Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Sure, yea ... why not. But why stop there? Let's charge Little Leaguers, Pop Warners, swimmers, cheerleaders, and other young athletes a tax on their trophies while we're at it. Why stop there? Gold crowns and silver fillings should be taxed too!
If little leaguers and pop warner participants were paid $25,000 - $10,000 apiece for winning, then sure they should be taxed.
Did you make a profit selling / trading your stock? If so, yes, you need to pay tax.
If you sell your Olympic medal and make $5,000, then yes, you need to pay tax.
You know what is unfair? inheritance tax. My grandpa left us after tax money, we shouldn't pay tax on that. That is double taxation.
The way taxing stock grant works is like this:
1. The day you are granted the stocks, you pay taxes based on the total of shares x market price.
2. The day you sell the stock, (it could be very different from the day you are granted the stocks), you pay taxes on the profit.
You pay taxes twice!
It should work the same for the medals:
1. The day you won the medal, you pay tax based on the market price.
2. The day you sell the medal, you pay tax based on the profit.
1. The day you are granted the stocks, you pay taxes based on the total of shares x market price.
2. The day you sell the stock, (it could be very different from the day you are granted the stocks), you pay taxes on the profit.
You pay taxes twice!
It should work the same for the medals:
1. The day you won the medal, you pay tax based on the market price.
2. The day you sell the medal, you pay tax based on the profit.
hmm
Any profit you enjoy from the sale of a stock held for at least a full year is taxed at the long-term capital gains rate, which is lower than the rate applied to your other taxable income. It's 15% if you are in a 25% or higher tax bracket and only 5% if you are in the 15% or lower tax bracket.
hey, don't argue with me about tax, I don't think any tax is fair. But society needs to function. So you need to pay tax on capital gain. I think capital gain tax is rather fair, if the athlete sold the metal and made some money, yes should be taxed. Other than that, you don't pay tax on the antique you grandpa gave you, do you? Don't tell me you do. My papa left me some antique, and some WW2 Collectables, I keep them and will never sell them. Why should I be taxed? If I decided to sell them, then yes, I should be taxed.
Last edited by lilyflower3191981; 08-17-2016 at 03:18 PM..
This is ridiculous. Why shouldn't they pay their fair share to the society? We are here scraping pennies and those Olympic medalists rake up millions from sponsors, not counting tens of thousands reward money and loopholes to mark training cost as tax deduction.
When do normal people like you and me get a tax break?
We should impose a windfall tax on each medalist just like we have done for companies such as Exxon Mobil when they rake in record profit. For real, what's the difference there? If other individuals and companies are not allowed to make legal profit, neither should Olympic medalists.
So you're OK with stealing what you can from somebody you don't know just because they busted their tail to make a better life for themselves. But we all know they didn't build that and you deserve it. My, my, my, how progressive of you!
So you're OK with stealing what you can from somebody you don't know just because they busted their tail to make a better life for themselves. But we all know they didn't build that and you deserve it. My, my, my, how progressive of you!
I work my ass off at my job and have "trained" as long as any olympic athlete. If I won an award and prize money, I'd fully expect to be taxed on that money.
The only concession I'd make to Olympians is exempting the metal in their medal from taxes.
My friend is a casino dealer. In most casinos, since the chips are very carefully controlled, tips actually go to the casino first and then get paid to the dealer. In those cases, the casino would normally deduct taxes just like on the regular pay.
On the other hand..
A lot of people get to keep their under the table money. Life is not fair.
If little leaguers and pop warner participants were paid $25,000 - $10,000 apiece for winning, then sure they should be taxed.
But they aren't, so that's a stupid comparison.
Sarcasm is definitely not lost on you, you bright little person.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
