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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 jimbo View Post
    I'm not sure that value of a medal is minimal. The cost may be minimal, but the value is a different story. Value would depend on the particular significance of a medal.

    A historic baseball caught by a fan is not worth a few bucks, but the collector value, and is taxed that value. At least that is my understanding. May be that a medal is the same. Any thoughts?

    Your third point seems to be a good start for a new thread, of a continuation of the several already started on the same subject.
    The value is the taxable value that IRS has ascribed to it. If I remember correctly it was less than $1,000. Given that there is also an honorarium paid, the winner has the cash to pay the tax (again, assuming there are no costs to offset, but surely there are)

    This whole thing is rather moot and nothing more than a curious sideshow of life.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    [QUOTE=upsideguy;1060760295]An expense is a deduction. You have to have deductions to calculate net income. Now, on personal returns there a schedule A deductions, which are not generally expenses associated with income production. My guess is that is what you are talking about.

    OTH, Schedule C, D and E deductions are expenses associated with income production. You must have these deductions to calculate income.

    I understand what you are saying. If you own a business and as a business owner you make 100,000 in sales. If you paid 30,000 in materials, 15,000 in labor and 10,000 in other operating fees you thing the business should only pay taxes on 45,000. I disagree. They should pay taxes on $100,000. When you start making exceptions people start exploiting them.
    “Most people do not listen with the intent to understand; they listen with the intent to reply.”
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    Re: Rubio bill eliminates federal tax on Olympic medals

    [QUOTE=muciti;1060760310]
    Quote Originally Posted by upsideguy View Post
    An expense is a deduction. You have to have deductions to calculate net income. Now, on personal returns there a schedule A deductions, which are not generally expenses associated with income production. My guess is that is what you are talking about.

    OTH, Schedule C, D and E deductions are expenses associated with income production. You must have these deductions to calculate income.

    I understand what you are saying. If you own a business and as a business owner you make 100,000 in sales. If you paid 30,000 in materials, 15,000 in labor and 10,000 in other operating fees you thing the business should only pay taxes on 45,000. I disagree. They should pay taxes on $100,000. When you start making exceptions people start exploiting them.
    Do you not understand anything about economics?

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by muciti View Post

    I understand what you are saying. If you own a business and as a business owner you make 100,000 in sales. If you paid 30,000 in materials, 15,000 in labor and 10,000 in other operating fees you thing the business should only pay taxes on 45,000. I disagree. They should pay taxes on $100,000. When you start making exceptions people start exploiting them.
    Sorry, but as a business owner I can tell you that nothing would crush an economy faster than that policy. Thin margin businesses, such as supermarkets and distributors, would be crushed as would start-ups, which typically lose money for the first 18-24 months of operation. Revenue is not income. Deductions are necessary.
    Last edited by upsideguy; 08-04-12 at 02:21 AM.

  5. #45
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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by jimbo View Post
    Do you not understand anything about economics?
    For the record, you have commingled my comments with those of Muciti.

    My comment was

    Quote Originally Posted by upsideguy View Post
    An expense is a deduction. You have to have deductions to calculate net income. Now, on personal returns there a schedule A deductions, which are not generally expenses associated with income production. My guess is that is what you are talking about.

    OTH, Schedule C, D and E deductions are expenses associated with income production. You must have these deductions to calculate income.

    My argument stands, your really can't say you are against ALL deductions....


    Muciti's response was:

    Quote Originally Posted by muciti View Post

    I understand what you are saying. If you own a business and as a business owner you make 100,000 in sales. If you paid 30,000 in materials, 15,000 in labor and 10,000 in other operating fees you thing the business should only pay taxes on 45,000. I disagree. They should pay taxes on $100,000. When you start making exceptions people start exploiting them.
    I trust you were challenging muciti's understanding of economics.
    Last edited by upsideguy; 08-04-12 at 02:28 AM.

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    Re: 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 hazlnut View Post
    this link was refuted on page one

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by Henrin View Post
    I approve of any step towards eliminating taxes on income.
    Should we eliminate emergency response on emergencies?

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by ARealConservative View Post
    this link was refuted on page one
    How does one 'refute' facts?

    With fantasy?

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by ARealConservative View Post
    this link was refuted on page one
    Nothing on page 1 refutes the link.

    Why do you just make stuff up?

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