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Thread: Rubio bill eliminates federal tax on Olympic medals

  1. #11
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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by roughdraft274 View Post
    The only place I can find any information on that is at politifact and their answer is unsure at best.


    Either way, the value of the medals is very insignificant compared to the award money, so my statement stands.

    I find how Politifact interprets what is true and false to be bull****. In this case, for example, they agree that the tax liability could really get as high as $9,000, as that is what the law says. They then go on some rant about how the max amount would likely never get hit, so the true statement is now false. Cookoo, cookoo.

    And now you say that since the value of the medal is so low, even if it is taxed, your statement still stands. This isn’t rocket science. You win a monetary award or you win a prize on wheel of fortune, etc, etc, you have to pay tax on the value of those prizes. Money or not. $5,000, or $5, it is taxable income. Athletes are taxed on the medals, which is the opposite of your claim so your statement does not stand.

    I rule both politifact and you as liar liar, pants on fire.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by ARealConservative View Post
    I find how Politifact interprets what is true and false to be bull****. In this case, for example, they agree that the tax liability could really get as high as $9,000, as that is what the law says. They then go on some rant about how the max amount would likely never get hit, so the true statement is now false. Cookoo, cookoo.

    And now you say that since the value of the medal is so low, even if it is taxed, your statement still stands. This isn’t rocket science. You win a monetary award or you win a prize on wheel of fortune, etc, etc, you have to pay tax on the value of those prizes. Money or not. $5,000, or $5, it is taxable income. Athletes are taxed on the medals, which is the opposite of your claim so your statement does not stand.

    I rule both politifact and you as liar liar, pants on fire.
    I notice that at no point did you ever provide a credible link actually showing that you're original claim that the medals themselves are definitively taxable. You'd rather just poo-poo on my response.

    Politifat has provided you very reasonable conclusions, with plenty of info to back those conclusions up, and I gave you a good response as to why I believe what I believe. You on the other hand have given me a statement with absolutely no proof behind it "they have to claim the the value of the medals as income" and haven't given me an adequate response to my rebuttal (Sorry, i don't consider "cookoo, cookoo" as a proper response) My only conclusion is that you're not really paying attention to what is being discussed here and I'll leave it at that.
    Quote Originally Posted by TurtleDude View Post
    uh that is so small as to be stupid. Do you want registration? given less than 3% of criminals get their guns from private sales, its pretty much a waste of resources
    **Thirty Minutes Later**
    Quote Originally Posted by TurtleDude View Post
    you are confused. I never denied that many criminals get guns in private sales.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    How does the cash award not violate the required non-professional status of the athlete? I'm confused.


    I see it as grand standing legislation and nothing more.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by roughdraft274 View Post
    I notice that at no point did you ever provide a credible link actually showing that you're original claim that the medals themselves are definitively taxable. You'd rather just poo-poo on my response.
    I don’t need to. The site didn’t reject that claim you did. Since it is your claim, you prove what you are saying is true.

    Politifat has provided you very reasonable conclusions, with plenty of info to back those conclusions up
    Their conclusion amounts to nothing but a claim that nobody would ever actually face the highest tax defined by the law.

    It’s a bull**** way of claiming something is false as a scenario could exist making it completely true.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by joko104 View Post
    How does the cash award not violate the required non-professional status of the athlete? I'm confused.
    that requirement has been eliminated, which is how the dream team in 1992 participated.


    I see it as grand standing legislation and nothing more.
    this I agree with. Athletes should pay taxes just as game show winners should pay taxes.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by ARealConservative View Post
    they have to claim the the value of the medals as income, so your reply is not accurate
    Quote Originally Posted by roughdraft274 View Post
    I notice that at no point did you ever provide a credible link actually showing that you're original claim that the medals themselves are definitively taxable. You'd rather just poo-poo on my response.
    Quote Originally Posted by ARealConservative View Post
    I don’t need to. The site didn’t reject that claim you did. Since it is your claim, you prove what you are saying is true.
    It didn't accept your claim either. If you don't provide any evidence for your claim, the default position is that we don't know which of us are correct. I have already admitted this in my previous post.

    Other than that, my point is that either way, the amount paid on the actual medals would be very tiny, or most likely nothing after taking write offs and deductions, and that's assuming that you are correct on your statement, which you've provided no proof of.
    Quote Originally Posted by TurtleDude View Post
    uh that is so small as to be stupid. Do you want registration? given less than 3% of criminals get their guns from private sales, its pretty much a waste of resources
    **Thirty Minutes Later**
    Quote Originally Posted by TurtleDude View Post
    you are confused. I never denied that many criminals get guns in private sales.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by joko104 View Post
    How does the cash award not violate the required non-professional status of the athlete? I'm confused.


    I see it as grand standing legislation and nothing more.
    This was one of the concerns. One of the high school age swimmers was in a situation where to maintain her amateur status and compete in college she would have to refuse to accept the money and would still be taxed on the value of her medals.

    Havent seen the legislation but I think if they accept the honorarium they should be taxed on everything. If they decline the honorarium it should be donated and the medal should be tax exempt, regardless of worth.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by roughdraft274 View Post
    It didn't accept your claim either. If you don't provide any evidence for your claim, the default position is that we don't know which of us are correct. I have already admitted this in my previous post.

    Other than that, my point is that either way, the amount paid on the actual medals would be very tiny, or most likely nothing after taking write offs and deductions, and that's assuming that you are correct on your statement, which you've provided no proof of.
    so sick of you lying political types. you will argue 1+1 if it is in your political interests.

    here you go

    Publication 525 (2011), Taxable and Nontaxable Income

    Quote Originally Posted by to further dumb it donwn for you
    If the prize or award you receive is goods or services, you must include the fair market value of the goods or services in your income.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by VanceMack View Post
    This was one of the concerns. One of the high school age swimmers was in a situation where to maintain her amateur status and compete in college she would have to refuse to accept the money and would still be taxed on the value of her medals.

    Havent seen the legislation but I think if they accept the honorarium they should be taxed on everything. If they decline the honorarium it should be donated and the medal should be tax exempt, regardless of worth.
    this was a high school requirement. to maintain her ability to race on her high school team, she couldn't take any endorsements. it makes a good point about the money award though

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by ARealConservative View Post
    I find how Politifact interprets what is true and false to be bull****. In this case, for example, they agree that the tax liability could really get as high as $9,000, as that is what the law says. They then go on some rant about how the max amount would likely never get hit, so the true statement is now false. Cookoo, cookoo.

    And now you say that since the value of the medal is so low, even if it is taxed, your statement still stands. This isn’t rocket science. You win a monetary award or you win a prize on wheel of fortune, etc, etc, you have to pay tax on the value of those prizes. Money or not. $5,000, or $5, it is taxable income. Athletes are taxed on the medals, which is the opposite of your claim so your statement does not stand.

    I rule both politifact and you as liar liar, pants on fire.
    Then you don't understand income tax laws. Nobody's pants are on fire...unless you're feeling warm. Then. Drop. Roll.

    We have a progressive income tax rate. If an athlete made $380,000 in the year in which he earned the prize money associated with a Gold Medal, it is possible (but highly unlikely) that he could incur a $9,000 tax bill. IF he had absolutely not one deduction.

    Athletes are not taxed on their medals. They are taxed on their income.

    If you have any idea how much it costs to train for the Olympics, the travel expenses, the cost for trainers, etc., etc., you would know that the $25,000 cash award would be completely written off in a heartbeat.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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