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- 2 people like this.
Leslie Allen I did not know that! How wrong
Bridgett CashI posted something similar yesterday. I also think it's wrong to make them pay taxes on their win. They work so hard, for so many years. Seems we could just let them slide and enjoy their cash prize this one time. A gold medal win brings th...See More- Bridgett Cash Forgot: The gold medal brings a $9000 tax bill.
Soup McGee---that;s a damn Norquist Lie: "According to Americans for Tax Reform, Grover Norquist’s anti-tax outfit, President Obama’s IRS will tax Olympic winners up to $9,000 after they return home victorious from London. Conservative blogs are having a field day and Republican politicians are clamoring to capitalize on news. Darling Sen. Marco Rubio of Florida introduced a bill to exempt Olympians’ winnings from taxes and an adviser to Mitt Romney told reporters today, “He believes that there should be no taxation of the type you are describing.” They’re calling on Obama to support the plan.
The only problem: It’s not really true. In addition to their medals, American winners are given prize money from the U.S. Olympic Committee: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. Their medals are also worth about $675, $385 and under $5, respectively. ATR says this all gets taxed at 35 percent, meaning a gold medalist owe $8,986, silver winners owe $5,385, and bronzers ow
e $3,502.
First off, the medals aren’t subject to taxes. Mark Jones, the communications director for the U.S. Olympic Committee told Salon in an email, “There is no ‘value’ to medals and there is no tax associated with it.”
As for the prize money, according to Politifact, ATR’s claim is “mostly false.” Consulting accountants who have worked with athletes, the fact-checking website noted that while the money is certainly taxable, athletes could deduct all the expenses that went into getting them to the podium, including travel costs, equipment, training and coaching fees from the previous year. Those are all considered business expenses, and could lower or even eliminate an athlete’s tax liability, depending how much they spent. Moreover, the 35 percent rate assumes athletes are in the highest income bracket, earning over $380,000 a year. While some Olympians certainly make millions, the majority of athletes probably do not. Many are barely scraping by, lacking sponsorship deals and unable to work full-time due to training demands. (We wrote yesterday about marathoner Guor Marial, who works from 11 p.m. to 9 a.m. at a home for mentally disabled adults every night so he can spend his days training.) This would put them in a lower tax bracket where they would pay far less, or even nothing, on their winnings, even before deductions.
A quick Nexis search revealed zero stories from 2004 and 2008 about Olympians being taxed for their winnings. One would think, judging by how much attention the story is getting today, that there would have been articles written then about disappointed athletes who returned home to find a hefty tax bill. We did find several stories like that, but they were all from Canada." http://www.salon.com/2012/08/02/ romneys_olympic_tax_myth/ 
www.salon.comRepublicans are outraged that Obama will tax Olympic athletes. Why he probably won't, but he should anyway41 minutes ago · ·- Bridgett Cash They are taxed on the cash prize that winning the medal brings. I thought I was clear on this.15 minutes ago · · 1
- Soup McGeeis calling Norquist the damn liar, in case that wasn't clear----1.---Moreover, the 35 percent rate assumes athletes are in the highest income bracket, earning over $380,000 a year. While some Olympians certainly make millions, the majorityof athletes probably do not. 2---, American winners are given prize money from the U.S. Olympic Committee: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. Their medals are also worth about $675, $385 and under $5, respectively. ATR says this all gets taxed at 35 percent, meaning a gold medalist owe $8,986, silver winners owe $5,385, and bronzers ow
e $3,502 == Damn Lie! - Soup McGee ---"A quick Nexis search revealed zero stories from 2004 and 2008 about Olympians being taxed for their winnings. "--- Norquist is a slicky SOB!
- Bridgett Cash Your confusing me. What is the lie?
- Bridgett Cash So your saying that they don't get taxed?8 minutes ago · · 1
- Soup McGeeAmericans for Tax Reform was created as Fairness for Families at the request of President Reagan, to help pass the Tax Reform Act of 1986. As such, I suggest the current President merely request the immediate cessation of all group activiti...See More
Rhonda Taylor you know i did not mention crap about obama i simply state olympians get taxed on their winnings...5 minutes ago · · 1- Soup McGee who pays at 35%? people making more than $380,000/yr...if they don't have an accountant...:-/ Who gets taxed on their reward? The Olympian who does not deduct the trip as a business expense.
- Soup McGee is going off about Norquist--- Vote for who you wanna
- Soup McGee and Olympians are not taxed by Force on their Winnings....they can claim it as a deduction,---read the article. :-)
- Soup McGee The only problem: It’s not really true. In addition to their medals, American winners are given prize money from the U.S. Olympic Committee: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. Their medals are also worth about $675, $385 and under $5, respectively. ATR says this all gets taxed at 35 percent, meaning a gold medalist owe $8,986, silver winners owe $5,385, and bronzers ow
e $3,502.
First off, the medals aren’t subject to taxes. Mark Jones, the communications director for the U.S. Olympic Committee told Salon in an email, “There is no ‘value’ to medals and there is no tax associated with it.”
As for the prize money, according to Politifact, ATR’s claim is “mostly false.” Consulting accountants who have worked with athletes, the fact-checking website noted that while the money is certainly taxable, athletes could deduct all the expenses that went into getting them to the podium, including travel costs, equipment, training and coaching fees from the previous year. Those are all considered business expenses, and could lower or even eliminate an athlete’s tax liability, depending how much they spent. Moreover, the 35 percent rate assumes athletes are in the highest income bracket, earning over $380,000 a year. While some Olympians certainly make millions, the majority of athletes probably do not. Many are barely scraping by, lacking sponsorship deals and unable to work full-time due to training demands. (We wrote yesterday about marathoner Guor Marial, who works from 11 p.m. to 9 a.m. at a home for mentally disabled adults every night so he can spend his days training.) This would put them in a lower tax bracket where they would pay far less, or even nothing, on their winnings, even before deductions. - Bridgett Cash And it bugs me greatly that these kids are paying taxes, a much higher percentage on their win, when people like Romney don't pay nearly enough and hide their money out of the country to keep it from being properly taxed.about a minute ago · · 1
- Rhonda Taylorsoup what the hell are you talking about???? i stated i simply didnt know they was taxed on their winnings it makes sence to tax them on their earnings for sponsers but i didnt realize their medals....geez I
am so sick of the bs that is called politics. EVERYTHING someone says is automatically as taking a side....your right I will vote for whom i want and guess what with the attitude of the left I might just vote for romney consider it my middle finger for all the bs that has happened over the last few years.... - Rhonda Taylor LEARN HOW TO HAVE AN OPINION rather than a political agenda.....GOODBYE
- Soup McGee --"This would put them in a lower tax bracket where they would pay far less, or even nothing, on their winnings, even before deductions."---Norquist is a Damn liar whose aim is to with the help of his Coalition end House Committee on Oversight and Government Reform Republicanall Government and Privatie ALL services by 2050. You don't wanna vote for the guy who DIDN'T sign that Pledge? That is totally up to you. That is Fine with me Rhonda...no middle finger here...but the medals are NOT taxed, and the reward is neither...calling a fact a lie and proving it with a source is ALL I DO. Enjoy!Unable to post comment. Try Again
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