Obama To Tax Olympic Athletes Who Win Gold Medals Up To $10,000
How about dem apples. If you win the Gold Medal at the Sochi Olympics, Barack
Obama gets a cut of up to $10,000. Apparently, no success is immune from Obama's
desire to redistribute the wealth and achieve "income equity."
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(ATR) As 230 U.S. Olympic athletes gear up to compete in the 2014 Winter Games, the only thing colder than the slopes at Sochi is the fact that any prizes awarded by the U.S. Olympic Commission (USOC) will be taxed by the IRS. Many Americans don't realize that the U.S. taxes income earned abroad, and as such even the winnings of Olympic athletes are subject to the reach of the IRS.
The USOC awards prizes to U.S. Olympic medal winners: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. Relative to each athlete's income tax bracket, some top earners such as Shaun White could end up paying over a third (39.6 percent) of their winnings to the IRS.
Additionally, because the U.S. is one of only a handful of developed countries that tax income earned abroad, it is likely America's competitors will not be subject to such a tax. Taken together - the tax on Olympic athletes and the tax on income earned abroad - it can be said the U.S. has officially "earned the Gold" for having one of the most backwards and illogical tax codes in the world.
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Did you know that once you hit 40 years of age, whether you're a man or a women, your body starts aging FASTER than normal? Get these 5 steps to look 10 years younger here.
(ATR) As 230 U.S. Olympic athletes gear up to compete in the 2014 Winter Games, the only thing colder than the slopes at Sochi is the fact that any prizes awarded by the U.S. Olympic Commission (USOC) will be taxed by the IRS. Many Americans don't realize that the U.S. taxes income earned abroad, and as such even the winnings of Olympic athletes are subject to the reach of the IRS.
The USOC awards prizes to U.S. Olympic medal winners: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. Relative to each athlete's income tax bracket, some top earners such as Shaun White could end up paying over a third (39.6 percent) of their winnings to the IRS.
Additionally, because the U.S. is one of only a handful of developed countries that tax income earned abroad, it is likely America's competitors will not be subject to such a tax. Taken together - the tax on Olympic athletes and the tax on income earned abroad - it can be said the U.S. has officially "earned the Gold" for having one of the most backwards and illogical tax codes in the world.
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Get effing real.
ReplyDeleteThis has been the same crap that comes up at every olympics
Correct. Much as I hate what BHO has done to the country, these IRS regs were in place long before he became Prez.
DeleteWonder if O paid taxes on the peace prize he was given before he did anything? Still has not done anything to earn it.
DeleteIncome is income--regardless of the source--and is subject to tax. What's the big deal? The athetes who win can deduct their preparation expenses against the income, thereby reducing or eliminating the tax altogether.
ReplyDeleteHere's what's wrong with it - just like any progressive tax, these athletes are not generally well-to-do, having sacrificed for years only to finally hit pay dirt and then have the thieving government take their money for redistribution to some worthless scum. There is nothing "fair" about the tax scheme (including Obamacare taxes) in this country. If you want to eat, you work, doing something rather than sitting on your fat A$$.
ReplyDelete