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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 5
    More: Asinine, Marco Rubio, U.S. Olympic Committee, Americans  
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1531 clicks; posted to Sports » on 08 Aug 2012 at 4:21 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-08-08 04:20:51 PM
1 votes:

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 04:06:00 PM
1 votes:

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 03:56:32 PM
1 votes:
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 03:43:56 PM
1 votes:

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 03:42:04 PM
1 votes:
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.
 
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