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Should Olympians be Taxed?

  • JMCSpartan08 said...

    This is also a good point--

    Olympic medals aren't really worth dick. The gold medals are mostly silver anyway with like 6 grams of gold plating or something close to that. Most rappers have more money around their necks than the vast majority of Olympic athletes.

    For the last time: the issue is NOT the medals.

    spartan dawg

  • The tax considers winning olympic prize money the same as swag or bonuses.
    While I support cutting taxes everywhere to anyone, we probably can't set the precedent that all these income streams are exempt for everyone because. It could lead to widespread evasion.

    Therefore I propose that the medals and prize money be exempt from people only if they maintain their amateur status. If it's part of their business of self promotion, no, they should pay tax--although these taxes seem really high. We could probably trim that down to 10% or so for all olympians.

    Diodotus

  • Diodotus said...

    The tax considers winning olympic prize money the same as swag or bonuses.
    While I support cutting taxes everywhere to anyone, we probably can't set the precedent that all these income streams are exempt for everyone because. It could lead to widespread evasion.

    Therefore I propose that the medals and prize money be exempt from people only if they maintain their amateur status. If it's part of their business of self promotion, no, they should pay tax--although these taxes seem really high. We could probably trim that down to 10% or so for all olympians.

    The big lie in the articles is the assumption that all athletes are in the 35% tax bracket, which they are not.

    spartan dawg

  • spartan dawg said...

    For the last time: the issue is NOT the medals.

    Take it fucking easy. I was backing up his point.

    JMCSpartan08

  • So should the medals themselves be taxed at the value of the gold or fair market value?

    Blake Miller ●

  • spartan dawg said...

    The big lie in the articles is the assumption that all athletes are in the 35% tax bracket, which they are not.

    I would assume most of them are in the 10% bracket. By the time they deduct expenses and take an exemption, I doubt many are paying much tax on it. But it's a much better story to use 35% as their tax base.

    Blake Miller ●

  • Blake Miller said...

    So should the medals themselves be taxed at the value of the gold or fair market value?

    -1. LOL.

    I'm guessing that's for even discussing being taxed on the medals. That IS part of the issue, like it or not. If you have no issue with the value of the medal being taxed then you should have no issue with the prize money being taxed.

    Blake Miller ●

  • Blake Miller said...

    -1. LOL.

    I'm guessing that's for even discussing being taxed on the medals. That IS part of the issue, like it or not. If you have no issue with the value of the medal being taxed then you should have no issue with the prize money being taxed.

    Did you just give yourself a -1? lol

    signature image

    Giant Moose ●

  • Blake Miller said...

    -1. LOL.

    I'm guessing that's for even discussing being taxed on the medals. That IS part of the issue, like it or not. If you have no issue with the value of the medal being taxed then you should have no issue with the prize money being taxed.

    I don't think so.

    A medal is sufficient for winning your sport.

    Why is the prize money necessary? As far as I'm concerned it should all go to Uncle Sam. Without the United States Gov't they wouldn't even have a team to compete for.

    JMCSpartan08

  • Giant Moose said...

    Did you just give yourself a -1? lol

    No,

    I just knew it was coming...and wasn't let down.

    Blake Miller ●

  • spartan dawg said...

    For the last time: the issue is NOT the medals.

    So you're saying the issue is the medals.

    Spartan Al

  • Spartan Al said...

    Oddball questions:

    Should an American citizen who wins a medal for a different county be taxed on those winnings?

    Should a Parolympic athlete be given the same tax considerations?

    Whats to stop this at Olympics? What about any international competion? Did Jordyn Wieber get money for her World Championships in non Olympic Years?

    Did the US give bonuses to the Women's World Cup winners?

    Do professional basketball players making millions in the NBA get a bonus for winning the non Olympic world championships?

    signature image

    RPMadMSU

  • JMCSpartan08 said...

    I don't think so.

    A medal is sufficient for winning your sport.

    Why is the prize money necessary? As far as I'm concerned it should all go to Uncle Sam. Without the United States Gov't they wouldn't even have a team to compete for.

    Do you see the inconsistency here? - Exempt the value of the medal but tax the bonus at 100%.?

    The USOC is a non profit. They may get some funding from the government but they also raise money in other ways. They pay the bonus, not Uncle Sam.

    Blake Miller ●

  • spartan dawg said...

    For the last time: the issue is NOT the medals.

    Stop acting like you can control the conversation in a thread you started.

    Pretty soon, this thread will turn into a discussion about who likes honey baked hams more, hyenas or dingos. There will be nothing you can do about it.

    signature image signature image signature image

    Turtleneck

  • Blake Miller said...

    Do you see the inconsistency here? - Exempt the value of the medal but tax the bonus at 100%.?

    The USOC is a non profit. They may get some funding from the government but they also raise money in other ways. They pay the bonus, not Uncle Sam.

    But the athletes compete for the USA.

    Taxing the bonus at 100% removes the negative externality of the athletes believing that they are competing for personal glory and riches rather than their country.

    They should have to turn over their medals to be displayed by the government too, just not taxed on them.

    JMCSpartan08

  • This thread made me wonder if athletes would have to pay income tax in the UK as well, since the money is being earned in that country.

    But according to the article below, it sounds like the UK passed a special tax exemption for most people involved in the olympics (athletes, media, etc.), making it so they do not have to pay UK taxes.

    London Olympics Personal Tax exemptions

    David Anderson of Sykes Anderson Solicitors, offers legal advice on personal taxation, VAT and other fiscal matters relating to the London 2012 Olympics

    www.sykesanderson.com

    SWB

  • PRStoetzer said...

    What is the economic justification for not taxing their winnings? Would the USA win more medals if the winnings were tax-free?

    Let's see the econometric analysis. If the answer is yes, then repeal the tax. If the answer is no (and I strongly suspect it would be), then keep the tax.

    depends...if they have to pay taxes on that income to the UK, since the money was earned there, then they shouldn't have to pay taxes on it again to the USA.

    tVargMan Prime

  • SWB said...

    This thread made me wonder if athletes would have to pay income tax in the UK as well, since the money is being earned in that country.

    But according to the article below, it sounds like the UK passed a special tax exemption for most people involved in the olympics (athletes, media, etc.), making it so they do not have to pay UK taxes.

    well there you go...at least our athletes won't have the double jeopardy tax imposed on them like US companies do with earnings achieved overseas.

    tVargMan Prime

  • Turtleneck said...

    Stop acting like you can control the conversation in a thread you started.

    Pretty soon, this thread will turn into a discussion about who likes honey baked hams more, hyenas or dingos. There will be nothing you can do about it.

    I may be wrong, but I think I read somewhere that most Hyenas are Muslim, therefore Dingo is the obvious answer.

    mac422

  • Hematoma said...

    No they should not be taxed on the medals themselves. If they are, then costs associated with training should be deductible.

    Does any other country tax trophies and medals?

    Hell yes we should exempt Olympic athletes, and I call on the president to join with Rubio in exempting Olympic prize money, Irish lottery prize money, Nobel Peace Pri..... oh, wait a minute....

    And the answer is "dingos".

    "Leave the gun.....take the cannoli" "It's not your job to be as confused as Nigel."

    Son of Sparta

  • Hell yea, the Olympics is all about "what you can do for your country" - so you can also go ahead and pay some taxes!

    b0b

  • VargMan said...

    depends...if they have to pay taxes on that income to the UK, since the money was earned there, then they shouldn't have to pay taxes on it again to the USA.

    Not exactly.

    Say Vargman wins 8 gold medals valued at 25,000 for a total of $200,000. Now suppose UK taxed those at 15% for 30,000 in tax. Now Vargman is a roller and a baller and is in the 35% tax bracket in the US. The taxes paid to the US would then be $70,000 if it was earned in the US. Vargman is allowed to deduct the $30,000 paid to the UK, and only pay the US $40,000. His tax liability is the same, just paid to different parties.

    Blake Miller ●

  • mac422 said...

    I may be wrong, but I think I read somewhere that most Hyenas are Muslim, therefore Dingo is the obvious answer.

    Definitely Christian hyenas in Nigeria.

    signature image signature image signature image

    Turtleneck

  • RPMadMSU said...

    Should they be paid for medals in the first place? Doesn't that go beyond the Olympic spirit?

    If they are being paid cash prizes for winning, then I don't see a problem with them being taxed. So the 20,000 Gold Medal prize is only 12,000 actually...that's still 12,000 more than the guy who trained all his life for 4th place.

    The Russian and Chinese get huge compensation if they win. For example, they don't get beaten or killed when they return home. They get to visit their mothers who are dying of cancer ---at the grave site. All kinds of good shit.

    Keeping the sunshiners in check since 2000.

    Tanfan

  • Tanfan said...

    The Russian and Chinese get huge compensation if they win. For example, they don't get beaten or killed when they return home. They get to visit their mothers who are dying of cancer ---at the grave site. All kinds of good shit.

    The Colombian's pay the ultimate tax for losing.

    signature image

    RPMadMSU

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