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(The Weekly Standard)   US government to US high school swimmer Missy Franklin. Congratulations on winning two medals. That will be $14,000, please   (weeklystandard.com) divider line 385
    More: Sad, Missy Franklin, gold medals, swimmer Missy, swimmers, swimmer  
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38714 clicks; posted to Main » on 01 Aug 2012 at 12:42 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-08-01 12:20:18 PM
It's income. It's taxed as income. Show me something to make it tax exempt and I'll sign it. Jesus Christ. Have you nothing else more petty to b*tch about?
 
2012-08-01 12:22:32 PM
Two things I learned today:

#1, people pay taxes on income that their medals earned them
and #2, people get actual money prizes for winning a medal

Learn something new every day
 
2012-08-01 12:35:15 PM

cman: Two things I learned today:

#1, people pay taxes on income that their medals earned them
and #2, people get actual money prizes for winning a medal

Learn something new every day


Why shouldn't they be taxed? It's income. All income should be taxed.
 
2012-08-01 12:37:07 PM
They have to pay taxes on income?
lh4.ggpht.com
 
2012-08-01 12:42:34 PM

GAT_00: cman: Two things I learned today:

#1, people pay taxes on income that their medals earned them
and #2, people get actual money prizes for winning a medal

Learn something new every day

Why shouldn't they be taxed? It's income. All income should be taxed.


Did I make an statement implying if I supported or did not support that position?
 
2012-08-01 12:45:19 PM
There's a monetary prize for winning a medal? Kinda puts the last nail in the "amateur" coffin.
 
2012-08-01 12:45:39 PM
She should have medaled in dressage if she didn't want to pay taxes.
 
2012-08-01 12:45:48 PM

cman: Two things I learned today:

#1, people pay taxes on income that their medals earned them
and #2, people get actual money prizes for winning a medal

Learn something new every day


exactly. I did not realize they actually got a cash prize. I am no mathematician, but that must mean that Michael Phelps has like a Brazilian dollars or some similar amount.
 
2012-08-01 12:46:07 PM

NewportBarGuy: It's income. It's taxed as income. Show me something to make it tax exempt and I'll sign it. Jesus Christ. Have you nothing else more petty to b*tch about?


Pretty much this, but I do disagree with having to pay a tax for the medal.
 
2012-08-01 12:46:15 PM
This means the Bruce Jenner is President and Barack Obama has to listen to Carl Lewis sing the national anthem over and over again.

/i still like this meme
 
2012-08-01 12:46:28 PM
Americans for Tax Reform= Gorver Norquist, so it's JUST possible they are exaggerating the tax consequences more than a little

Kind like how they claimn the US has the highest corporate tax rates in the world but half of the Fortune 500 pay zero income tax?
 
2012-08-01 12:46:34 PM
I thought I read she was forgoing prize money in order to remain an amateur?

Either way, f*ck off, it's income.
 
2012-08-01 12:46:47 PM
And yet we still cling to the 'amateur' myth.

Pay your taxes people. You just got the adoration of the entire country and the memories of a life time.
 
2012-08-01 12:46:49 PM
shame on you, subby for tricking me into clicking a Weekly Standard link by putting it on the Sports tab. Shame!
 
2012-08-01 12:47:09 PM

ZZ9 Plural Z Alpha: They have to pay taxes on income?
[lh4.ggpht.com image 512x401]


Well, it is kind of stupid. I'm not for the tax being that big on it.
 
2012-08-01 12:47:51 PM

NewportBarGuy: It's income. It's taxed as income. Show me something to make it tax exempt and I'll sign it. Jesus Christ. Have you nothing else more petty to b*tch about?


Actually, if you take a job in Korea, Japan, Germany, France, etc ... you work a 40 hour week, you get a paycheck , you're a US Citizen though ... the US doesn't tax you.

That's right: you don't pay income tax on jobs worked in a foreign country.
 
2012-08-01 12:47:55 PM
1. Pay taxes on medals won for the United States
2. Charge the United States a "storage fee" for holding onto the medal
3. Profit?
 
2012-08-01 12:48:08 PM
Alternate headline: Income Taxed.

If Franklin turned pro and accepted sponsorship money, she'd be taxed on that plus prize money won. Because that's income. It gets taxed.

But, um, outrage
 
2012-08-01 12:48:24 PM

Magorn: Americans for Tax Reform= Gorver Norquist, so it's JUST possible they are exaggerating the tax consequences more than a little

Kind like how they claimn the US has the highest corporate tax rates in the world but half of the Fortune 500 pay zero income tax?


Just because we have the highest corporate tax rate doesn't mean some clever accounting will get you to pay nothing.
 
2012-08-01 12:48:27 PM
In other news, subby has magically turned Missy Franklin's bronze medal (from the 4x100 freestyle relay) into a gold medal.
 
2012-08-01 12:48:28 PM
THIS IS WHY WE NEED MORE TAX CUTS FOR JOB CREATORS

MORE TAX CUTS FOR JOB CREATORS

CHAMPIONS AMERICA OLYMPIC CHAMPIONS JOB CREATORS
 
2012-08-01 12:48:34 PM
Professional athletes get paid.
Professional athletes pay taxes based on their income.
JUST LIKE EVERYONE ELSE
(In the US)

This is a retarded non-story for retards. If you win the lotto - you pay taxes. If you get a job - you pay taxes. It's called an INCOME TAX because it's a tax on the INCOME you earn.

Are you seriously suggesting that super-star athletes should tax-exempt?
 
2012-08-01 12:48:41 PM
Win a bronze and you owe the taxman about TREE FIDDY.
 
2012-08-01 12:49:28 PM
Seems to me it's not being taxed at income levels but more like lottery prize levels. IMHO that alone is kind of insulting to the athletes.
 
2012-08-01 12:49:45 PM
So they should do what any self-respecting corporation, like IKEA, would do. Set up a fake charity dedicated to sports and funnel all the money through there. Ta dah! No taxes!
 
2012-08-01 12:50:12 PM

pion: I do disagree with having to pay a tax for the medal.


So do I. They are also acting as special ambassadors for the US and they get held to an incredibly high standard. Get the IRS or congress to write up an exemption. I'm pretty sure that's one of those things that would actually get passed quite quickly because it actually makes sense and sh*t. Or, they'd attach an abortion bill to it or something.
 
2012-08-01 12:50:25 PM
So... She's walking away with $20,000, huh? Poor girl.
 
2012-08-01 12:50:37 PM
Well, like Barack Obama said, she didn't win that medal alone.

Waitasec, that was Mitt Romney.
 
2012-08-01 12:50:48 PM
If they were smart, they maintained the cost of everything that went into their 'lifetime' of training and will
be able to offset the taxation by the hundreds of thousands of dollars spent training, tutors, facilities, leotards,
home training facilities, etc and if they were really smart they hired an attorney to handle such things.
I don't really weep for them, most of them will be on a Wheaties box in a few months,
except for Phelps, he goes on CoCoa Puffs.
 
2012-08-01 12:51:14 PM
"There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze."

Huh, so it sounds as if they receive money for winning these races. Remind me why that doesn't count as income and I should be outraged again? The chick just made $40,000+ in prize money, it's not like she has to come up with $14,000 out of nowhere.
 
2012-08-01 12:51:15 PM

pion: NewportBarGuy: It's income. It's taxed as income. Show me something to make it tax exempt and I'll sign it. Jesus Christ. Have you nothing else more petty to b*tch about?

Pretty much this, but I do disagree with having to pay a tax for the medal.


I can agree in principle with not taxing the medal itself, unless the recipient later sells it. But there's no good reason the prize money shouldn't be taxed.
 
2012-08-01 12:51:23 PM

Raging Thespian: So... She's walking away with $20,000, huh? Poor girl.


If you divide that by hours spent in training I bet it barely qualifies for minimum wage.
 
2012-08-01 12:51:29 PM
It would be nice if they could set up the training as a business and write off the income against the years of expenses to balance it out.

Or somehow make the argument that the winnings are the payoff of years of investments (cost of training) and have it taxed at the long-term capital gains rate of 15% vs. 35% for income/short-term capital gains.
 
2012-08-01 12:51:46 PM
Just wait until they see how much she's going to be taxed on the Wheaties box and other endorsement deals.
 
2012-08-01 12:51:53 PM
Wow I didn't know they actually got a cash prize. Income is income it needs to be taxed. Now taxing the value of the medal is a bit of a stretch but since it's in the tax book we have to follow it. I am more than willing to sign something to get the tax on the medal taken away but if you get paid you have to pay taxes I had a job and got taxed all through high school what does it matter if they are still in it or not.
 
2012-08-01 12:51:54 PM
I bet if she gets a $1-million Wheaties deal, those bastards will make her pay taxes on that too...
 
2012-08-01 12:51:59 PM

bluefoxicy: NewportBarGuy: It's income. It's taxed as income. Show me something to make it tax exempt and I'll sign it. Jesus Christ. Have you nothing else more petty to b*tch about?

Actually, if you take a job in Korea, Japan, Germany, France, etc ... you work a 40 hour week, you get a paycheck , you're a US Citizen though ... the US doesn't tax you.

That's right: you don't pay income tax on jobs worked in a foreign country.


And that would be wrong, as in you're wrong. Might want to check your source for tax information.
 
2012-08-01 12:52:34 PM
Do they actually PAY that tax, or is that just the initial deduction that then ends up probably getting recouped when taxes are filed and adjusted gross incomes are considered. My bonus checks always have huge chunks of money withheld, but I end up getting a big chunk back after tax filings.
 
2012-08-01 12:52:43 PM
before i start posting pics...is she legal?
 
2012-08-01 12:52:47 PM
People pay taxes on their income. I'm shocked!
 
2012-08-01 12:52:47 PM

Carousel Beast: LarryDan43: /On topic, it's income and should be taxes as such, though she should contest what the IRS values the actual medal at (based on the linked article yesterday)


FTFA: "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."

The tax has nothing to do with the value of the medal -- it's based on the cash prize that comes with it.
 
2012-08-01 12:52:51 PM
From the USOC, athletes receive $10,000 for bronze, $15,000 for silver, and $25,000 for gold.

Individual bodies also offer bonuses. This year US Cycling is offering $100k for gold and USA Wrestling is offering $250k for gold.

US Swimming has a nice bonus as well:

Athletes who win gold receive $75,000, silver nets $30,000 and bronze earns $15,000. Swimmers who set world records while winning gold also receive a $50,000 bonus, and members of a gold medal-winning relay that sets a world record will split the same $50,000 bonus.

Link
 
2012-08-01 12:53:10 PM
www.brooklynboysgames.com
 
2012-08-01 12:53:17 PM
this just in: we tax income in this nation.

/that's the most worthless article of all time.
 
2012-08-01 12:53:22 PM

Fark_Guy_Rob: Professional athletes get paid.
Professional athletes pay taxes based on their income.
JUST LIKE EVERYONE ELSE
(In the US)

This is a retarded non-story for retards. If you win the lotto - you pay taxes. If you get a job - you pay taxes. It's called an INCOME TAX because it's a tax on the INCOME you earn.

Are you seriously suggesting that super-star athletes should tax-exempt?


You do realize that Olympic athletes are amateurs, not professionals. It's kind of the whole point.

America's tax system is anomalous in this area (and in the area of winnings in general). It's ripe for reform.
 
2012-08-01 12:53:37 PM

NewportBarGuy: pion: I do disagree with having to pay a tax for the medal.

So do I. They are also acting as special ambassadors for the US and they get held to an incredibly high standard. Get the IRS or congress to write up an exemption. I'm pretty sure that's one of those things that would actually get passed quite quickly because it actually makes sense and sh*t. Or, they'd attach an abortion bill to it or something.


What the Republicans would do is tie it to a bill cutting taxes on all income from "overseas investments," then Fox News would whaaaargarble for months about how the DemonRat Party insists on taxing Olympic medals.
 
2012-08-01 12:53:38 PM
WTF?

1 - Missy Franklin has not won 2 gold medals; she has a gold and a bronze

2 - the taxes for two golds would be close to $18K, according to the article. The taxes for a gold and a bronze would be $12.5K

Here you go, Subby:

US government to US high school swimmer Missy Franklin. Congratulations on winning two a gold medals and a bronze medal. That will be $14,000, $12,500 please
 
2012-08-01 12:54:07 PM

Nilatir: Raging Thespian: So... She's walking away with $20,000, huh? Poor girl.

If you divide that by hours spent in training I bet it barely qualifies for minimum wage.


Good thing it's not a job.
 
2012-08-01 12:54:13 PM
If that's income then all the gym fees and equipment over the years were her business expenses. She'll have a one hell of a deduction for those.
 
2012-08-01 12:54:21 PM
So she's in HS and she's earned $65,000 in the last few days, and she has to pay taxes on it?

And this..this is an outrage?
 
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