Winter Woman
Well-Known Member
I didn't know that they actually received money for their efforts. I never really thought about it. Just surprised to find this out after all these years.
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Because conservatives are scrooges, the good folks at Americans for Tax Reform have gone through the fine print to find out what our Olympians will have to cough up to the IRS should they be lucky enough to win any medals in London.
london olympics
Even by the standards of our government, the numbers are insane.
For instance: Americans who win bronze will pay a $2 tax on the medal itself. But the bronze comes with a modest prize$10,000 as an honorarium for devoting your entire life to being the third best athlete on the planet in your chosen discipline. And the IRS will take $3,500 of that, thank you very much.
There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.
Silver medalists will owe $5,385. You win a gold? Timothy Geithner will be standing there with his hand out for $8,986.
So as of this writing, swimmer Missy Franklinwho's a high school studentis already on the hook for almost $14,000. By the time she's done in the pool, her tab could be much higher. (That is, unless she has to decline the prize money to placate the NCAAthe only organization in America whose nuttiness rivals the IRS.)
ATR notes that the real twist of the knife is that most other Olympians won't pay any taxes on their medals because America is one of only a handful of countries which taxes "worldwide" prize income earned overseas.
~
Because conservatives are scrooges, the good folks at Americans for Tax Reform have gone through the fine print to find out what our Olympians will have to cough up to the IRS should they be lucky enough to win any medals in London.
london olympics
Even by the standards of our government, the numbers are insane.
For instance: Americans who win bronze will pay a $2 tax on the medal itself. But the bronze comes with a modest prize$10,000 as an honorarium for devoting your entire life to being the third best athlete on the planet in your chosen discipline. And the IRS will take $3,500 of that, thank you very much.
There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.
Silver medalists will owe $5,385. You win a gold? Timothy Geithner will be standing there with his hand out for $8,986.
So as of this writing, swimmer Missy Franklinwho's a high school studentis already on the hook for almost $14,000. By the time she's done in the pool, her tab could be much higher. (That is, unless she has to decline the prize money to placate the NCAAthe only organization in America whose nuttiness rivals the IRS.)
ATR notes that the real twist of the knife is that most other Olympians won't pay any taxes on their medals because America is one of only a handful of countries which taxes "worldwide" prize income earned overseas.
