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For instance: 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.
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.
LOL..the government always makes sure they get theirs, don't they ?
I'd say government is more greedy than those greedy CEOs they always talk about.
You see you have choice with the greed CEOs to not buy their goods or not work for them.
But you cannot escape greedy Uncle Sam.
It's not the greedy CEOs bleeding the middle class dry, it's our own government.
Only people don't stop to actually think and figure that out.
Why is it insane? Is there any particular reason why their income should be tax-free?
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".
If you look at their expenses and figure out how much they were paid for the hours they spent working on this, they made nearly nothing. Are we going to give full social benefits to the olympians that didn't get a medal?
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".
I just don't see how it is not income. Even casino wins are taxable income.
LOL..the government always makes sure they get theirs, don't they ?
I'd say government is more greedy than those greedy CEOs they always talk about.
You see you have choice with the greed CEOs to not buy their goods or not work for them.
But you cannot escape greedy Uncle Sam.
It's not the greedy CEOs bleeding the middle class dry, it's our own government.
Only people don't stop to actually think and figure that out.
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!!!!
LOL..the government always makes sure they get theirs, don't they ?
I'd say government is more greedy than those greedy CEOs they always talk about.
You see you have choice with the greed CEOs to not buy their goods or not work for them.
But you cannot escape greedy Uncle Sam.
It's not the greedy CEOs bleeding the middle class dry, it's our own government.
Only people don't stop to actually think and figure that out.
More stupidity from the U.S. government. This country is a joke.
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.
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