Heres a weird one for ya

Heres a weird one for ya

Joined: February 27th, 2006, 6:25 pm

August 1st, 2012, 8:31 pm #1

Did you know that the US Olympians that have won medals have to pay a tax on them to the US Gubment? Somehow this just doesn't seem right. Not trying to blame any one or party here.


Looks like other countries do similar to their athletes.
Last edited by ResinPrince on August 1st, 2012, 8:34 pm, edited 1 time in total.
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Joined: February 24th, 2002, 4:17 pm

August 1st, 2012, 8:44 pm #2

First. A person is taxed on any contest winnings. If you win a car on TV or a raffle at a church, the value of the car is treated as taxable income. You entered, you wanted it, you win, you pay the tax. Simple.

Now, the athletes are subject to the same rules. It has been that way for decades and decades.

In addition to the medal (which has a value) the athlete gets cash (honorarium). In the case of the Gold Medal it is $25,000. So the athlete gets taxed on the cash plus the value of the medal. But the athlete also has the cash to pay the tax.

This is just a political issue. Why was it not an issue in 2008, 2006, 2004, 2002, etc, etc, etc, Games?





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Ive realized that most people ... tend not to be direct when they feel something is shoddy because they want to be liked, "which is actually a vain trait".
[Walter Isaacson's (author of Steve Jobs) recounting of his interview with Jony Ive, Chief Designer at Apple @ page p. 461]



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Joined: March 2nd, 2005, 8:00 pm

August 1st, 2012, 9:11 pm #3

I personally think they should be "tax exempt". Obviously they "have value" but still given the idiotic tax structure in America today it just seems petty to me. cheers, Len

So a friend says: "cheer up things could be worse; so I cheered up and sure as hell Things Got Worse!
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Joined: February 24th, 2002, 4:17 pm

August 1st, 2012, 9:17 pm #4

As I said, where was the moral outrage years ago. Life is not fair, but it is fairer than death.

There is proposed "legislation" to change the tax law on this issue.

Then again, this sounds like the way the tax law has become corrupted. By carving out exemptions for our favorites. Whether it be a bank, oil company, pig farmer or prize winner.

Everyone gets taxed on what they receive. No exceptions, no deductions, no exemptions, no loopholes or off shore investments. Simple.



There is no such thing as an unbuildable kit, just some kits one may consider not worth building.

Ive realized that most people ... tend not to be direct when they feel something is shoddy because they want to be liked, "which is actually a vain trait".
[Walter Isaacson's (author of Steve Jobs) recounting of his interview with Jony Ive, Chief Designer at Apple @ page p. 461]



BUY THIS BOOK
http://tinyurl.com/Ididntseeitcoming
Last edited by modeldad on August 1st, 2012, 9:24 pm, edited 1 time in total.
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Joined: October 24th, 2007, 10:03 pm

August 1st, 2012, 9:25 pm #5

First. A person is taxed on any contest winnings. If you win a car on TV or a raffle at a church, the value of the car is treated as taxable income. You entered, you wanted it, you win, you pay the tax. Simple.

Now, the athletes are subject to the same rules. It has been that way for decades and decades.

In addition to the medal (which has a value) the athlete gets cash (honorarium). In the case of the Gold Medal it is $25,000. So the athlete gets taxed on the cash plus the value of the medal. But the athlete also has the cash to pay the tax.

This is just a political issue. Why was it not an issue in 2008, 2006, 2004, 2002, etc, etc, etc, Games?





There is no such thing as an unbuildable kit, just some kits one may consider not worth building.

Ive realized that most people ... tend not to be direct when they feel something is shoddy because they want to be liked, "which is actually a vain trait".
[Walter Isaacson's (author of Steve Jobs) recounting of his interview with Jony Ive, Chief Designer at Apple @ page p. 461]



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http://tinyurl.com/Ididntseeitcoming
I beleive that Great Britain is waiving any tax/duites on medals earned at the olympics. However any other sources of income, i.e. payments from U.S. Olympic committee, sponsors, endorsements, etc. WILL be taxed by Her Majesty's Government. (40%???)
What? Of course this is in ADDITION to whatever tax's are due to the applacable entrant's government as well.
L, L & P
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Joined: February 24th, 2002, 4:17 pm

August 1st, 2012, 9:31 pm #6

If Ralph Lauren pays an athlete money for an endorsement, it is US source income, not earned in the UK. So a US athlete cannot be taxed by HMG.

If for whatever reason a US citizen is taxed on income earned in the UK by HMG, and taxed by the US, then the tax paid to HMG is an offset to any tax due the US. In other words, the person does not pay double taxes on the same item. This arrangement is pursuant to tax treaties.

So much complaining, so little understanding.





There is no such thing as an unbuildable kit, just some kits one may consider not worth building.

Ive realized that most people ... tend not to be direct when they feel something is shoddy because they want to be liked, "which is actually a vain trait".
[Walter Isaacson's (author of Steve Jobs) recounting of his interview with Jony Ive, Chief Designer at Apple @ page p. 461]



BUY THIS BOOK
http://tinyurl.com/Ididntseeitcoming
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Joined: February 27th, 2006, 6:25 pm

August 1st, 2012, 10:06 pm #7

First. A person is taxed on any contest winnings. If you win a car on TV or a raffle at a church, the value of the car is treated as taxable income. You entered, you wanted it, you win, you pay the tax. Simple.

Now, the athletes are subject to the same rules. It has been that way for decades and decades.

In addition to the medal (which has a value) the athlete gets cash (honorarium). In the case of the Gold Medal it is $25,000. So the athlete gets taxed on the cash plus the value of the medal. But the athlete also has the cash to pay the tax.

This is just a political issue. Why was it not an issue in 2008, 2006, 2004, 2002, etc, etc, etc, Games?





There is no such thing as an unbuildable kit, just some kits one may consider not worth building.

Ive realized that most people ... tend not to be direct when they feel something is shoddy because they want to be liked, "which is actually a vain trait".
[Walter Isaacson's (author of Steve Jobs) recounting of his interview with Jony Ive, Chief Designer at Apple @ page p. 461]



BUY THIS BOOK
http://tinyurl.com/Ididntseeitcoming
I had never heard of it till today. That it happens to be in our current political climate has absolutely nothing to do with my post. Taxes on money ok but to tax them on the medals too? Who ever/what ever party may have been in power when this was put into law, it is wrong in my opinion.
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Joined: February 27th, 2005, 4:16 am

August 1st, 2012, 10:29 pm #8

Did you know that the US Olympians that have won medals have to pay a tax on them to the US Gubment? Somehow this just doesn't seem right. Not trying to blame any one or party here.


Looks like other countries do similar to their athletes.
do not tax on prizes won in another country; the US is one of the exceptions.....

Phil
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Joined: September 10th, 2001, 7:56 pm

August 1st, 2012, 10:46 pm #9

First. A person is taxed on any contest winnings. If you win a car on TV or a raffle at a church, the value of the car is treated as taxable income. You entered, you wanted it, you win, you pay the tax. Simple.

Now, the athletes are subject to the same rules. It has been that way for decades and decades.

In addition to the medal (which has a value) the athlete gets cash (honorarium). In the case of the Gold Medal it is $25,000. So the athlete gets taxed on the cash plus the value of the medal. But the athlete also has the cash to pay the tax.

This is just a political issue. Why was it not an issue in 2008, 2006, 2004, 2002, etc, etc, etc, Games?





There is no such thing as an unbuildable kit, just some kits one may consider not worth building.

Ive realized that most people ... tend not to be direct when they feel something is shoddy because they want to be liked, "which is actually a vain trait".
[Walter Isaacson's (author of Steve Jobs) recounting of his interview with Jony Ive, Chief Designer at Apple @ page p. 461]



BUY THIS BOOK
http://tinyurl.com/Ididntseeitcoming
nm

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Joined: February 27th, 2005, 12:41 am

August 1st, 2012, 11:19 pm #10

As I said, where was the moral outrage years ago. Life is not fair, but it is fairer than death.

There is proposed "legislation" to change the tax law on this issue.

Then again, this sounds like the way the tax law has become corrupted. By carving out exemptions for our favorites. Whether it be a bank, oil company, pig farmer or prize winner.

Everyone gets taxed on what they receive. No exceptions, no deductions, no exemptions, no loopholes or off shore investments. Simple.



There is no such thing as an unbuildable kit, just some kits one may consider not worth building.

Ive realized that most people ... tend not to be direct when they feel something is shoddy because they want to be liked, "which is actually a vain trait".
[Walter Isaacson's (author of Steve Jobs) recounting of his interview with Jony Ive, Chief Designer at Apple @ page p. 461]



BUY THIS BOOK
http://tinyurl.com/Ididntseeitcoming
Richard Petty had to pay taxes on any of those Trophies he won.. Winnings (cash) yes. Trophies, medals, ummmm, I dunno...

Cheers,
Dave
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