IRS to Olympic Medalists: Pay Up

#1
golfballs

golfballs

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#1
Go for the Gold! (Pay the IRS.) | The Weekly Standard

Americans who win bronze will pay a $2 tax on the medal itself. But the bronze comes with a modest prize—$10,000 as an honorarium for devoting your entire life to being the third best athlete on the planet in your chosen discipline. And the IRS will take $3,500 of that, thank you very much.

There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.

Silver medalists will owe $5,385. You win a gold? Timothy Geithner will be standing there with his hand out for $8,986.

So as of this writing, swimmer Missy Franklin—who's a high school student—is already on the hook for almost $14,000. By the time she's done in the pool, her tab could be much higher. (That is, unless she has to decline the prize money to placate the NCAA—the only organization in America whose nuttiness rivals the IRS.)
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#4
#4
Love the $2 tax on the medal - probably costs more in transaction/processing costs to collect it.
 
#7
#7
atr notes that the real twist of the knife is that most other olympians won't pay any taxes on their medals because america is one of only a handful of countries which taxes "worldwide" prize income earned overseas.
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usa! Usa! Usa!
 
#9
#9
I'm pretty sure that Chinese broad swam there AND towed the boat with the rest of the team.
 
#10
#10
volinbham said:
I'm pretty sure that Chinese broad swam there AND towed the boat with the rest of the team.
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well, her dad and the head of medicine for the Chinese athletes said she's clean, so she is. She just happens to recover better than Wolverine.
 
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#13
#13
BigPapaVol said:
bringing up Phelps wasn't the thing to say.
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i-see-what-you-did-there-261.jpg
 
#22
#22
allvol123 said:
We don't need to pretend the tax system in this country isn't stupid by making special exceptions. It is what it is. People should hate it.
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I don't think anyone is suggesting this is the fix our tax system needs.
 
#24
#24
Abe Hoffman said:
If they use Romney's accountants and lawyers, they would end up getting a tax refund.
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no, all they need is a kid or two, file as head of household, qualify for the EITC, the child tax credit, the college tuition tax credit, the mortgage interest deduction, and the green car tax credit and boom!! zero tax liability and a nice check courtesy of the American taxpayer
 
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