Why shouldn't the Olympic Medalists pay their fair share? (regular, leader, economic)
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They are champions representing us. They are not risking dying for our country, so no lifetime medical, but they should pass a no taxation law for medals.
Why not? They could sell the medals for money, no? Just like people with stock grants can sell them on the date they are granted.
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.
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.
If they sell the stuff on ebay and made $10,000 yes, they will pay tax for it.
But those society lottery winners must pay their fair share.
Not my words, Obama's.
If you receive metals as a gift, then the basis is calculated using the market value of the metals on the date they were originally purchased by the person gifting them to you. If the market value is less than what the person gifting the metals paid, then the basis is calculated based on fair market value at the time the gift of metals is given.
The bottom line is this: If you sell precious metals for more than what you paid for them, chances are pretty good that a tax liability will exist.
If you receive metals as a gift, then the basis is calculated using the market value of the metals on the date they were originally purchased by the person gifting them to you. If the market value is less than what the person gifting the metals paid, then the basis is calculated based on fair market value at the time the gift of metals is given.
The bottom line is this: If you sell precious metals for more than what you paid for them, chances are pretty good that a tax liability will exist.
Lottery winnings are taxed like income.
By "society lottery winner", Obama was referring to anybody makes more than $250,000 by working hard, not the actual lottery winners.
Right, but I had to pay a lot of tax based on my stock's market value the day I was granted. Same thing should apply to medals.
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.
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