\GoBillsInDallas/ Posted August 1, 2012 Posted August 1, 2012 And, oh by the way, you owe $9,000 in taxes: http://content.usatoday.com/communities/onpolitics/post/2012/08/olympic-gold-medal-tax-marco-rubio-michael-phelps/1
Bigfatbillsfan Posted August 3, 2012 Posted August 3, 2012 And did you notice that since the government started making people pay taxes on the money you are awarded when you win a medal there haven't been any American medal winners? All just goes to prove the conservative talking point that if people have to pay taxes they can't succeed.
3rdnlng Posted August 3, 2012 Posted August 3, 2012 And did you notice that since the government started making people pay taxes on the money you are awarded when you win a medal there haven't been any American medal winners? All just goes to prove the conservative talking point that if people have to pay taxes they can't succeed. I find it humorous that you libtards have to totally fabricate things to try to attempt to make your points. Why does lying come so easy for you?
DC Tom Posted August 3, 2012 Posted August 3, 2012 Why should the be exempt from taxes? I heard the greatest reason on the radio this morning: "They shouldn't pay taxes because they work hard."
Taro T Posted August 3, 2012 Posted August 3, 2012 I heard the greatest reason on the radio this morning: "They shouldn't pay taxes because they work hard." Whoever made that statement was on the right track but not quite there. It should have been: if you work hard and people like to watch you work, you shouldn't have to pay any taxes at all. Athletes, musicians, actors, faux celebrities (like anyone on any MTV show), Congress-critters (hey, they've got their own show on C-SPAN), etc. should be allowed to never pay taxes (even stuff like sales taxes and property taxes, right Mr. Rangel?). People that work hard, but don't have adoring fans like small businessmen, large corporation CEO's (unless they work for 'cool' companies like Apple), and anyone making $0.01 more than me that isn't considered an entertainer should have their taxes doubled at a minimum. That should pretty much sum it up.
ExiledInIllinois Posted August 3, 2012 Posted August 3, 2012 Taxed Enough Already. LoL... They should get taxed just like Mitt gets taxed... The hide behind privacy. Oh wait, scratch that. Anyway... Why shouldn't they get taxed... I am with Chef Jim on this one... That is 6 ounces of gold over a silver base for the gold medal... What's the price per ounce going right now?
Chef Jim Posted August 3, 2012 Posted August 3, 2012 Taxed Enough Already. LoL... They should get taxed just like Mitt gets taxed... The hide behind privacy. Oh wait, scratch that. Anyway... Why shouldn't they get taxed... I am with Chef Jim on this one... That is 6 ounces of gold over a silver base for the gold medal... What's the price per ounce going right now? They are not taxed on the medals they win, they're taxed on the monetary awards they get from the Olympic committee.
TakeYouToTasker Posted August 3, 2012 Posted August 3, 2012 They are not taxed on the medals they win, they're taxed on the monetary awards they get from the Olympic committee. Actually, they are taxed on both the value of the metal composition of the medal and the cash winnings.
Chef Jim Posted August 3, 2012 Posted August 3, 2012 Actually, they are taxed on both the value of the metal composition of the medal and the cash winnings. I'm going on what that article said (and it was poorly written) and I didn't see anywhere in there where it said they'd be taxed on the value of the composition of the medals. And the value would be based on what price at what time and date? If this is truely the case that much is assinine. Should everyone now have to claim on their returns the value of an award they received that tax year?
TakeYouToTasker Posted August 3, 2012 Posted August 3, 2012 I'm going on what that article said (and it was poorly written) and I didn't see anywhere in there where it said they'd be taxed on the value of the composition of the medals. And the value would be based on what price at what time and date? If this is truely the case that much is assinine. Should everyone now have to claim on their returns the value of an award they received that tax year? According to US Tax Law, yes, if those awards have actual commodity value. As to the time and date, I would have to imagine the date of receipt, but I won't claim knowledge.
DC Tom Posted August 3, 2012 Posted August 3, 2012 According to US Tax Law, yes, if those awards have actual commodity value. As to the time and date, I would have to imagine the date of receipt, but I won't claim knowledge. That would actually surprise me...not that the medals would be taxed, but that they'd be taxed at the commodity value. I would think that the value of an Olympic medal would be greater than just the value of the metal in the medal...since it's...y'know, a medal, not bullion.
TakeYouToTasker Posted August 3, 2012 Posted August 3, 2012 That would actually surprise me...not that the medals would be taxed, but that they'd be taxed at the commodity value. I would think that the value of an Olympic medal would be greater than just the value of the metal in the medal...since it's...y'know, a medal, not bullion. Olympic medals lack an index to approximate value. The individual commodites do not, and are uniform in composition across all medals of their class.
Chef Jim Posted August 3, 2012 Posted August 3, 2012 That would actually surprise me...not that the medals would be taxed, but that they'd be taxed at the commodity value. I would think that the value of an Olympic medal would be greater than just the value of the metal in the medal...since it's...y'know, a medal, not bullion. So the "poor" bus monitor gets $600k (or whatever it ended up at) tax free because they were gifts but an award is.....hmmm, what exactly?
TakeYouToTasker Posted August 3, 2012 Posted August 3, 2012 So the "poor" bus monitor gets $600k (or whatever it ended up at) tax free because they were gifts but an award is.....hmmm, what exactly? Earned income awarded on merit.
DC Tom Posted August 3, 2012 Posted August 3, 2012 Olympic medals lack an index to approximate value. The individual commodites do not, and are uniform in composition across all medals of their class. Which is the answer I suspected...but I'm also surprised that no one's tried to figure their approximate value yet... ...and now that I'm thinking about it, that answer shouldn't hold water. The IOC doesn't mint the medals themselves, do they? They must contract that out, and pay a premium above the commodity value for it. (I would have expected that you could do the same as they value Oscar statuettes...but apparently the Academy, for all practical purposes, pegs the value at precisely one dollar.)
TakeYouToTasker Posted August 3, 2012 Posted August 3, 2012 Which is the answer I suspected...but I'm also surprised that no one's tried to figure their approximate value yet... ...and now that I'm thinking about it, that answer shouldn't hold water. The IOC doesn't mint the medals themselves, do they? They must contract that out, and pay a premium above the commodity value for it. (I would have expected that you could do the same as they value Oscar statuettes...but apparently the Academy, for all practical purposes, pegs the value at precisely one dollar.) That's an interesting point. I'll have to look further into it.
Chef Jim Posted August 3, 2012 Posted August 3, 2012 Earned income awarded on merit. But shouldn't that only be considered if the non-monetary award was from an employer?
DC Tom Posted August 3, 2012 Posted August 3, 2012 That's an interesting point. I'll have to look further into it. Did some looking...for the 2012 Games, at least, they were minted by the London Mint, but I can't find an associated cost for minting. Likewise, while there's something of a market for Olympic medals, the pricing depends highly on who won it and what sport it was in (Phelps could win a bronze for sneezing, and it would still command more than a gold in kayaking), so it's woefully inefficient. The only value I can find that pretends to be generally accurate is ABC saying it's "around $3k per medal, average. Maybe."
Nanker Posted August 3, 2012 Posted August 3, 2012 Let me remind you of this pure gold. Actually, they will probably have to file taxes in Great Britain - the location in which their earnings were made. They'll be able to offset their tax liabilities to any US government (federal, city and state) by any taxes paid to the British government. Of course they'll be able to show the costs of doing their business which could be everything from adhesive tape, special training costs, transportation, personal training, the expense of having an aide with them, etc., etc., etc. If they've been diligent in maintaining their expense records, they might be able to wind up paying no taxes at all. In fact, they might get a tax refund - like many do - without paying a dime to the government.
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