View Poll Results: Should U.S. Olympians Have to Pay Taxes on Their Medals

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Thread: Should U.S. Olympians Have to Pay Taxes on Their Medals?

  1. #21
    warrior of the wetlands
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by Napoleon View Post
    We started getting more medals when the Soviet Union broke apart and just about everything but tying your shoes became an olympic sport. I don't know if a bronze in horse dressage, a silver in canoeing, or a gold in synchronized swimming is something to be proud of.
    you obviously don't know much about those sports do you. While I don' consider SS a sport anymore than ballet, canoeing is an incredibly demanding test of skill, strength and endurance. Dressage is tougher than it looks but I don't believe sports where an animal does most of the work ought to be in the olympics any more than say Moto-cross

    but lots of sports I suspect someone like you thinks aren't are incredibly difficult at an olympic level.



  2. #22
    Educator newpublius's Avatar
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by TurtleDude View Post
    I don't believe any income should be taxed so I obviously support the athletes NOT being taxed.
    Yes, I understand, but GIVEN the general state of taxation, why should there be an exempt class of athletes? Either we're all not taxed on income or we're all taxed on income, there's no exception just because you're an Olympic athlete.

  3. #23
    warrior of the wetlands
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by newpublius View Post
    Yes, I understand, but GIVEN the general state of taxation, why should there be an exempt class of athletes? Either we're all not taxed on income or we're all taxed on income, there's no exception just because you're an Olympic athlete.
    I think an award coming from a national agency is different than real income-its more in the nature of a gift



  4. #24
    Educator newpublius's Avatar
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by TurtleDude View Post
    I think an award coming from a national agency is different than real income-its more in the nature of a gift
    Well, the gift are the years of housing, nutrition and attention to your athletic condition generally. The money is most aptly described as a prize and the IRC specifically defines that as income.

  5. #25
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Not paying taxes has everything to do with the thread, radcen, since you felt the need to post to TD that you agree with him over not paying taxes.
    This is why there's a 16th amendment, because enough Americans hate paying their fair share, not like NIMBY .
    Quote Originally Posted by radcen View Post
    What does this have to do with the thread topic?

    Oh, that's right. Nothing.

    Physics is Phun

  6. #26
    warrior of the wetlands
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by newpublius View Post
    Well, the gift are the years of housing, nutrition and attention to your athletic condition generally. The money is most aptly described as a prize and the IRC specifically defines that as income.
    This isn't the first time I disagree with the IRS. and a lot of olympic athletes don't get any public support. I didn't make the 80 or 88 teams but I came damn close and no one but me and my family paid for my training though Perazzi and Winchester did sponsor me. My best friend won two olympic gold medals. He was in the USAF during the 1980 boycott but he made the 76 and 84 teams with no public support



  7. #27
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    The Moderate NIMBY believes that Olympians should not pay tax on their Medals.

    However, NIM does believe that ALL Americans should pay tax on Income,
    especially a higher % on the Rich Retired who really don't need any more.

    He who dies with the most toys is not the winner.
    And Grip had a great OP today on the FIVE Billionaires and their trial balloons .
    Physics is Phun

  8. #28
    Educator newpublius's Avatar
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by TurtleDude View Post
    This isn't the first time I disagree with the IRS.
    Well, it seems you just disagree with taxing income generally, which is fine, so do I. In theory we could stretch the concept of volunteer and gift whereby your job is really done on a volunteer basis and your wage is really just a weekly gift. No, that relationship is correctly defined as 'income' -- here we're discussing a physical contest, Olympic or otherwise, and how you perform in the contest determines whether or not you receive the ---- 'PRIZE' its not a perversion of the English language at all.

    Classifying it as 'income' for purposes of the income tax, that's beside the point, point is, when I win prizes I'm subject to taxation too. And yes, actually I still win de minimus raffles and prizes for things like softball tournaments, etc....if it exceeds $600, I have to pay and if one of the larger raffles I contribute to pays off, I'd have to pay. I'm sorry, but so do they.

    Quote Originally Posted by TurtleDude View Post
    and a lot of olympic athletes don't get any public support.
    They shouldn't.

    Quote Originally Posted by TurtleDude View Post
    My best friend won two olympic gold medals. He was in the USAF during the 1980 boycott but he made the 76 and 84 teams with no public support
    Yes, and he still 'won' the medals, that's a prize....

  9. #29
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by newpublius View Post
    Well, it seems you just disagree with taxing income generally, which is fine, so do I. In theory we could stretch the concept of volunteer and gift whereby your job is really done on a volunteer basis and your wage is really just a weekly gift. No, that relationship is correctly defined as 'income' -- here we're discussing a physical contest, Olympic or otherwise, and how you perform in the contest determines whether or not you receive the ---- 'PRIZE' its not a perversion of the English language at all.

    Classifying it as 'income' for purposes of the income tax, that's beside the point, point is, when I win prizes I'm subject to taxation too. And yes, actually I still win de minimus raffles and prizes for things like softball tournaments, etc....if it exceeds $600, I have to pay and if one of the larger raffles I contribute to pays off, I'd have to pay. I'm sorry, but so do they.



    They shouldn't.



    Yes, and he still 'won' the medals, that's a prize....
    He didn't pay taxes on them: this issue is about the stipend the USOC gives athletes.

    I think if you look at it carefully its more of the nature of a gift

    the money that the USOC gives athletes come from gifts to the USOC mainly



  10. #30
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by MMC View Post
    Heya WCH. Funny thing.....Marco Rubio was the one that put forth the legislation in 2012 and then Obama signed onto it. Plus accountants sy they may have a way around it.


    According to Americans for Tax Reform, a group supporting the bill, those in the top tax bracket — like skier Ted Ligety, ice dancers Meryl Davis and Charlie White, or any U.S. hockey player — will pay 39.6 percent, or $9,900, on a gold medal — while those in the bottom tax bracket will pay 10 percent, or $2,500, for a gold.

    However, accountants suggest there could be a way around the tax question, if Congress does not support the exemption. If an athlete treats his or her sports activity as a business, then related expenses might be deductible. So all of those training expenses, the cost of travel and equipment could be deducted against income.....snip~
    I saw where Tom Ligety owned several hundred thousand dollar of ski equipment. He should get some sort of break.
    32 “Whoever acknowledges me before others, I will also acknowledge before my Father in heaven. 33 But whoever disowns me before others, I will disown before my Father in heaven.
    Matt. 10:32-33

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