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 2012-08-02 3:14 PM |
 Master  1255    Rochester, NY |  Subject: US medal winners get taxedOnly the IRS. You got it, medal winners have to pay income tax on winning medals. http://msn.foxsports.com/olympics/story/US-medal-winners-pay-stiff-price-in-taxes-080212?GT1=39002 I don't have too big of an issue on paying tax on the cash winnings. But to pay tax on the medal itself? Absolutely ridiculous. |
| 2012-08-02 3:35 PM in reply to: #4344058 |
Expert 881 | Subject: RE: US medal winners get taxed People get taxed on cash winnings, if they win a car, if they win a house, clothes, whatever. If you win ANYTHING you get taxed on it
It's no surprise, and if you win a gold it's $236. Nothing compared to the prize money/endorsements most of them will get. |
| 2012-08-02 3:52 PM in reply to: #4344058 |
Champion 8572  Abilene, TX Bronze member | Subject: RE: US medal winners get taxed I had no idea they got a cash prize...crazy! I thought most of them really did this for the love of the sport! Completely crazy that Michael Phelps has just made more money in one Olympics (6 days?) than I make in a year... I don't mind the cash prize being taxed...but tax on the medal just seems dumb! Plus that tax rate they are quoting is likely what the fed government is WITHHOLDING. Their actual tax rate might me much less if they itemize and such. |
| 2012-08-02 4:17 PM in reply to: #4344146 |
| Austin, Texas or Jupiter, Florida | Subject: RE: US medal winners get taxed jldicarlo - 2012-08-02 4:52 PM I had no idea they got a cash prize...crazy! I thought most of them really did this for the love of the sport! Completely crazy that Michael Phelps has just made more money in one Olympics (6 days?) than I make in a year... I don't mind the cash prize being taxed...but tax on the medal just seems dumb! Plus that tax rate they are quoting is likely what the fed government is WITHHOLDING. Their actual tax rate might me much less if they itemize and such. The Itemize word had me imagining a list... Business Related Expenses: Speedo- $10 Goggles- $35 TeethGrill- $150
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| 2012-08-06 6:25 PM in reply to: #4344058 |
New user 2 Austin, TX | Subject: RE: US medal winners get taxed Those claims are mostly false. http://www.politifact.com/truth-o-meter/statements/2012/aug/01/americans-tax-reform/do-olympic-medalists-owe-9000-irs/
In reality athletes will pay much, much less than those numbers in taxes and no, they don't pay taxes on the medals themselves. |
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