Victory Tax, really?
Aug 17, 2016 09:02:50 #
I think it is a disgrace that our Olympic medal winners will be taxed on the value of their medals. They have figured out how to add this value to their income. Meanwhile our legislators waste millions of gallons of gasoline because they keep the engines running on their limos because, God forbid, they have to get in a hot or cold car for a few minutes. I wonder how much that is costing us. That is just one way to waste our money, just the tip of the iceberg. How do these guys sleep at night.
Aug 17, 2016 09:07:08 #
Aug 17, 2016 09:09:27 #
Aug 17, 2016 09:13:49 #
Remember the Congressional Motto: ''Do what we say, Not what we do!!!'' Disgusting greedy pigs, they all need to be replaced!
Aug 17, 2016 09:46:31 #
Aug 17, 2016 11:26:49 #
The athletes are professionals why should they be excepted from paying income taxes? You think they are doing this for love of the game? They are not. They are doing it for the money. For example, Michael Phelps net worth is reported to be $55 million
http://www.inquisitr.com/3426252/michael-phelps-net-worth-compared-to-usain-bolt-the-fastest-men-on-land-and-water/
http://www.inquisitr.com/3426252/michael-phelps-net-worth-compared-to-usain-bolt-the-fastest-men-on-land-and-water/
Aug 17, 2016 12:08:42 #
I don't object to these athletes making big bucks and paying their share of taxes, but I think a tax for the medals is rediculous. The "high profile" sports like swimming and gymnastics winners will get lots of money for endorsements etc, but I don't think the less "visible" sports like sync. swimming or equestrian folks will gain much for their winnings.
Aug 17, 2016 12:22:06 #
PhotoPhred wrote:
I don't object to these athletes making big bucks and paying their share of taxes, but I think a tax for the medals is rediculous. The "high profile" sports like swimming and gymnastics winners will get lots of money for endorsements etc, but I don't think the less "visible" sports like sync. swimming or equestrian folks will gain much for their winnings.
Everybody is entitled to an opinion. Mine is below.
Regardless of the event, the athletes are professionals, the Olympics is just one of many events in which they compete. The level of their success doesn't change that. The medals are worth thousands of dollars and they receive the medals as a result of being the best in their profession. Think of it just like a CEO getting a bonus for doing a very good job or like any working person getting a bonus for doing a good job. It's part of the contract. So are you saying we should exclude all bonuses from income taxes?
Aug 17, 2016 12:40:20 #
When anybody wins anything of any value it is regarded as income and taxed as such. If someone wins a car on a game show, they pay a tax- as income- based upon the value of the car. Same with lottery winnings, same with Olympic medals.
Aug 18, 2016 05:41:07 #
Kim LeBlanc
Loc: St. charles, Mi.
Have you forgot, it's the governments money. They let us have what we need to survive.
Aug 18, 2016 06:22:58 #
It's my understanding that they get paid cash for the type of medal they win. For a gold medal they make 25,000. The actual medal I believe is only worth about 500.00. So just all winnings, the cash is taxed. I would suspect winning medals do increase each person's endorsement value and that is where the real money is.
Aug 18, 2016 06:22:58 #
It's my understanding that they get paid cash for the type of medal they win. For a gold medal they make 25,000. The actual medal I believe is only worth about 500.00. So just all winnings, the cash is taxed. I would suspect winning medals do increase each person's endorsement value and that is where the real money is.
Aug 18, 2016 07:08:10 #
PhotoPhred wrote:
I think it is a disgrace that our Olympic medal wi... (show quote)
Disgusting ain't it?
Aug 18, 2016 07:12:00 #
Fstop12 wrote:
It's my understanding that they get paid cash for the type of medal they win. For a gold medal they make 25,000. The actual medal I believe is only worth about 500.00. So just all winnings, the cash is taxed. I would suspect winning medals do increase each person's endorsement value and that is where the real money is.
And what's it cost them (the Athlete) in training for something for Americans to be proud of, and to boot...Gold and silver medals are 92.5% silver. Gold medals must be plated with at least 6 grams of gold.
Aug 18, 2016 07:12:43 #
The way things are going over there (and here) I'm surprised the taxable value isn't based on an auction price rather than just metal content.
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