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(Forbes)   Obama and Marco Rubio come to agreement that American medal winners shouldn't have to pay taxes on the medal or the cash bonus provided by the USOC. Forbes: "This is the dumbest idea of the summer"   (forbes.com) divider line 92
    More: Asinine, Marco Rubio, U.S. Olympic Committee, Americans  
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1537 clicks; posted to Sports » on 08 Aug 2012 at 4:21 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-08-08 03:35:05 PM  
"Asinine"?

Why does it deserve that tag?

President Obama is doing the right thing. These people aren't part of the 1%. These Olympians are regular Joes in the middle class or the lower class.
 
2012-08-08 03:42:04 PM  
My first impulse upon hearing that the medal winners had to pay income taxes on the medals was to be appropriately appalled, but considering the cash bonus paid would more than compensate for the tax on the medal and the fact that some of these gold medal winners are millionaires (Michael Phelps, the entire men's basketball team) make me think this is more along the lines of a minor inconvenience than a grave injustice.
 
2012-08-08 03:42:24 PM  

cman: These Olympians are regular Joes in the middle class or the lower class.


Sounds like socialism.
 
2012-08-08 03:43:23 PM  

cman: "Asinine"?

Why does it deserve that tag?

President Obama is doing the right thing. These people aren't part of the 1%. These Olympians are regular Joes in the middle class or the lower class.


$57 million a year isn't part of the 1%?
 
2012-08-08 03:43:56 PM  

cman: These Olympians are regular Joes in the middle class or the lower class.


Regular Joes in the middle or lower class also have to pay taxes on their income.
 
2012-08-08 03:48:49 PM  

MaudlinMutantMollusk: cman: "Asinine"?

Why does it deserve that tag?

President Obama is doing the right thing. These people aren't part of the 1%. These Olympians are regular Joes in the middle class or the lower class.

$57 million a year isn't part of the 1%?


What discus thrower is worth $57M? What about javelin, high jump, long distance runner, weight lifter, etc etc etc. Just because a very small few of them are worth a /lot/ of money doesn't mean they all are or ever will be.
 
2012-08-08 03:49:02 PM  

cman: "Asinine"?

Why does it deserve that tag?

President Obama is doing the right thing. These people aren't part of the 1%. These Olympians are regular Joes in the middle class or the lower class.


There's no reason to exempt income from taxation, nor to randomly change policy over Republican butthurt.
 
2012-08-08 03:54:37 PM  

GAT_00: There's no reason to exempt income from taxation, nor to randomly change policy over Republican butthurt.


but but little Gabby is going to have to sell the family farm to pay the taxes on her $50k in medal bonuses
 
2012-08-08 03:56:32 PM  
You know, let's say you won the Olympic medal in like...judo, or water polo or something. You're not going on the Wheaties box, you're not get a sponsorship deal, you have to go back to your job at Home Depot tomorrow.

Now, if you're Michael Phelps or LeBron James, we can just add the paltry $25,000 grand to your total income.

Sound fair?
 
2012-08-08 03:57:33 PM  

Jackson Herring: GAT_00: There's no reason to exempt income from taxation, nor to randomly change policy over Republican butthurt.

but but little Gabby is going to have to sell the family farm to pay the taxes on her $50k in medal bonuses


She'll be fine.

gaia.adage.com
 
2012-08-08 04:00:12 PM  
Taxes on the medal is retarded. Taxes on their cash income? Why the hell not? It's not as if the tax bill comes due before they get the check.
 
2012-08-08 04:06:00 PM  

ThatGuyGreg: Taxes on the medal is retarded.


Why? If you win a toaster on Wheel of Fortune you have to pay taxes on it, presumably.
 
2012-08-08 04:11:19 PM  

ThatGuyGreg: Taxes on the medal is retarded. Taxes on their cash income? Why the hell not? It's not as if the tax bill comes due before they get the check.


Actually it's not.. farking feds.My company wanted to give me a Rolex a couple years ago for "smashing sales" and I don't do Rolex watches. I think they look pretentious and they're too bulky.. Anyway if they're going to give it to me then why not right? It's free! Nope.. It's declared taxable income and at the price of $15000 or so I wasn't about to pay half that in taxes for a shiatty watch. A pawn shop would have given me 2k for it or maybe I could sell it to someone for 10k but I seriously doubt it and it wouldn't be worth it.
 
2012-08-08 04:20:51 PM  

xynix: My company wanted to give me a Rolex a couple years ago for "smashing sales" and I don't do Rolex watches. I think they look pretentious and they're too bulky.. Anyway if they're going to give it to me then why not right? It's free! Nope.. It's declared taxable income and at the price of $15000 or so I wasn't about to pay half that in taxes for a shiatty watch. A pawn shop would have given me 2k for it or maybe I could sell it to someone for 10k but I seriously doubt it and it wouldn't be worth it.


In your alternative world, where achievement bonuses aren't taxed, employers just classify everything as an "achievement bonus" or pay all salaries in-kind and avoid taxation altogether. Clearly there are no problems with that.
 
2012-08-08 04:21:08 PM  
If you win money in a fishing tournament or a bowling tournament, you have to pay taxes on it.
 
2012-08-08 04:23:26 PM  

cman: "Asinine"?

Why does it deserve that tag?

President Obama is doing the right thing. These people aren't part of the 1%. These Olympians are regular Joes in the middle class or the lower class.


Just like Kobe and LeBron. Michael Phelps is poor too.
 
2012-08-08 04:23:41 PM  
The medals themselves aren't worth much.

There isn't very much actual 79 Au gold in an Olympic "gold" medal, for example.
 
2012-08-08 04:25:24 PM  
I think you're all overlooking the important part: Marco Rubio agreed with Obama on something. He will now be a persona non grata among Republicans.
 
2012-08-08 04:27:59 PM  
Regardless of how you feel about the tax issue, the dumbest idea of the summer is clearly that show about Honey Boo Boo kid, or whatever.
 
2012-08-08 04:31:15 PM  
I really don't think that it's anywhere close to an important issue either way. How much in tax revenue are we losing if we don't tax them on this? Not a whole lot.
 
2012-08-08 04:33:57 PM  

xynix: ThatGuyGreg: Taxes on the medal is retarded. Taxes on their cash income? Why the hell not? It's not as if the tax bill comes due before they get the check.

Actually it's not.. farking feds.My company wanted to give me a Rolex a couple years ago for "smashing sales" and I don't do Rolex watches. I think they look pretentious and they're too bulky.. Anyway if they're going to give it to me then why not right? It's free! Nope.. It's declared taxable income and at the price of $15000 or so I wasn't about to pay half that in taxes for a shiatty watch. A pawn shop would have given me 2k for it or maybe I could sell it to someone for 10k but I seriously doubt it and it wouldn't be worth it.


When I worked in retail we got these $5 bonus buck things that we could use towards store purchases for each credit account we opened. Initially we were able to use them for up to 100% of the purchase price of whatever we were buying, and it was great because if you were good at opening accounts it worked out to be a pretty significant boost to your income. People were buying furniture, beds, jewelry, expensive watches, electronics, all without paying a penny out of pocket. Then they ended up changing it so we could only use up to 50% of the purchase price because they should have been counting it as income all along and it was either do that or start adding the taxes to our paychecks. It was fun while it lasted though.
 
2012-08-08 04:35:30 PM  

Lando Lincoln: I really don't think that it's anywhere close to an important issue either way. How much in tax revenue are we losing if we don't tax them on this? Not a whole lot.


Then let's exclude Nobel Prize and other achievement awards in other areas. Otherwise, it's just high school all over again: the jocks get special treatment.
 
2012-08-08 04:35:54 PM  
These athletes are entertainers. If they are really good, they might even make some cash while enjoying their hobby. They chose to pursue this lifestyle and there is no good reason they shouldn't have to pay taxes on their income just like you or I do. If olympic athletes' compensation and medals are tax exempt, why not tax exempt active military pay? Are athletes more deserving than soldiers? Slippery slope.
 
2012-08-08 04:38:09 PM  
It's income. It gets taxed.

Regardless, after deductions for training expenses, travel expenses for work, and the fact that this is their only income, the tax is going to be $0 for a lot of gold medal winners.

Some of the bonuses are quite sweet. USA Swimming pays an additional $75k for gold, $50k for silver, $30k for a bronze and a $50k world record bonus on top of the USOC bonuses.

So Phelps has racked up $530k this Olympics in cash bonuses only. It would of course be unfair to tax this PATRIOT because he worked so hard to get it unlike everyone else who receives income. You people can all suck it and pay your taxes.

BTW, Americans are cheapskates. The Italians get $182,000 per gold medal.
 
2012-08-08 04:40:08 PM  

Big Beef Burrito: Regardless of how you feel about the tax issue, the dumbest idea of the summer is clearly that show about Honey Boo Boo kid, or whatever.


OH god I thought I was having a nightmare when I saw that commercial. If anyone watches that they deserve to die!
 
2012-08-08 04:40:56 PM  

Rapmaster2000: It's income. It gets taxed.



I can see that for the cash bonus, but the medals should be tax free....it's not they are liquid assets.
 
2012-08-08 04:41:46 PM  

groppet: Big Beef Burrito: Regardless of how you feel about the tax issue, the dumbest idea of the summer is clearly that show about Honey Boo Boo kid, or whatever.

OH god I thought I was having a nightmare when I saw that commercial. If anyone watches that they deserve to die!



Waaaaah?
 
2012-08-08 04:45:50 PM  

The_Sponge: Rapmaster2000: It's income. It gets taxed.


I can see that for the cash bonus, but the medals should be tax free....it's not they are liquid assets.


Why should they be free? They have tangible value that can be estimated just like everything else you could win on the Price is Right. This push for a special exemption is just emotional manipulation in an election year.

If anything they're lucky because the value of their medals are a hell of a lot more than the cost of materials.

Gabby Douglas can get a shiatload more that $700 for her medal on the open market.
 
2012-08-08 04:50:18 PM  
These athletes are going to get huge endorsement deals, so now that they are rich they need a tax cut.
 
2012-08-08 04:50:44 PM  

The_Sponge: groppet: Big Beef Burrito: Regardless of how you feel about the tax issue, the dumbest idea of the summer is clearly that show about Honey Boo Boo kid, or whatever.

OH god I thought I was having a nightmare when I saw that commercial. If anyone watches that they deserve to die!


Waaaaah?


He is talking about Here Comes Honey Boo Boo, not Ticket Oak™
 
2012-08-08 04:56:32 PM  

kronicfeld: Lando Lincoln: I really don't think that it's anywhere close to an important issue either way. How much in tax revenue are we losing if we don't tax them on this? Not a whole lot.

Then let's exclude Nobel Prize and other achievement awards in other areas. Otherwise, it's just high school all over again: the jocks get special treatment.


That's cool though.. Because the school I went to the jocks all ended up as fat losers. I'm the D&D playing, BBS running, basic programing, MUD designing, dork.. Now I have a smoking hot 23yr old girlfriend (I'm 38) and a bunch of other prizes. I do not regret any of my choices nor do I envy the jocks of yesteryear.
 
2012-08-08 04:58:15 PM  
Why don't they make the tax law say "Olympic payouts are not taxed if a person's gross income is less than $150,000"?

This way "BronBron" gets taxed, but the Charlie Cole (rowing-men's 4) doesn't gets to keep the $$$.
 
2012-08-08 05:04:32 PM  

Broktun: Why don't they make the tax law say "Olympic payouts are not taxed if a person's gross income is less than $150,000"?

This way "BronBron" gets taxed, but the Charlie Cole (rowing-men's 4) doesn't gets to keep the $$$.


Your taxes are based on total income and deductions anyway. The rowers already aren't paying any taxes on that medal, and Lebron is.

This is a completely sop to people who don't understand taxes.
 
2012-08-08 05:04:59 PM  

Rapmaster2000:

BTW, Americans are cheapskates. The Italians get $182,000 per gold medal.


A lot of other countries also pay athletes in those 'minor' sports to train full time. That's why a lot of those other countries dominate sports like weightlifting, wrestling, various field events (javelin, hammer throw), etc.

The more complicating factor in the US - any athlete who takes the bonus paid by the USOC is ineligible for NCAA competition, so the younger athletes may have to decide between taking the bonus and a change at endorsements, or go for college scholarships in their sport.
If we're going to change anything it should be to get the NCAA to ignore the bonus payment, just continue to make endorsements deals non-allowed until they change that for all college athletes.
 
2012-08-08 05:05:43 PM  

xynix: kronicfeld: Lando Lincoln: I really don't think that it's anywhere close to an important issue either way. How much in tax revenue are we losing if we don't tax them on this? Not a whole lot.

Then let's exclude Nobel Prize and other achievement awards in other areas. Otherwise, it's just high school all over again: the jocks get special treatment.

That's cool though.. Because the school I went to the jocks all ended up as fat losers. I'm the D&D playing, BBS running, basic programing, MUD designing, dork.. Now I have a smoking hot 23yr old girlfriend (I'm 38) and a bunch of other prizes. I do not regret any of my choices nor do I envy the jocks of yesteryear.


How long does it take you to get to the gym?
 
2012-08-08 05:07:13 PM  

xynix: kronicfeld: Lando Lincoln: I really don't think that it's anywhere close to an important issue either way. How much in tax revenue are we losing if we don't tax them on this? Not a whole lot.

Then let's exclude Nobel Prize and other achievement awards in other areas. Otherwise, it's just high school all over again: the jocks get special treatment.

That's cool though.. Because the school I went to the jocks all ended up as fat losers. I'm the D&D playing, BBS running, basic programing, MUD designing, dork.. Now I have a smoking hot 23yr old girlfriend (I'm 38) and a bunch of other prizes. I do not regret any of my choices nor do I envy the jocks of yesteryear.


Would I know her, or is she Canadian?
 
2012-08-08 05:08:45 PM  

Rising_Zan_Samurai_Gunman: Rapmaster2000:

BTW, Americans are cheapskates. The Italians get $182,000 per gold medal.

A lot of other countries also pay athletes in those 'minor' sports to train full time. That's why a lot of those other countries dominate sports like weightlifting, wrestling, various field events (javelin, hammer throw), etc.

The more complicating factor in the US - any athlete who takes the bonus paid by the USOC is ineligible for NCAA competition, so the younger athletes may have to decide between taking the bonus and a change at endorsements, or go for college scholarships in their sport.
If we're going to change anything it should be to get the NCAA to ignore the bonus payment, just continue to make endorsements deals non-allowed until they change that for all college athletes.


I agree. The NCAA of course resists all these things because it weakens its position in making millions from college football and paying nothing but a free education to amateurs.
 
2012-08-08 05:09:46 PM  

cman: "Asinine"?

Why does it deserve that tag?

President Obama is doing the right thing. These people aren't part of the 1%. These Olympians are regular Joes in the middle class or the lower class.


You must be talking about Olympic athletes in other countries.
 
2012-08-08 05:11:54 PM  

Rapmaster2000: Gabby Douglas can get a shiatload more that $700 for her medal on the open market.



I see your point regarding game show prizes, but....

Of course she can get more than $700, but do you know how shiatty she would feel...or any other athlete would feel if they had to sell their Olympic medal?

/And end up on Pawn Stars.
//A gold medal in gymnastics from the London Olympics?
///I can do fifty bucks.
 
2012-08-08 05:25:22 PM  
Income is income. With a good accountant I'm sure they probably don't pay much in taxes anyway unless you're Michael Phelps or one of the other similar athletes that are already making millions. Personally, I think the Olympics should pay the athletes. After all they are making tons of money from their performances. And enough with the flags already. The flag is not a beach towel made for wrapping around sweaty bodies.
 
2012-08-08 05:25:59 PM  

The_Sponge: Rapmaster2000: Gabby Douglas can get a shiatload more that $700 for her medal on the open market.


I see your point regarding game show prizes, but....

Of course she can get more than $700, but do you know how shiatty she would feel...or any other athlete would feel if they had to sell their Olympic medal?


She'd probably feel just as shiatty as I do every time I pay my taxes.

-or-

She chose to try to make a living doing gymnastics, or to have them as a hobby. Her feelings about selling the medal have nothing to do with the tax code that applies to everyone else. If she needs money she can get a job or find a man. (Not that it matters; I'm sure her Corn Flakes deal is worth more than I've made in the past five years.)
 
2012-08-08 05:27:36 PM  

skrame: She chose to try to make a living doing gymnastics, or to have them as a hobby. Her feelings about selling the medal have nothing to do with the tax code that applies to everyone else. If she needs money she can get a job or find a man. (Not that it matters; I'm sure her Corn Flakes deal is worth more than I've made in the past five years.)



True...and she's going to get some sweet deals...just thinking of the other athletes who aren't as famous.
 
2012-08-08 05:28:21 PM  
Aren't there rules about money earned abroad? Wouldn't the country where the money is earned get a chance to take a cut, or is that only for residents? I think it would be terribly funny if you all made it untaxable then we stepped in with sacks with £ signs on them and rounded up your athletes and stole their monies.

/I know nothing about taxes, except that I'm pretty sure it involves people with sacks with £ signs on ($ signs in the US, of course), beating people until they pay.
 
2012-08-08 05:29:07 PM  

Rapmaster2000: It's income. It gets taxed.

Regardless, after deductions for training expenses, travel expenses for work, and the fact that this is their only income, the tax is going to be $0 for a lot of gold medal winners.

Some of the bonuses are quite sweet. USA Swimming pays an additional $75k for gold, $50k for silver, $30k for a bronze and a $50k world record bonus on top of the USOC bonuses.

So Phelps has racked up $530k this Olympics in cash bonuses only. It would of course be unfair to tax this PATRIOT because he worked so hard to get it unlike everyone else who receives income. You people can all suck it and pay your taxes.

BTW, Americans are cheapskates. The Italians get $182,000 per gold medal.


The headline states that only the IOC money, not US Swimming money would be tax free.

Personally, I'm fine with exempting Olympic medals and IOC bonuses. You aren't gonna make a living off them. They're not easily or infinitely repeatable sources of income, they bring a lot of prestige to the country, and the tax almost seems counter-intuitive.
 
2012-08-08 05:39:24 PM  

what_now: xynix: kronicfeld: Lando Lincoln: I really don't think that it's anywhere close to an important issue either way. How much in tax revenue are we losing if we don't tax them on this? Not a whole lot.

Then let's exclude Nobel Prize and other achievement awards in other areas. Otherwise, it's just high school all over again: the jocks get special treatment.

That's cool though.. Because the school I went to the jocks all ended up as fat losers. I'm the D&D playing, BBS running, basic programing, MUD designing, dork.. Now I have a smoking hot 23yr old girlfriend (I'm 38) and a bunch of other prizes. I do not regret any of my choices nor do I envy the jocks of yesteryear.

Would I know her, or is she Canadian?


Dang, I only live with a decently-attractive 23-year-old who has a boyfriend. I feel left off the boat.
 
2012-08-08 05:39:49 PM  

xynix: ThatGuyGreg: Taxes on the medal is retarded. Taxes on their cash income? Why the hell not? It's not as if the tax bill comes due before they get the check.

Actually it's not.. farking feds.My company wanted to give me a Rolex a couple years ago for "smashing sales" and I don't do Rolex watches. I think they look pretentious and they're too bulky.. Anyway if they're going to give it to me then why not right? It's free! Nope.. It's declared taxable income and at the price of $15000 or so I wasn't about to pay half that in taxes for a shiatty watch. A pawn shop would have given me 2k for it or maybe I could sell it to someone for 10k but I seriously doubt it and it wouldn't be worth it.


You're not representing the country to the world at your company.
 
2012-08-08 05:45:40 PM  
Yes, they pay taxes on the income received for winning a gold medal.

They also get to deduct business expenses like training, coaches, and travel.

Let me know how big the tax bill is after deductions.

Also, why shouldn't income be taxable? I guess they could turn down the money if they want.
 
2012-08-08 05:53:02 PM  

The_Sponge: Rapmaster2000: Gabby Douglas can get a shiatload more that $700 for her medal on the open market.


I see your point regarding game show prizes, but....

Of course she can get more than $700, but do you know how shiatty she would feel...or any other athlete would feel if they had to sell their Olympic medal?

/And end up on Pawn Stars.
//A gold medal in gymnastics from the London Olympics?
///I can do fifty bucks.


I'll need to call my buddy. He's an expert on Olympic medals...
 
2012-08-08 05:58:36 PM  
Paying your taxes is American. They are Americans performing a job representing America. They need to pay taxes.

On the other hand, Mittens is an American who gets out of paying taxes, Not paying taxes means he's not an American.

And the Olympic Games rake in big cash for American companies, many of which also do not pay their fair share of taxes...while they aren't people, they're American companies...

What have we learned? Mitt Romney and American companies are neither people or Americans.

I shall now put down the pipe.
 
2012-08-08 06:19:05 PM  

Nabb1: My first impulse upon hearing that the medal winners had to pay income taxes on the medals was to be appropriately appalled, but considering the cash bonus paid would more than compensate for the tax on the medal and the fact that some of these gold medal winners are millionaires (Michael Phelps, the entire men's basketball team) make me think this is more along the lines of a minor inconvenience than a grave injustice.


So because 30 athletes are millionaires we should see fit to put a financial hardship on people like the womans synchronized swimming team or the javelin team who are most certainly not millionaires? It isn't like they are exempt from all income associated with the olympics notariaty, just the medal and the award money. You sound concerned.
 
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