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Last post 11 years ago by DrMaddVibe. 54 replies replies.
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Winning a gold medal brings a $9,000 tax bill
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gimbel Offline
#51 Posted: Fri, Aug 3 2012, 11:11 PM EST
Joined: 02-04-2010
Posts: 11,148
I don't feel like pulling the link again, I'll let you all find it for yourselves. Check out snopes.com on this one. As already stated, they are taxed on the income that comes with the prize money for medaling. The figures posted are in relation to the highest tax bracket and the tax on the precious metals alone are all but forgiven as stated in the article on snopes. The values of the medals range from $4 to just under $900 iirc.

The article I'm referencing also shares what some of the other countries pay their athletes. U.S. athletes are basically being robbed from the get go by global standards.
DrMaddVibe Offline
#52 Posted: Sat, Aug 4 2012, 4:05 PM EST
Joined: 10-21-2000
Posts: 55,552
It's no wonder then why corporations seek them out.

It all makes sense now.

Corporations while most of the time get a bad rep for doing everything from mass firings to bundling PAC money it's a little know fact that they also are trying to right a long wrong that goes back to ancient Greece. They give them money for their likeness. They put it on their products or use them in ads and kick the money back to the athletes. What they do with it is up to them.

Corporations...not the bad guys all the time. Except Halliburton. Halliburton has positioned itself as a global monopoly because they're unselfish. Most people don't know that they own and operate Goodwill.
DrafterX Offline
#53 Posted: Mon, Aug 6 2012, 3:18 PM EST
Joined: 10-18-2005
Posts: 98,577

Obama backs push to make Olympic medal prizes tax-free
August 06, 2012


The White House said Monday that President Obama would sign a bill to give tax breaks to Olympic medalists on their cash awards.

"If it were to get to his desk he would support it," said White House spokesman Jay Carney during the press briefing Monday.

There is a growing bipartisan call in Congress, led by Rep. Dave Camp, Chairman of the House Ways and Means Committee, and Florida Sen. Marco Rubio, to make Olympic prize money tax-exempt.

Currently, the U.S. Olympic Committee awards cash prizes to medalists: $25,000 for the gold, $15,000 for the silver, and $10,000 for the bronze. Team USA has won over 60 medals so far in the Olympic games.

This issue recently gained attention when anti-tax crusader Grover Norquist's advocacy group, Americans for Tax Reform, posted a blog estimating that medal winners could owe "up to $9,000 to the IRS" for their cash winnings. The $9,000 figure has since been disputed as a high-end estimate by some analysts, but there's no question that Olympic winnings are taxable.

"The president believes that we should support efforts like I think the bill you're referencing to ensure that we are doing everything that we can to honor and support our Olympic athletes who have volunteered to represent our nation at the Olympic games," said Carney.


Film at 11... Mellow





A couple friends mentioned this over the weekend.. they had no idea there was a cash award witht the medal... they were just outraged about the medal tax.... Mellow
DrMaddVibe Offline
#54 Posted: Mon, Aug 6 2012, 5:34 PM EST
Joined: 10-21-2000
Posts: 55,552
If you were a community organizer, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American political system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you’ve got an Olympic athlete that needs tax breaks -- you didn’t build that. Somebody else made that happen. The Internet didn’t get invented on its own. Government research created the Internet so that all the companies could make money off the Internet.
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