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It is like Winning in Vegas you got to declare your winnings on your taxes and pay the Man theirCut of yourwinnings.
Not sure if Olypmic Athletes then Can declare their losses tho'..
Only if the individual athelete incorporated himself/herself might training expenses deducted be possible?
Frankly, this is just another example of punishing success and how screwed up our current tax system is and why it can never be reformed. Time to throw the income tax/estate tax out completley and develop a national consumption tax.
No my friend its those CEO's who own our government. Its YOUR and MY FAULT things are the way way they are. We have allowed media through social, cultural and ideological differences to divide us to where we are too busy fighting one another instead being about our business.
No truer words have been typed on any forum, anywhere, at any time...
Likely a reason some atheletes choose to donate their medals for display at sports museums. Frankly, IMO, the only time they should be taxed is if they sell the medal in the future. However, the IRS sees these medals as income for labor rendered.
It's not the medal, it's the checks they receive: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.
No my friend its those CEO's who own our government. Its YOUR and MY FAULT things are the way way they are. We have allowed media through social, cultural and ideological differences to divide us to where we are too busy fighting one another instead being about our business.
Our govt is supposed to be FOR AND BY THE PEOPLE. We havent been doing due diligence. When you act as a sheep dont whine when you get sheared gutted and barbecued.
We have let transnational corps, Big $ industries and billionaires take our control right from us because we the PEOPLE are Ignorant.
So whine about the Govt all you want and everytime you look in a mirror my friend you are looking directly AT THE GOVT!!!!
Only if the individual athelete incorporated himself/herself might training expenses deducted be possible?
Frankly, this is just another example of punishing success and how screwed up our current tax system is and why it can never be reformed. Time to throw the income tax/estate tax out completley and develop a national consumption tax.
Beats me But if the can become a Corporation or Business then could be Bought out and Michael Phelps (the Corporation not the person) could end up being called "Zero Calorie Diet Sprite or Ford F150 Wins World Record for the most Gold Medals in World History at the 2012 London Games"
Only if the individual athelete incorporated himself/herself might training expenses deducted be possible?
Frankly, this is just another example of punishing success and how screwed up our current tax system is and why it can never be reformed. Time to throw the income tax/estate tax out completley and develop a national consumption tax.
Gee, so being in the olympics is now a job ? Did they fill out the W-4 forms before they "applied" ?
I don't consider that "income" but if the government does then all expenses paid by them leading up to the olympics should be written off against that supposed "income".
You don't fill out a w-4 to "apply" to be on the Price is Right, but you still pay taxes on all the prizes you win. They won a cash prize, so they pay taxes on it.
The OP conveniently skipped quoting this line from the article:
Quote:
There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.
So yeah, you're taxed about 1/3. No different than any bonus or prize or anything else in the country. I don't see the big deal.
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