| | Win a medal, pay the price |  |
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+3Cheaps Supernova Alan Smithee 7 posters |
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Alan Smithee
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| | Subject: Win a medal, pay the price Thu Aug 02, 2012 1:59 pm | |
| You know, it's one thing if you're in Michael Phelps' category for endorsements but give me a break! Being taxed at the highest rate?! - Quote :
- Go for the gold — but should you succeed, be prepared to dole out some gold of your own.
The U.S. Olympic Committee awards prize money to American medal winners: $25,000 for gold, $15,000 for silver, $10,000 for bronze. That prize money is taxed at a rate of 35 percent, Americans for Tax Reform calculated. On top of that, the medals themselves are taxed: You only have to fork over $2 to the IRS for the privilege of keeping your bronze medal, but carve off $236 worth from that gold medal.
Michael Phelps should have no trouble shouldering the tax burden — he makes millions in endorsements. But fellow U.S. swimmer Allison Schmitt has won two golds, a silver and a bronze in London. That’s $75,000 in total prize money — and $26,857 owed to the United States Treasury. http://msn.foxsports.com/olympics/story/US-medal-winners-pay-stiff-price-in-taxes-080212 | |
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Supernova
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| | Subject: Re: Win a medal, pay the price Thu Aug 02, 2012 2:46 pm | |
| I heard about that on the radio, I agree it's a stupid idea, but then again aren't most when it comes to the government? | |
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Cheaps
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| | Subject: Re: Win a medal, pay the price Thu Aug 02, 2012 4:31 pm | |
| Fucked up, hopefully this Allison chick will be able to score some endorsements. | |
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Nystyle709
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| | Subject: Re: Win a medal, pay the price Thu Aug 02, 2012 6:40 pm | |
|  I have to pay taxes if I win prize money. Why shouldn't they? Being taxed at an unfair rate compared to someone else who won or made the same amount of money isn't fair, but being NOT being taxed isn't as well. | |
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Tony Marino
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Forgiveness Man
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| | Subject: Re: Win a medal, pay the price Fri Aug 03, 2012 5:35 pm | |
| More taxes that will do nothing productive. Just another day in America.  | |
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Alan Smithee
...is a 20G Chamber DIETY.
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RedBedroom
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| | Subject: Re: Win a medal, pay the price Fri Aug 03, 2012 8:25 pm | |
| Considering many of them live frugally out of necessity in the four years leading up to the Olympics, they should definitely not be at the highest tax rate. | |
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Alan Smithee
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| | Subject: Re: Win a medal, pay the price Fri Aug 03, 2012 8:30 pm | |
| I was thinking about this a little more and maybe it's not a total rip off if the athlete gets a tax refund depending on the tax return they file, i.e., they overpaid according to the tax bracket they're actually in. But if 35% of that money is just jacked regardless if one gold medal is their income for the year then fuck that shit! | |
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Nystyle709
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| | Subject: Re: Win a medal, pay the price Fri Aug 03, 2012 8:53 pm | |
| - Alan Smithee wrote:
But that's not how taxes work. When you when prize money, whatever you win has to be taxed at whatever rate (usually the highest) they determine. At the end of year, you're taxed within your income bracket. Depending on what you make/made, you could be overpaying your taxes, which makes for a healthy refund, or making a nice down payment on what you already owe. | |
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Nystyle709
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| | Subject: Re: Win a medal, pay the price Fri Aug 03, 2012 8:58 pm | |
| - Alan Smithee wrote:
- I was thinking about this a little more and maybe it's not a total rip off if the athlete gets a tax refund depending on the tax return they file, i.e., they overpaid according to the tax bracket they're actually in.
Add the fact that individual states also have their own tax laws. Some states don't tax an individual's personal income at all.
But if 35% of that money is just jacked regardless if one gold medal is their income for the year then fuck that shit! LOL, according to current tax laws...that would be against the law. If a gold medal is worth 25k and that's ALL you made, you wouldn't be getting taxed the same as someone who's made 100k. And if any Olympic athlete has an accountant who is competent, it wouldn't happen. And this article is coming from FOX News. Not surprising how they made it seem like such an atrocity and got people up in arms about it.
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Alan Smithee
...is a 20G Chamber DIETY.
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| | Subject: Re: Win a medal, pay the price Fri Aug 03, 2012 10:16 pm | |
| - Nystyle709 wrote:
LOL, according to current tax laws...that would be against the law. If a gold medal is worth 25k and that's ALL you made, you wouldn't be getting taxed the same as someone who's made 100k. And if any Olympic athlete has an accountant who is competent, it wouldn't happen. And this article is coming from FOX News. Not surprising how they made it seem like such an atrocity and got people up in arms about it.
I agree with that. | |
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