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

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  • Yes!

    11 40.74%
  • No!

    15 55.56%
  • Wheaties!

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

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

    Gold medals, No. Silver and Bronze medals, Yes.

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

    The title of the poll is misleading. They aren't paying taxes on the medals themselves. They're paying taxes on the cash prize they are awarded for winning the medal. And I see no reason why that shouldn't be taxed.
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by molten_dragon View Post
    The title of the poll is misleading. They aren't paying taxes on the medals themselves. They're paying taxes on the cash prize they are awarded for winning the medal. And I see no reason why that shouldn't be taxed.
    I thought they also paid taxes on the value of the metal in the medal. I could be wrong on that.

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

    Quote Originally Posted by Tigger View Post
    I thought they also paid taxes on the value of the metal in the medal. I could be wrong on that.
    If that's true then I don't think they should have to pay those taxes. I can't imagine many of them sell the medal for the value of the ore in it.
    If you build a man a fire, he'll be warm for a day.

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

    Quote Originally Posted by molten_dragon View Post
    If that's true then I don't think they should have to pay those taxes. I can't imagine many of them sell the medal for the value of the ore in it.
    Again, I'm not certain of that, but I believe that's what I'd read two years ago after the Summer Olympics.

    Then again, I imagine the level of displeasure the 1976 US Men's Basketball Team had to have in getting taxed for medals they've chosen never to accept.

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

    Quote Originally Posted by WCH View Post
    I saw where Tom Ligety owned several hundred thousand dollar of ski equipment. He should get some sort of break.
    Mornin WCH. I agree with Radcen and think they should be able to treat it like a business. They get endorsements and as others mentioned gifts. Cars, clothing which includes Dress Clothing for those Special Moments with sponsors and dinners. Jewelry and watches. They also get reduced Airline tickets or fly with those on Private Jets. Also all that Air time and commercials to keep them in the public eye and following them thru World Sports. So to me it is a business.

    I think it was wrong for Rubio to file the legislation in the first place. Using the Olympians and their public status and trying to give Elites a pass. It would be a special exemption. They already play with.....Hey Look at Me!

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

    Quote Originally Posted by molten_dragon View Post
    The title of the poll is misleading. They aren't paying taxes on the medals themselves. They're paying taxes on the cash prize they are awarded for winning the medal. And I see no reason why that shouldn't be taxed.
    Mornin MD. Yeah I must admit I took that question from a different news site. Myself I thought it was appropriate to put up as a poll. Get the article posted up as I had some other things going. So while I was a bit hasty, there wasn't any intent to mislead anyone. Several Media sources have carried the same Question to. Not looking at any specific technicalities. More than likely some of them in their discussions over the matter. Would bring out most of the specifics while they were talking about it.

    Glad you agree they should have to pay the taxes too.

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

    Given the current laws, it is income therefore should be taxed. That's not to say I agree with income tax - I'm just taking a "here and now" practical view. I would have no problem with the U.S. passing a law that exempts Olympic medal winners from taxes.
    I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on whats being proposed here, hed agree with it. He would agree that the First Amendment cannot be absolute. - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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

    Quote Originally Posted by radcen View Post
    Why shouldn't it be taxed? Because it's warm-and-fuzzy? It is income, isn't it?
    Not really, no. Taxable income is defined as wages, salaries, tips, or other taxable employee pay, union strike benefits, disability pay prior to retirement age, net earnings from the self-employed, etc. Basically, income is actual money. By all means, tax their income from endorsements, as well as the cash prize that goes with the medal, (which I suspect is the actual item being taxed) but the medal itself falls under the category of achievement awards. Since the material value of a gold medal is only $644 (it's only 1% gold), and the bronze being anywhere as low as $5, the medals are well under the $1,600 mark, meaning they are excluded from taxation.
    I love the NSA. It's like having a secret fan-base you will never see, but they're there, watching everything you write and it makes me feel all warm and fuzzy inside knowing that I may be some person's only form of unconstitutional entertainment one night.

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

    So far we have 10 that say No don't tax them and 6 that say yes.....then Chocolate jumped into the Wheaties.

    I was Surprised to see the Progressives were even saying to tax them.....then Rubio a conservative say don't tax them. What happened.....did they switch flip flops?

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