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Thread: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

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    Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Tom Brady faces $60,500 IRS bill for winning Super Bowl | WashingtonExaminer.com

    This is just wrong.

    They said Brady will have to pay about $13,000 in income tax on the prize, and then another $5,000 “gift tax” for doing a nice thing in giving Butler the keys.

    “That's a $5,000 gift tax on top of a $13,500 income tax on the truck, for a combined federal tax hit of $18,500,” said ATR, headed by Washington tax foe Grover Norquist.

    Then there’s the game check of $97,000 for winning. “Brady will face income tax at the top rate of 39.6 percent. In addition, since this is a wage, he will also owe the top Medicare tax of 3.8 percent, half of which will be picked up by the NFL. Put those together, and Brady will pay $42,000 in federal taxes on the game,” said ATR.

    The total tab: $60,500.
    "A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury." Attributed to Alexander Tytler

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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Drop in the bucket to him.

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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    I don't disagree with you, but in the US don't you have to pay tax on winnings in a lottery or at a casino, etc.? Why should winning a car or income from playing a game be any different. Here in Canada, if you win $10 million in a lottery, that's $10 million tax free you get and you pay tax only on any income you generate on the $10 million after you have it in your hands. Likewise, if you win a few $thousand at the race track or casino, you don't have to pay tax on your winnings before you get it and you don't have to declare it as income, because it's not "earned".

    Tom Brady, making $millions for playing a fun sport, in a league making $billions should not be the poster child for taxation sob stories. Put up the couple who win $300 million in the Megaball lottery having to pay $150 million in tax before they get their hands on a cent of it.
    "Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views." William F. Buckley Jr.

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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Being forced to give a percentage of your income to the government is wrong no matter what.

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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Quote Originally Posted by CanadaJohn View Post
    I don't disagree with you, but in the US don't you have to pay tax on winnings in a lottery or at a casino, etc.? Why should winning a car or income from playing a game be any different. Here in Canada, if you win $10 million in a lottery, that's $10 million tax free you get and you pay tax only on any income you generate on the $10 million after you have it in your hands. Likewise, if you win a few $thousand at the race track or casino, you don't have to pay tax on your winnings before you get it and you don't have to declare it as income, because it's not "earned".

    Tom Brady, making $millions for playing a fun sport, in a league making $billions should not be the poster child for taxation sob stories. Put up the couple who win $300 million in the Megaball lottery having to pay $150 million in tax before they get their hands on a cent of it.
    I don't feel sorry for Brady, and you're right, he makes millions playing a game. I understand the need for taxes but taking such a high percentage of earnings to pay for a bloated federal bureaucracy isn't something I can support.
    "A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury." Attributed to Alexander Tytler

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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Quote Originally Posted by sawdust View Post
    I don't feel sorry for Brady, and you're right, he makes millions playing a game. I understand the need for taxes but taking such a high percentage of earnings to pay for a bloated federal bureaucracy isn't something I can support.
    On that we agree, 110% to use a sports cliche.
    "Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views." William F. Buckley Jr.

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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    I agree, it is wrong. That's our tax system at work. The fact that he can well afford it isn't relevant.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Who wrote the tax laws?

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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    The reason we pay gift taxes on winning is because it can be written off as an expense by the donor. Eliminate the ability to expense prizes and there would be no need to tax winners. The first $13K or so of value he gave away in the truck is exempt, and after that he will have to pay gift taxes now or at his death or have the difference allocated against his $1M exemption, so he is getting taxed on both sides of that deal. It is why some people will negotiate around being the middleman and why people need to talk to a good tax attorney before they claim their lottery winnings. Once they take possession of it, they expose themselves to possibly avoidable taxes depending on what they plan to do with the money.

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    Re: Tom Brady owes the IRS over 60 grand for winning Super Bowl.

    Quote Originally Posted by CRUE CAB View Post
    Who wrote the tax laws?
    Congress. If nothing else, this serves as a good illustration of who the pays the majority of taxes in the country, for those who don't think the rich pay their fair share.
    "A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury." Attributed to Alexander Tytler

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