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PICKET: Olympics math - Medal winners to pay up to $9,000 to IRS

Here is some interesting Olympics math coming from Americans for Tax Reform. American athletes who win medals at the 2012 London Olympics will have to cough up some dough to the IRS when they return the United States:

ATR explains that U.S. medal winners face a top income tax rate of 35 percent. The total tax burden on a gold medal winner, according to ATR's analysis, would be up to $8986. A silver medal winner's total tax burden would be up to $5,385, while a bronze medal winner's total tax burden would be up to $3,502.

http://www.washingtontimes.com/blog/wat ... -9000-irs/

Way to go Ojacakss you greedy fucking asshole... You now expect a 16 year old kid to pay $9 grand for winning a medal!!! What a fucking looser you Marxist Commie traitor

Follow the links and read the article. Total bullshit.

America’s Olympic Winners Must Pay IRS Nearly $9,000 For Every Gold Medal

According to a report from Americans for Tax Reform, the conservative group headed by Grover Norquist, America’s gold medal-winning Olympians will have to pay the Internal Revenue Service nearly $9,000 for every gold they take home from London.

http://www.mediaite.com/tv/americas-oly ... old-medal/

They didnt win those medals NO! its was someone else right dildo bagfullof shit..

Yes, they pay taxes. Why? Because they get an honorarium, a cash payment. They pay income taxes because they get cash income. Just as they always have.

Only a liberal shit bag like you bagfull of liberal shit would think a winner of an Olympic Race should be taxed.

as they always have been taxed.

Now, Why should each person NOT be taxed at their proper incremental rate on their net income? If they are amateurs with next to no income they will pay not tax. If they have a $1,000,000.00 net income they just might pay $9,000.00 in incremental tax.

So now you want to build in yet another special entitlement for the wealthy?

Golly gee whiz, the IRS wants a cut of the value of the medal and honorarium. So why don't the athletes report this "income" on a schedule C and list all the training, transportation, and housing costs that they would not ordinarily be allowed to deduct as their participation was not an income producing endeavor. As soon as it becomes income producing, those expenses should be considered deductible and I don't imagine most will net any real income from their athletic efforts. The real income they will realize will come from their post-Olympic endorsement deals.

Because dildo bagfull its not a professional sport like foot ball, B ball, or golf you flaming idiot. Do you ever think for yourself.... No... Thats obvious.... If Ojackass says to tax it you dont question it, if Ojackass says its bad you dont question him, if Ojackass says jump you dont ask how high you just do it... Stupid fucking libs.

1) Obama has nothing to do with any nof this. That is just your bigoted presentation to create yet another of you moronic lies.

2) No one pays at the top rate unless they already have a top income. Thus, just another of your lies.

3) No surprise you depend in lies to make your invalid points.

what a load of truth and smoke: of course they will have ot pay taxes on amount "earned", the value of the gold + the 25k cash award, just like gamblers have to pay on winnings or you win a car from opra.. BUT lord ignorant of tax codes...
they will certinaly e able to write off expences.
it will be with in their tax bracket.

then again should they have to also have to claim housing and food donated during their training?? which the stars get the other not so lucky... should their impending contracts also be tax free? how about we all just live tax free and live the laffer, make believe dream. shut down the goverment and live like somolia's

divermouse wrote:what a load of truth and smoke: of course they will have ot pay taxes on amount "earned", the value of the gold + the 25k cash award, just like gamblers have to pay on winnings or you win a car from opra.. BUT lord ignorant of tax codes...
they will certinaly e able to write off expences.
it will be with in their tax bracket.

then again should they have to also have to claim housing and food donated during their training?? which the stars get the other not so lucky... should their impending contracts also be tax free? how about we all just live tax free and live the laffer, make believe dream. shut down the goverment and live like somolia's

Good point...

Unlike Romney who uses cayman islands and swiss bank accounts because he does not want to pay taxes. He believes investing his money to the swiss and in Cayman is more patriotic than investing your money here. what's wrong with our banks here ? I thought he was pro business ?

And he wants to be president of the United States ? Remember when he was asked why not one of his sons serve in Iraq ? He said they are serving a higher purpose. Give me a break....What's wrong with serving our country thru the military ? Some rules are supposed to be different for the rich and the middle class they probably are thinking.

You have to pay to play..

themoose you really hate the rich now that Ojackass is pounding into your thin skull dont you. If Ojackass had never brought it up you wouldnt either. Ojackass is a hypocritical moron. After all he himself is worth over 8 million. And im sure once he gets out of office with all the kick backs hes getting hes going to be worth even more. themoose you are so brain washed you are stupid.

namngulfvet wrote:themoose you really hate the rich now that Ojackass is pounding into your thin skull dont you. If Ojackass had never brought it up you wouldnt either. Ojackass is a hypocritical moron. After all he himself is worth over 8 million. And im sure once he gets out of office with all the kick backs hes getting hes going to be worth even more. themoose you are so brain washed you are stupid.

I don't think this post is directly relevant to the subject matter on hand. The last relevant post was asking why Romney does not want to pay taxes for 10 years while our olympic athletes are paying their taxes ? And Romney wants to be president of the United States ? What is the difference between our athletes who works hard and Romney ?

Namgulfvet post is not relevant and out of topic. Namgulfvet please read the topic on hand and the last post before you respond. We are here to dialogue not insult each other and the people viewing this post. Please respect their time. Their time is as important as yours.

Thank you.

hate the rich? u talkin to me? hardly! technically i am one... and i did it with all those " high taxes and regulations,” the old fashion way, I worked hard, saved, and paid my fair share of taxes along the way… . you are the one with the false belief of norquist jamming your head with crackpot , leffer supply side economics.. leaving the poor poor does nothing for America, nor the rich in the long term, short term yes it does but somehow you better start look past your 10 second / end of year gain, and more to your 10 year gain.. our 10 year gain. It did not work under regan or bush and it won’t work now… no matter how good it sounds. I just love 85k guys screaming for guys that make >250k to get a cheaper tax rate than themselves. why should olympic winners get a tax break and not the people that bake your bread make your tires and fight wour wars?

why should olympic winners get a tax break

Because those in the Olympics are not pros like football, basketball, baseball, or golf...These are people who need sponsors to get through training programs. They do not get paid like the rest not unless they make gold then get gig for Post Cereal or Ford. then they need to pay taxes not off a gold medal....

I get your feeling for them BUT a buck earned is a buck taxed. start to give those special interest breaks and where does it end? next thing you know we will be giving oil companies breaks for their silver spoons with our natural resource...

and think a bit further, what is the tax on 25k? not much. you jumped all over the 9k tax sound bite for some very special people in the parties quest to demonize taxes, got it, understood. but they are hardly before this in the million dollar a year pay scale tax bracket. daniels, franklin are now for sure. oh but about phelps and those vollyball queens, have been, so so much for the not pro jazz.. but how about the girl that won skeet? how about those that win curling? maybe a free beer er 2...
forced to pay my ass...

Hey, I'll take all the gold you want to give as I am an amateur and should not pay any taxes, right nam?

You can't really be that stupid to think an amateur shouldn't pay taxes

or maybe you are. All employees starting out in the workforce are amateurs

should they not have to pay taxes, only those with college degrees who are considered professionals should pay taxes, right nam?

Get a life, if need be, buy a clue!

:lol:

Is that all you libs can think about is tax tax tax tax..... Its my money not yours not your lazy buddies... Lear to budget and live with in it... Everything I do is taxed. If you want to donate to the government then please by all means sign over your pay check... I have a family to feed and take care of... If some ass wipe like Ojackass is getting 40% of so he can go golfing or send his big fat ass wife on a all paid tax payers expensive paid vacation fuck them.. and fuck you... I earned it Its my money not yours.. We have currently have 45 million on food stamps now. with over 75% of those able to work but are fucking lazy assholes...

They should pay taxes on any income.

Just like the rest of us.

Well.....most of us.

That's not even true any more is it?

:lol:

One income tax for all

On all revenues
One rate, between 3-4%, maybe 3.5%

All earned revenue
All U.S. business revenues
All imports
All exports
All capital transfers in and out of the country
All capital gains, dividends, and interest.

No deductions or credits

If the government wants to support research or new markets let them do so with clear above board spending bills, grants, and loans.