Uncle Sam goes for the gold

[John Connor]

Michael Phelps swims fast, but not fast enough to beat Uncle Sam, who awaits him at the finish line each time he wins a medal. His total income tax bill for the 2016 Games? Up to about $55,000 for his five golds and one silver.

http://www.cnbc.com/2016/08/15/uncle-sam-goes-for-gold-too-up-to-9900-per-olympic-gold-meda.html

...and I could of sworn Obozo was going to get rid of this crap.

Yep!

http://www.slate.com/articles/busin...larity_shows_why_tax_reform_is_unlikely_.html

 

[NTMBK]

Guy earns income, guy pays tax on income. Shocker

 

[Exterous]

Its only that much if he makes enough to be in the top tax bracket. I am sure he has lots of tax deductions that bring it down as well. I guess if it is a big deal we could be like one of the many countries that just doesn't pay out any money at all...

 

[Meghan54]

http://www.cnbc.com/2016/08/15/uncle-sam-goes-for-gold-too-up-to-9900-per-olympic-gold-meda.html

...and I could of sworn Obozo was going to get rid of this crap.

Yep!
http://www.slate.com/articles/busin...larity_shows_why_tax_reform_is_unlikely_.html

could have sworn....sheesh!

 

[Xcobra]

Not sure why the commotion. They'll end up paying little tax.

 

[dullard]

So he collects $140,000 (not even including the earnings from being in commercials) and you want him to pay no taxes at all? After coaching expenses and travel costs, he can probably get that $140,000 taxable income down to next to nothing.

 

[Sheik Yerbouti]

So he collects $140,000 (not even including the earnings from being in commercials) and you want him to pay no taxes at all? After coaching expenses and travel costs, he can probably get that $140,000 taxable income down to next to nothing.

it's just conner, raging against obama again. whatever he can muster up to fill that bile filled sack he calls a head will suffice.

 

[fleshconsumed]

Eh, I also think it's backwards. IMO medals should be tax free unless the athlete decides to sell them, in which case, yes, tax the proceeds. That would be ideal, however, I don't know how we could enforce that.

 

[brycejones]

So he collects $140,000 (not even including the earnings from being in commercials) and you want him to pay no taxes at all? After coaching expenses and travel costs, he can probably get that $140,000 taxable income down to next to nothing.

Phelps is a really bad example to use. He has significant income from endorsement deals that most of his team members do not. His net worth is north of $50M.

Cash awards related to international prizes should be taxed as it is income period. However I would support a bill to make medals and trophies tax exempt. As it is today the athletes have to pay taxes for gold and silver medals due to the value of the metals used. I also think this would be a fairly easy exemption to craft.

 

[brycejones]

could have sworn....sheesh!

John only uses the best words.

 

[Thump553]

Explain how you thought "Obozo" was going to get rid of taxing prize winnings-and why? Pretty dimwitted and baseless rant.

 

[IronWing]

An Olympic "gold" medal contains about 0.2 troy ounces of gold (~US$270 at today's price). It ain't the medals that are being taxed.

 

[JSt0rm]

he would of been better off never winning the gold medals.

 

[zinfamous]

OP called our president Obozo. That informs me that his opinions are worth reading having been based on thoughtful consideration of the issues under discussion, and thus sharing with other intelligent individuals.

 

[zinfamous]

could have sworn....sheesh!

Don't worry, I'm sure he seen it in a dictionary, somewhere.

 

[JSt0rm]

Its obama's fault he has to pay taxes! Seriously I dont like paying taxes either. But I do like not living in Somalia.

 

[UberNeuman]

It seems fair. It's not like he's drowning in debt.

 

[Thump553]

An Olympic "gold" medal contains about 0.2 troy ounces of gold (~US$270 at today's price). It ain't the medals that are being taxed.

The article OP linked mentioned the fact that Olympic medal winners get some cash ($25,000 for gold medal winners, etc)-it is basically that cash that is being taxed. I'm sure a clever accountant can find more than enough business deductions to offset that income, but reality doesn't really have any place in an Obozo based rant.

 

[glenn1]

The article OP linked mentioned the fact that Olympic medal winners get some cash ($25,000 for gold medal winners, etc)-it is basically that cash that is being taxed. I'm sure a clever accountant can find more than enough business deductions to offset that income, but reality doesn't really have any place in an Obozo based rant.

^ This. What is being taxed is a cash bonus paid by the U.S. Olympic Committee to medal winners. It's not like the IRS is saying "nice gold medal (whose melt value is probably a couple hundred bucks), here's a tax bill for ten grand." That being said exempting taxes on ceremonial medals, etc. whose intrinsic worth is under a certain amount ($1,000?) is probably a good thing for Congress to do for optics reasons.