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

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

  • Total voters
    24
MMC said:
Olympic Medal? Well Done, Now Pay Your Taxes: Uncle Sam.....

American medal winners at the Sochi Winter Olympics are liable for taxes on the cash earnings they receive form the U.S. Olympic Committee.

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Those medals Americans have been winning at the Winter Olympics in Sochi come with a price. Uncle Sam wants his percentage, whether it's gold, silver or bronze.

The U.S. Olympic Committee awards cash prizes to medal winners ─ $25,000 for gold, $15,000 for silver and $10,000 for bronze. But the money is considered earned income abroad and subject to IRS taxation ─ as much as 39 percent.

That's why some politicians have revived a bill introduced in Congress at the time of the Summer Games in London to exempt those Olympic winnings as earnings. The bill never even came to a vote in 2012.

Many other nations do not tax Olympians for their medal prizes and some, such as Britain, don't give their medalists cash prizes at all.....snip~

Olympic Medal? Well Done, Now Pay Your Taxes: Uncle Sam - NBC News


So what say ye? Should the Olympians be Taxed?
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How misleading is that? There's NEVER a 39% tax on those winnings unless the athlete is making enough money to throw him into that bracket. And with personal expenses involved? I'd doubt there's any liability at all. These people get treated like royalty. Let 'em pay the taxes due the Uncle they represent.

That really pisses me off. Soldiers dying for our country have to pay income tax on their earnings. Are Olympic winnings earnings? You bet your boots.
 
MaggieD said:
How misleading is that? There's NEVER a 39% tax on those winnings unless the athlete is making enough money to throw him into that bracket. And with personal expenses involved? I'd doubt there's any liability at all. These people get treated like royalty. Let 'em pay the taxes due the Uncle they represent.

That really pisses me off. Soldiers dying for our country have to pay income tax on their earnings. Are Olympic winnings earnings? You bet your boots.
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I agree 100 percent with you Maggie. They get the limelight and a lot of little things that cost money for everyday people. Even to include food and meals. Free rooms at some expensive Hotel just because they are a Star and it will attract attention and business to that hotel.
 
MMC said:
Heya Pero.....Yeah that's what it is.....the money given out by the Olympic Committee. Yet.....the Brits didn't say if their athletes still collected any prize money. As they don't give that benefit to theirs.

I think they should be able to classify it as a business. As if they are a Contractor. Write off travel expenses, and whats used for the business.

Still its not like they aren't getting that free Ride to Stardom.
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Yeah, but I imagine the USA Olympic Committee paid for all travel costs, hotels, etc. Perhaps they could they could use their training expenses as the deduction which I would imagine could be much more than 25,000 depending. Still, you're right, they are now stars and now can cash in on that status.
 
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