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Thread: Rubio bill eliminates federal tax on Olympic medals

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by MaggieD View Post
    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 progressive tax policy has no bearing on whether this is true or false.

    It is possible that the tax on a gold medal prize can be as high as $9,000.

    All Norquist said is the tax can be as high as $9,000.

    ps - the fair market value of their medal must be reported a income.
    So anybody that claims what he said is mostly false, is mostly a liar.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by ARealConservative View Post
    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
    Be mad at the experts that can't agree on the issue. I'm not saying I know for sure either way if the medals are taxable. I'm saying that because no one as of yet has given us conclusive evidence on the issue. The only source we have is one that says "experts are divided". Now who's being more partisan, the guy (you) who is saying "I know for sure, and I don't need evidence" or the guy saying (me) "I'm not sure, there isn't any evidence one way or another"?
    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 roughdraft274 View Post
    Be mad at the experts that can't agree on the issue. I'm not saying I know for sure either way if the medals are taxable. I'm saying that because no one as of yet has given us conclusive evidence on the issue. The only source we have is one that says "experts are divided". Now who's being more partisan, the guy (you) who is saying "I know for sure, and I don't need evidence" or the guy saying (me) "I'm not sure, there isn't any evidence one way or another"?
    I can understand how experts are divided on how to obtain the fair market value of an award, but no knowledgeable tax accountants would claim the prize itself wasn’t to be considered taxable income. The few exceptions that do exist (such as a safety achievement award) would definitely not apply in the case of an athlete.

    The tax loopholes that would be created by exempting a gold medal award makes me wish it were true, but it isn’t.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    I don't think we should be worrying about eliminating taxes for any athlete's income.

    Do the military pay taxes on their income? If anybody's getting a break I think it should be them...
    "Hmmm...Can't decide if I want to watch "Four Houses" or give myself an Icy Hot pee hole enema..." - Blake Shelton


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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by ARealConservative View Post
    I can understand how experts are divided on how to obtain the fair market value of an award, but no knowledgeable tax accountants would claim the prize itself wasn’t to be considered taxable income. The few exceptions that do exist (such as a safety achievement award) would definitely not apply in the case of an athlete.

    The tax loopholes that would be created by exempting a gold medal award makes me wish it were true, but it isn’t.
    We checked with accountants who specialize in representing athletes and they agreed that the bonus would almost certainly be taxable. Our experts diverged somewhat over whether and how the medal would be treated for tax purposes
    http://www.politifact.com/truth-o-me...-owe-9000-irs/
    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 roughdraft274 View Post
    so anonymous sources vs an irs linked explanation of income. from a debate perspective, you need to pick it up a bit.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    This is how innocent little political pandering proposals leads to this...


    It's hard to reach a consensus on the exact size of the Internal Revenue Code, but lots of folks have tried.
    Congressional speeches over the years have offered various ways to visualize the enormity of the tax code:

    "One million words and nearly seven times the length of the Bible"
    "The income tax code and its associated regulations contain almost 5.6 million words"
    "At 1.3 million pages it is twice the length of Tolstoy's War and Peace"



    “We just simply don’t know how to govern” - Rep. Steve Womack (R-AR) a member of the House Budget Committee

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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
    1. the value of the medals is pretty nominal;
    2. you can still offset this nominal income by the major expense of getting there; and
    3. Why are Republicans wasting everyone's time with yet another piece of trivial legislation? I thought they were concerned about jobs? Oh yes, I forgot, they haven't a clue how to fix the economy and they have no real ideas of their own except to cut taxes in all circumstances (good economies, bad economies, morning, noon or evening... in their view tax cuts fix everything).

    If it weren't for trivial legislation, we would have no legislation at all. Nice job 119th congress, the most inept in US history.
    Last edited by upsideguy; 08-03-12 at 02:49 PM.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by upsideguy View Post
    1. a very nominal amount
    any amount makes me right and the person I responded to wrong.

    2. you can still offset the income by expense, which will easily more than offset
    moot. If the medal wasn't claimed, the expenses would further lessen the tax hike of the money award.

    3. Why are Republicans wasting everyone's time with yet another piece of trivial legislation? Oh yes, I forgot, they have no real ideas of their own except to cut taxes in all circumstances (good economies, bad economies, morning, noon or evening... in their view tax cuts fix everything)
    I am not defending the legislation in any way, it is stupid.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by BWG View Post
    This is how innocent little political pandering proposals leads to this...


    It's hard to reach a consensus on the exact size of the Internal Revenue Code, but lots of folks have tried.
    Congressional speeches over the years have offered various ways to visualize the enormity of the tax code:

    "One million words and nearly seven times the length of the Bible"
    "The income tax code and its associated regulations contain almost 5.6 million words"
    "At 1.3 million pages it is twice the length of Tolstoy's War and Peace"



    Wow... 1.0 million words over 1.3 million pages. It must have lots of cool pictures?
    Last edited by upsideguy; 08-03-12 at 03:11 PM.

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