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Post by sunger4222 on Aug 22, 2016 11:58:56 GMT -5
Did you know that Olympic athletes who win a medal also receive a cash award from the Olympic committee? Gold winners receive $25,000, Silver gets $15,000, and bronze is $10,000. Good for the Olympic committee, I believe these dedicated men and women have more than earned it. The problem they face afterwards is our government not only taxes their winnings, but also levies an additional tax based on the amount of gold or silver in the medals. That is some kind of cheap! There is a bill, proposed by a republican in 2012, to eliminate this tax, but the opposing party has held it up.
If an athlete signs endorsements, yes, that money should be taxed as income just like everyone else earning a pay check. But when that person, who has spent years training to represent our country in the most celebrated event there is, taxation is an embarrassment.
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Post by HappyVolley on Aug 22, 2016 12:11:29 GMT -5
You get taxed when you die, also. Those corrupt scum will tax anything.
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Post by BuckysHeat on Aug 22, 2016 12:23:48 GMT -5
www.politifact.com/truth-o-meter/statements/2012/aug/01/americans-tax-reform/do-olympic-medalists-owe-9000-irs/An athlete who wins a medal bonus would be free to deduct any unreimbursed expenses from the bonus, lowering -- or maybe even eliminating -- their tax hit. In fact, accountants say an athlete would be crazy not to. Greg Shafer, an accountant in Colorado Springs, Colo., added that "if they were my client and had to pay that kind of tax, I would say, ‘Well, what are your ordinary and necessary expenses?’ That could be travel, uniforms, cell phone use." The U.S. Olympic Committee is based in Colorado Springs, and Shafer said he has provided accounting services to athletes. Nobel and Pulitzer prize winners still have to pay taxes on their winnings
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Post by newenglander on Aug 22, 2016 13:13:23 GMT -5
There is a bill, proposed by a republican in 2012, to eliminate this tax, but the opposing party has held it up. Marco Rubio did propose that bill 2012... was it bundled with other legislation that prevented it from passing? You know that answer to that... I feel badly for the male Olympic basketball players, Michael Phelps, Matt Anderson and all the other indigent athletes on the Olympic team... wait, they seem to all be doing pretty well. |
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Post by geddyleeridesagain on Aug 22, 2016 13:23:04 GMT -5
A bi-partisan bill authored by Chuck Schumer (D) and John Thune (R) to exempt Olympic athletes from taxes on their medals has already passed - unanimously - in the Senate. It's now in the hands of the House to make it happen. Or not.
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Post by azvb on Aug 22, 2016 13:28:50 GMT -5
I'm assuming NCAA athletes can't accept this money, but they can accept the medal?
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Post by bc1900 on Aug 22, 2016 13:50:13 GMT -5
Income is income, of course it should be taxed. Efforts to exempt the prizes are political grandstanding. Of course, if the athlete is tracking his/her training, travel, equipment, etc expenses they most likely will have deductions well exceeding the award.
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Post by sunger4222 on Aug 22, 2016 14:12:07 GMT -5
I find it hard to believe that this taxation is okay with some of you. Professional players yes, add it to their already overstuffed pay (I'm referring to men's basketball)
checks, but leave the amateurs alone. Let them keep the money tax free, its the right thing to do.
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Post by mikegarrison on Aug 22, 2016 14:13:27 GMT -5
Income is income, of course it should be taxed. Efforts to exempt the prizes are political grandstanding. Of course, if the athlete is tracking his/her training, travel, equipment, etc expenses they most likely will have deductions well exceeding the award. OMG, did you know that YOUR PAYCHECK IS TAXED?!?!?!?!? We need Congress to pass a bill outlawing this travesty immediately! |
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Post by mikegarrison on Aug 22, 2016 14:14:07 GMT -5
I find it hard to believe that this taxation is okay with some of you. Professional players yes, add it to their already overstuffed pay (I'm referring to men's basketball) checks, but leave the amateurs alone. Let them keep the money tax free, its the right thing to do. Dude, if they are getting $25K for winning a medal, then they aren't really amateurs. |
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Post by Gilmoy on Aug 22, 2016 14:46:24 GMT -5
I'm assuming NCAA athletes can't accept this money, but they can accept the medal? NCAA expressly allows athletes to collect their USOC medal bonus money. It isn't considered pro salary, and it does not jeopardize NCAA eligibility. It's a PR win for the NCAA to allow it. The converse would probably be true, too. It's pretty specific, and covers only the $25k/$15k/$10k bonus from USOC. If the event itself has a cash prize, that's forbidden, so pro tour or tourney wins don't help a student, except to earn ranking points. (Some all-college teams can compete vs. pros in specifically named sports, including golf, beach volleyball, and IIRC tennis, but you don't collect any event prize money for your finish.) I don't recall whether it also applies to World Championships in your sport, but I'm pretty sure USOC doesn't pay you extra for those, anyways (even if the event sponsors give out medals with the same metallic content). Ginny Thrasher keeps her $25k and the medal itself (which is only gold plate over a dull alloy), and is still a sophomore on WVU's rifle team  Obviously, no student-athlete can just plan to make a profit from this. Dividing by the hours and expenses you put into it, it's surely less than minimum wage. Keep studying for that degree! |
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Post by guest2 on Aug 22, 2016 14:50:14 GMT -5
I find it hard to believe that this taxation is okay with some of you. Professional players yes, add it to their already overstuffed pay (I'm referring to men's basketball) checks, but leave the amateurs alone. Let them keep the money tax free, its the right thing to do. Which Olympians are still amateurs? Volleyball? No. Basketball? No. Surely swimming? No not there either. Track? Nope not there either. Archery? Ok yes lets let the archers have their medals. Its income it should be taxed. |
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Post by azvb on Aug 22, 2016 16:24:49 GMT -5
Some of the swimmers are still in school. And maybe wrestlers? But no Wheaties boxes for them, eh?.
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Post by rogero1 on Aug 22, 2016 17:37:02 GMT -5
And if you don't win a medal, you're still an amateur.
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Obviously, no student-athlete can just plan to make a profit from this. Dividing by the hours and expenses you put into it, it's surely less than minimum wage. Keep studying for that degree!
