

 

this is about polarizing politics not common sense.

 

the story was sold that they were paying tax on the value of the medal,

outrage ensued,

then they found out about the cash,

but by then the outrage train was chugging down the tracks........

 

nothing they can do now but ignore logic and enjoy the ride.

The metal and all of the endorsements the althetics earn should be looked at like a non profit organization(church...etc) otherwise it will hamper their ablity to train their hardest(worring about how to pay for their metals) Did that happen to Phelps The race I seen him in he just coasted to the finish when he should of been swimming

Pretty simple to fix> setup a fund and people give to help out these kids and pay everything in pennies or wouldnt this be great..
All the Pro stars who are in the Olympics and make BIG money go ahead and sign a check for anybody that metal..

As of right now we have
14 Gold
8 Silver
9 Bronze............... 31 total

Value of the Metals> Gold metal> 1% actual gold> Worth $644
Silver metal> $330
Bronze> $....................... 4.70

Taxes on metal
Gold> $8,896
Silver>$5,385
Bronze>$3,502

Cash they get per metal
Gold> $25,000
Silver>$15,000
Bronze>$10,000

Cash they get for YEARS!!! of training/broken bones/giving up being a kid/moving to train/Travel time (you know going to sleep at 9 and getting up at 4am) and so on

Payment for being a American Olympian> Not one red ##$% cent from the goverment, yet those low life that have a seat and
get how much for retirement per year oh yea we are being fair alright

Look at it this way "Allison Schmitt" won 2 gold/1 silver and a Bronze her tax bill $26,679... whoo hoo go USA

part of being an American is paying your taxes.

 

don't like having to pay tax on the money you get for playing a game,

get a job like the rest of us.