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(Fox News)   Well, at least the Winter Olympics gives Fox News another chance to dust off its "Are High Taxes Making It Too Hard For Our Athletes To Afford Winning A Medal?" article   (foxnews.com ) divider line
    More: Stupid, Fox News, U.S. Olympic, Uncle Sam, Winter Olympics, United States, gold prices, alpine skiing, wages  
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3077 clicks; posted to Main » on 08 Feb 2014 at 7:25 PM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



124 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2014-02-08 05:40:58 PM  
I remember after Phil Mickelson choked away yet another US Open last year, Fox News ran some derpy story about how he was probably relieved because he'd have owed another million bucks in taxes if he'd come in first.

Yeah, I'm sure that winning the one major that's eluded him, and putting himself in the inner circle of the greatest golfers of all time by only being the 5th golfer ever to complete the career Grand Slam wouldn't enter into it at all, and having to pay a bit of tax would make him regret it.  My suspicion is that Mickelson, like many pro golfers (and pro athletes in general) is in general alignment with Fox News politically, but if I were him, I'd find that insulting as hell.
 
2014-02-08 06:00:08 PM  
Taxation is at the lowest levels since... You know what forget it

Keep farking that chicken, Fox
 
2014-02-08 06:02:42 PM  
You earn income, you pay taxes. If they don't like the laws, nobody is forcing them to compete.
 
2014-02-08 06:07:34 PM  
im sorry, did they just give an example of two millionaires who are in the top tax bracket, and expect me to feel bad that if they win an extra 25k they only net around 16? let me bust out the smallest violen ever
 
2014-02-08 06:31:47 PM  

vudutek: You earn income, you pay taxes. If they don't like the laws, nobody is forcing them to compete.


We all know that Fox News is the home to fair and balanced reporting, never so better exemplified by their restrained and thoughtful coverage of US tax policy.
 
2014-02-08 06:34:13 PM  
So... Tax breaks?
 
2014-02-08 06:47:44 PM  

clancifer: So... Tax breaks?


That is the answer to every question.

/As long as the tax breaks go to the wealthy
//the poors need to pay MORE taxes, so they have some 'skin in the game'
 
2014-02-08 06:52:58 PM  
Yea, I'm sure that an Olympian is thinking "Winning a metal is an accomplishment of a lifetime, but I better not as I'd have to pay taxes on it."

Medal-winning Olympians have so many endorsement deals thrown at them upon coming home that paying taxes on their medal isn't a problem.
 
2014-02-08 07:09:39 PM  
You mean lower taxes will help athletes compete against athletes from other countries that already have higher tax burdens?  The one American carded athlete I know told me that most other nation's athletes are much better funded which is why she needs sponsors.
 
2014-02-08 07:21:41 PM  
How are Olympic teams paid for?
 
vpb [TotalFark]
2014-02-08 07:24:34 PM  
Olympic athletes aren't professionals and they usually aren't really well off so I doubt that they are affected by taxes much.
 
2014-02-08 07:32:44 PM  
Just as the Olympics should be free in their entirety to watch, as Canada does for its citizenry, performing in the Olympics should not be subject to these kinds of burdensome taxes. There people are risking a lot for the sake of American PR, they should not have to pay taxes on the glory they bring home.
 
2014-02-08 07:32:50 PM  

vpb: Olympic athletes aren't professionals and they usually aren't really well off so I doubt that they are affected by taxes much.



I think Charles Barkley, Lebron James are considered well off.    And they are affected by taxes.
 
2014-02-08 07:34:38 PM  

dustman81: Yea, I'm sure that an Olympian is thinking "Winning a metal is an accomplishment of a lifetime, but I better not as I'd have to pay taxes on it."

Medal-winning Olympians have so many endorsement deals thrown at them upon coming home that paying taxes on their medal isn't a problem.


[citation needed]
 
2014-02-08 07:37:27 PM  

fusillade762: How are Olympic teams paid for?


Endorsements?
 
2014-02-08 07:40:40 PM  
Oh no! Dropping $10k in taxes in exchange for potential endorsement deals in the high 6 figures / low 7 figures?

That's just Guantanamo style torture!
 
2014-02-08 07:42:18 PM  
Other countries: Our Olympians join the military and have the easy life in their hard training for the games.

Foxnews: DAMN SOCIALISMS!!!!

Jamaica: We just like were on the beach and we thought, we should go in da bobsled competition, mon.

Foxnews: DAMN LAZY BLACK PEOPLES!!!!!

North American Olympic Athletes: Welfare is great. I can spend 16 hours a day training and dumb suckers give me money to get to the games to compete.

Foxnews: Ah, good? I mean like you are waving the U.S. flag, right? Damn you Obama for not throwing cash at these flag waving patriots.
 
2014-02-08 07:42:20 PM  

ManateeGag: fusillade762: How are Olympic teams paid for?

Endorsements?


Sponsorships, endorsements, etc..
 
2014-02-08 07:42:26 PM  
You realize you only pay taxes on money you earn, right?

It's a tax on income - it's not like there's a $9k fine for winning a medal that's leaving the athletes poorer than when they started.
 
2014-02-08 07:44:42 PM  

InterruptingQuirk: Just as the Olympics should be free in their entirety to watch, as Canada does for its citizenry, performing in the Olympics should not be subject to these kinds of burdensome taxes. There people are risking a lot for the sake of American PR, they should not have to pay taxes on the glory they bring home.


I mean how are they ever going to pay taxes that result because we gave them a pile of money? That is outrageous. It isn't like they just got a bunch of money or anything.
 
2014-02-08 07:45:37 PM  

dustman81: Yea, I'm sure that an Olympian is thinking "Winning a metal is an accomplishment of a lifetime, but I better not as I'd have to pay taxes on it."

Medal-winning Olympians have so many endorsement deals thrown at them upon coming home that paying taxes on their medal isn't a problem.


How the hell is that a motivation?  They're gonna have to pay so much of their sponsorship money to Uncle Sam they might as well just sign up for food stamps now.  Did you even read the article?  The more money you make, the poorer you are.
 
2014-02-08 07:46:28 PM  
On Tuesday, Texas GOP Rep. Blake Farenthold re-introduced legislation -- the "Tax Exemptions for American Medalists (TEAM) Act" - that would exempt U.S. Olympic athletes from paying taxes on the medals and the accompanying money.

"This needless tax illustrates how complicated and burdensome our tax code has become," he said.  "We need a fairer system for all, and eliminating this unnecessary tax burden on our athletes is a good way to start."

During the 2012 presidential campaign, Republican nominee Mitt Romney and President Obama backed a similar Senate proposal.



Since Romney is for it, I'm going to be against this idea.
 
2014-02-08 07:47:08 PM  
And clearly the potential tax burden has really made it nigh impossible to even field athletes for most of the events.  Our team has like what, ten or eleven people on it?  And those bastards are probably on food stamps.
 
2014-02-08 07:47:22 PM  

vudutek: You earn income, you pay taxes. If they don't like the laws, nobody is forcing them to compete.


On this weeks episode of 'When Right Wing Talking Points Go Bad':

'The knew what they signed up for',
 
2014-02-08 07:48:23 PM  

Descartes: "This needless tax illustrates how complicated and burdensome our tax code has become," he said.  "We need a fairer system for all, and eliminating this unnecessary tax burden on our athletes is a good way to start."


Umm. Does he realize he is advocating creating an exception to the normal rules? In other words making the tax code MORE complicated.
 
2014-02-08 07:49:15 PM  
Just imagine if NPR or BSNBC ran this story. Farkers would be outraged that Olympic medal winners were expected to pay taxes on their medals.
 
2014-02-08 07:49:30 PM  
At risk of agreeing with Fox News, it is stupid to tax Olympic winnings.

But then our tax reporting requirements for citizens who live out of the country are rediculous.  You just about need a CPA to file your income, bank account information, and all kinds of extra stuff to more than likely not owe anything.
 
2014-02-08 07:51:40 PM  
What is consistently overlooked is that these athletes enter multiple tournaments in non-Olympic years.

They have an income just like us. I don't hear the biatching about taxes in the off years.
 
2014-02-08 07:55:43 PM  
The rich pay no taxes.
Everybody knows this.
 
2014-02-08 07:58:22 PM  

TerminalEchoes: Just imagine if NPR or BSNBC ran this story. Farkers would be outraged that Olympic medal winners were expected to pay taxes on their medals.


No, but at least we'd know the story had merit and wasn't some bullshiat pulled out of Roger Ailes' ass.
 
2014-02-08 08:01:50 PM  

mainstreet62: ManateeGag: fusillade762: How are Olympic teams paid for?

Endorsements?

Sponsorships, endorsements, etc..


So no tax money is involved?
 
2014-02-08 08:03:38 PM  

mainstreet62: What is consistently overlooked is that these athletes enter multiple tournaments in non-Olympic years.

They have an income just like us. I don't hear the biatching about taxes in the off years.


Well, yeah. The athletes aren't rich. If they don't want to pay as much in taxes they should just make more money.
 
2014-02-08 08:04:15 PM  
Great, so don't reward them and there's nothing to tax. Boom. Done.
 
2014-02-08 08:04:20 PM  
 
2014-02-08 08:05:44 PM  

InterruptingQuirk: dustman81: Yea, I'm sure that an Olympian is thinking "Winning a metal is an accomplishment of a lifetime, but I better not as I'd have to pay taxes on it."

Medal-winning Olympians have so many endorsement deals thrown at them upon coming home that paying taxes on their medal isn't a problem.

[citation needed]


Forbes Magazine, August 12th, 2012, "...And now for those endorsement deals" (New window)
 
2014-02-08 08:06:29 PM  

dustman81: Yea, I'm sure that an Olympian is thinking "Winning a metal is an accomplishment of a lifetime, but I better not as I'd have to pay taxes on it."

Medal-winning Olympians have so many endorsement deals thrown at them upon coming home that paying taxes on their medal isn't a problem.


You should look at an interview that Jon Stewart has with Edward Conard.  Stewart's argument is very similar to yours.  Conrad (a former Bain Capital executive) says that if taxes are higher, Americans will be disinclined to be inventive if they think they will be less able to profit from it.  And Stewart's reply is basically, "I don't think you understand the nature of creativity."
 
2014-02-08 08:06:31 PM  

fusillade762: How are Olympic teams paid for?


Tax cuts and prayer in public schools
 
2014-02-08 08:06:43 PM  

IS CHLOE MAKING IT HARDER

FOR OUR ATHLETES TO TRAIN?

img.fark.net
 
2014-02-08 08:06:57 PM  
Fox News: Where scientists and schoolteachers are "leeches" who deserve to pay double-extra taxes, but the person in the world who is the best at riding a snowboard off a cliff needs a special Congressional exemption on their income.
 
2014-02-08 08:08:52 PM  
Well that explains why the US does so poorly at every Olympics.....

Besides which look at the other countries that frequently compete on a medal count with the US. I'm pretty damn sure that most of them pay more taxes.
 
2014-02-08 08:10:48 PM  

Prey4reign: vudutek: You earn income, you pay taxes. If they don't like the laws, nobody is forcing them to compete.

We all know that Fox News is the home to fair and balanced reporting, never so better exemplified by their restrained and thoughtful coverage of US tax policy.


Yes, and it is totally balanced over at MSNBC where they said that the IRS is fair because somewhere in America, a Democrat was audited in 2012.
 
2014-02-08 08:11:27 PM  

TheGreatGazoo: At risk of agreeing with Fox News, it is stupid to tax Olympic winnings.


Or what's more stupid is faking false outrage over a tax rate that only the richest of the rich olympic athletes will pay.  The guys who are competing in Ice Curling?  They will pay maybe 5 bucks in taxes if they win the gold - if that.

But then our tax reporting requirements for citizens who live out of the country are rediculous.  You just about need a CPA to file your income, bank account information, and all kinds of extra stuff to more than likely not owe anything.

You do realize US olympic athletes don't live outside the US?
 
2014-02-08 08:12:48 PM  

fusillade762: How are Olympic teams paid for?


The US Curling team had to take two weeks off their regular jobs to compete.  No one pays for them.  And no one will give them the endorsements that a gold winning ice skater will receive.
 
2014-02-08 08:14:36 PM  

TerminalEchoes: Just imagine if NPR or BSNBC ran this story. Farkers would be outraged that Olympic medal winners were expected to pay taxes on their medals.


Nope, I'd still not give a damn one way or the other. The 2010 Olympics brought the US 37 medals, figure maybe 60 individuals due to team events. So even if all the athletes were in the top bracket (they're not), we're talking in the neighborhood of $360k in taxes. Not enough for me to care if they get an exemption carved out. But I also don't care that people get taxed on income earned just because it was earned doing something "special."

The source, whether Fox or NPR, is not going going to make me care either way.
 
2014-02-08 08:15:06 PM  

dywed88: InterruptingQuirk: Just as the Olympics should be free in their entirety to watch, as Canada does for its citizenry, performing in the Olympics should not be subject to these kinds of burdensome taxes. There people are risking a lot for the sake of American PR, they should not have to pay taxes on the glory they bring home.

I mean how are they ever going to pay taxes that result because we gave them a pile of money? That is outrageous. It isn't like they just got a bunch of money or anything.


Those assholes trained on roads we built.  Tax those farkers.  We earned that gold.
 
2014-02-08 08:16:25 PM  
You didnt win that medal asshole.

How'd you get to the gym?  You build it on your own property?  How'd you get to the airport to get here?

Pay up slacker.
 
2014-02-08 08:16:55 PM  
Also - when athletes die, their kids have to pay taxes on the medals that get passed down.
 
2014-02-08 08:18:49 PM  
Coming in first among my peers from around the whole farking world would mean more to me than farking money.
 
2014-02-08 08:19:00 PM  
You earn money, you pay taxes. This should not be a difficult thing to understand.
 
2014-02-08 08:20:34 PM  
Oh look, its another unchallenged PR release from Grover Norquist and his boss the Koch Bros. again.
 
2014-02-08 08:23:10 PM  

dustman81: InterruptingQuirk: dustman81: Yea, I'm sure that an Olympian is thinking "Winning a metal is an accomplishment of a lifetime, but I better not as I'd have to pay taxes on it."

Medal-winning Olympians have so many endorsement deals thrown at them upon coming home that paying taxes on their medal isn't a problem.

[citation needed]

Forbes Magazine, August 12th, 2012, "...And now for those endorsement deals" (New window)


That report mentioned two people. There were over 2,300 athletes in the 2002 winter games and 34 medals awarded to some of those people. A few people earning some endorsement money from deals that have nothing to do with their awards are irrelevant to the right thing in not taxing them for their winnings directly paid by the Olympics. Most Olympians are amateurs, they should have non-profit status at the games.
 
2014-02-08 08:26:27 PM  

INeedAName: Also - when athletes die, their kids have to pay taxes on the medals that get passed down.


If it's part of property over the 2014 exemption value of $5.25M, yes they'll pay 40% of its value on it.

Of course, they'll also have $5.25M of inheritance to pay it with.

Truly, history's greatest injustice.
 
2014-02-08 08:29:10 PM  

Nutsac_Jim: You didnt win that medal asshole.

How'd you get to the gym?  You build it on your own property?  How'd you get to the airport to get here?

Pay up slacker.


Every government provides a standard of living that gives us advantages or disadvantages in nearly every human endeavor including athletics.  This is because we as a society feel it necessary to collectively spend capital on infrastructure, defense, and technological research. Even more is spent on a complex system of governing designed to help the governed determine the best way to expend that capital.  Even when it barely functions (like now) it still provides them with the means to achieve their success.

We might not like what our taxes buy for us but the solution is not to stop paying taxes.
 
2014-02-08 08:30:35 PM  
It's actually quite simple.  First of all, these are cash awards, which means that once taxes are taken away, the athletes still end up with a net amount of (you guessed it) cash.  Now if this were a situation where the IRS deemed that the fair market value of the gold medal (a non-cash items) was $25,000 and no cash award was given, then the poorer athletes may be hard-pressed to come up with the cash to cover the taxes on it.

CSB: I was on Wheel of Fortune once.  One of the prizes I won was a his & hers pair of watches which the show said had a retail value of $1,190.  I had to pay federal and CA taxes on that amount, even though they were appraised later on at about $50 apiece.  Paying taxes on a non-cash item is what really can hurt, and we (contestants) were given the option to decline receiving any prize for income tax savings purposes.

Which brings me to my next point: we have a graduated tax system.  The super-rich are going to pay 39.6% of this extra $25,000 tacked onto their normally sizable income, or $9,900 (plus whatever the state they live in adds on to that).  If Fox News wants to paint the picture that we're sending damn-near-poverty-stricken athletes to the games, then their effective tax rate is going to be as small as 15% or even lower, or $3,750.  I'm betting that we have a mixture of super-rich folks, middle-class folks, and maybe even a couple of rags-to-potential riches people representing us at the Olympics, but the fact of the matter is, the richer they are, the more they'll have their prize CASH money deducted come the following April 15th.

Fox News, quit being such retards.
 
2014-02-08 08:33:23 PM  
The price of gold: Taking first place in Olympics could cost US stars as much as $10G in taxes

The U.S. Olympic Commission awards cash prizes to Olympians who win a medal -- $25,000 for a gold


Woe is me! A net profit of $154k! How ever will they cope?
 
2014-02-08 08:33:58 PM  
$15k. 154 is a typo.
 
2014-02-08 08:34:44 PM  

Nutsac_Jim: You didnt win that medal asshole.

How'd you get to the gym?  You build it on your own property?  How'd you get to the airport to get here?

Pay up slacker.


U mad bro?
 
2014-02-08 08:35:30 PM  

Nutsac_Jim: You didnt win that medal asshole.

How'd you get to the gym?  You build it on your own property?  How'd you get to the airport to get here?

Pay up slacker.


Yeah, champ, you personally put a lot of effort into those medals. I bet your blood type is Cheeto dust.
 
2014-02-08 08:35:40 PM  

TerminalEchoes: Just imagine if NPR or BSNBC ran this story. Farkers would be outraged that Olympic medal winners were expected to pay taxes on their medals.


I suppose that's why they say Fox NewsTM Reporters are always asking the questions other are too smart to ask.
 
2014-02-08 08:37:59 PM  

gingerjet: The US Curling team had to take two weeks off their regular jobs to compete. No one pays for them. And no one will give them the endorsements that a gold winning ice skater will receive.


They won't be on nationally-televised ads, but nearly every sport has specialized gear, broadcasts, etc.

The captain of the gold-medal winning curling team from 2010, to use your example, runs a curling academy, owns a curling supplies shop, and is working for NBC Sports during this Olympics.  I'm sure somewhere there is a curling magazine full of ads with this guy smiling next to brooms and big rocks and whatever the hell else you need to go curling.  And that's before you get into the private sponsorships and support that most/all US Olympic athletes receive.

That sort of fame probably covers the $10K per medal in taxes every four years.
 
2014-02-08 08:39:27 PM  

TerminalEchoes: Just imagine if NPR or BSNBC ran this story. Farkers would be outraged that Olympic medal winners were expected to pay taxes on their medals.


No, no we are not. Do you always make strawman arguments?
 
2014-02-08 08:41:17 PM  
TIL income is taxed.
 
2014-02-08 08:43:37 PM  

chimp_ninja: That sort of fame probably covers the $10K per medal in taxes every four years.


Huh.  Or they could use the $25K cash they get from the USOC for winning, which I wasn't even aware of.

And yes, I'm assuming that they're being taxed at the top rate that kicks in at $400K of income if filing singly.
 
2014-02-08 08:43:44 PM  

fusillade762: mainstreet62: ManateeGag: fusillade762: How are Olympic teams paid for?

Endorsements?

Sponsorships, endorsements, etc..

So no tax money is involved?


I'm sure taxes play a role, but if an athlete is top tier, I'm fairly sure the companies don't mind picking up the tax tab for a winner if possible.
 
2014-02-08 08:47:55 PM  

Nabb1: Nutsac_Jim: You didnt win that medal asshole.

How'd you get to the gym?  You build it on your own property?  How'd you get to the airport to get here?

Pay up slacker.

Yeah, champ, you personally put a lot of effort into those medals. I bet your blood type is Cheeto dust.


You both win a medal.
 
2014-02-08 08:48:14 PM  
I applaud this patriotic legislation to ensure that American Olympic athletes do not have to pay taxes for winning medals and earning prize money abroad.

But American job creators should also be exempt from taxes on corporate earnings on the balance sheets of subsidiaries based outside of the USA.

Fair is fair.
 
2014-02-08 08:51:18 PM  

Moopy Mac: Nabb1: Nutsac_Jim: You didnt win that medal asshole.

How'd you get to the gym?  You build it on your own property?  How'd you get to the airport to get here?

Pay up slacker.

Yeah, champ, you personally put a lot of effort into those medals. I bet your blood type is Cheeto dust.

You both win a medal.


But in the wrong Olympics
 
2014-02-08 08:53:00 PM  
so they get paid a bunch of cash and get taxed on it... seems like that should be the case.
 
2014-02-08 08:56:14 PM  

jake_lex: I remember after Phil Mickelson choked away yet another US Open last year, Fox News ran some derpy story about how he was probably relieved because he'd have owed another million bucks in taxes if he'd come in first.

Yeah, I'm sure that winning the one major that's eluded him, and putting himself in the inner circle of the greatest golfers of all time by only being the 5th golfer ever to complete the career Grand Slam wouldn't enter into it at all, and having to pay a bit of tax would make him regret it.  My suspicion is that Mickelson, like many pro golfers (and pro athletes in general) is in general alignment with Fox News politically, but if I were him, I'd find that insulting as hell.


But, would it suck if the taxes he would have to pay were greater than the money he won for that win, considering he's a professional golfer and does this for a living?
 
2014-02-08 08:57:17 PM  
Yeah I'm sure athletes visiting a place where you can't drink the tap water and have to shiat next to your buddy with no divider think 'my tax money is just wasted in America.'

Americans pay lower taxes and get superior service than just about anyone, as everyone who has ever travelled abroad knows.
 
2014-02-08 09:02:52 PM  
implied pirate:

the taxes he would have to pay were greater than the money he won for that win,

How do people not understand that that's not possible?
 
2014-02-08 09:05:14 PM  

implied pirate: But, would it suck if the taxes he would have to pay were greater than the money he won for that win, considering he's a professional golfer and does this for a living?


How would this happen?  Income tax is progressive.
 
2014-02-08 09:09:14 PM  
Bebe Neuwirth!
 
2014-02-08 09:11:55 PM  
Sorry, but they are all pro athletes. Of course they are taxed.
 
2014-02-08 09:12:18 PM  

Tigger: implied pirate:

the taxes he would have to pay were greater than the money he won for that win,

How do people not understand that that's not possible?


Because people are penalized for earning more money. This penalty disincentives work. Notice how many people today reject six-figure salaries. And abolutely no one wants to make over 400k - better to be on food stamps and live in swanky public housing.
 
2014-02-08 09:12:37 PM  

usernameguy: Bebe Neuwirth!


pays too much tax, or something.

/Goddamn wrong tabs...
 
2014-02-08 09:13:22 PM  

netcentric: vpb: Olympic athletes aren't professionals and they usually aren't really well off so I doubt that they are affected by taxes much.


I think Charles Barkley, Lebron James are considered well off.    And they are affected by taxes.


They're the rare exception, I never agreed with letting pros into the Olympics. They can afford the taxes though. Don't try to lie and say they're suffering financially because of taxes.
 
2014-02-08 09:14:44 PM  

InterruptingQuirk: dustman81: Yea, I'm sure that an Olympian is thinking "Winning a metal is an accomplishment of a lifetime, but I better not as I'd have to pay taxes on it."

Medal-winning Olympians have so many endorsement deals thrown at them upon coming home that paying taxes on their medal isn't a problem.

[citation needed]


www.trbimg.com
 
2014-02-08 09:19:59 PM  

TerminalEchoes: Just imagine if NPR or BSNBC ran this story. Farkers would be outraged that Olympic medal winners were expected to pay taxes on their medals.


No, but keep making stuff up. Maybe someone will eventually believe you.
 
2014-02-08 09:27:33 PM  

Mad_Radhu: InterruptingQuirk: dustman81: Yea, I'm sure that an Olympian is thinking "Winning a metal is an accomplishment of a lifetime, but I better not as I'd have to pay taxes on it."

Medal-winning Olympians have so many endorsement deals thrown at them upon coming home that paying taxes on their medal isn't a problem.

[citation needed]

[www.trbimg.com image 448x600]


You showed him.
 
2014-02-08 09:29:03 PM  

Nutsac_Jim: Prey4reign: vudutek: You earn income, you pay taxes. If they don't like the laws, nobody is forcing them to compete.

We all know that Fox News is the home to fair and balanced reporting, never so better exemplified by their restrained and thoughtful coverage of US tax policy.

Yes, and it is totally balanced over at MSNBC where they said that the IRS is fair because somewhere in America, a Democrat was audited in 2012.


This thread isn't about MSNBC. Trying to say that they're bad too doesn't invalidate the fact that Fox is stupid. I'm responding to you as if you're a fifth grade because that's your apparent intelligence level.
 
2014-02-08 09:31:00 PM  

Abacus9: netcentric: vpb: Olympic athletes aren't professionals and they usually aren't really well off so I doubt that they are affected by taxes much.


I think Charles Barkley, Lebron James are considered well off.    And they are affected by taxes.

They're the rare exception, I never agreed with letting pros into the Olympics. They can afford the taxes though. Don't try to lie and say they're suffering financially because of taxes.


Olympic amateurism was just a way to protect wealthy people's spots because the working class couldn't afford to train for free.
 
2014-02-08 09:32:16 PM  

jake_lex: I remember after Phil Mickelson choked away yet another US Open last year, Fox News ran some derpy story about how he was probably relieved because he'd have owed another million bucks in taxes if he'd come in first.

Yeah, I'm sure that winning the one major that's eluded him, and putting himself in the inner circle of the greatest golfers of all time by only being the 5th golfer ever to complete the career Grand Slam wouldn't enter into it at all, and having to pay a bit of tax would make him regret it.  My suspicion is that Mickelson, like many pro golfers (and pro athletes in general) is in general alignment with Fox News politically, but if I were him, I'd find that insulting as hell.


content9.flixster.com

They do realize this guy was an asshole, right?
 
2014-02-08 09:42:53 PM  

implied pirate: jake_lex: I remember after Phil Mickelson choked away yet another US Open last year, Fox News ran some derpy story about how he was probably relieved because he'd have owed another million bucks in taxes if he'd come in first.

Yeah, I'm sure that winning the one major that's eluded him, and putting himself in the inner circle of the greatest golfers of all time by only being the 5th golfer ever to complete the career Grand Slam wouldn't enter into it at all, and having to pay a bit of tax would make him regret it.  My suspicion is that Mickelson, like many pro golfers (and pro athletes in general) is in general alignment with Fox News politically, but if I were him, I'd find that insulting as hell.

But, would it suck if the taxes he would have to pay were greater than the money he won for that win, considering he's a professional golfer and does this for a living?


Which would never (there are a few exceedingly rare circumstances that could result in taxes over 100%, but they are so rare they may as well be non-existent) be the case because you are taxed on income.

Now, if he is awarded non-cash prizes, there could be a cashflow issue, but he would still come out ahead.
 
2014-02-08 09:45:45 PM  
Medals should only be taxable if sold.
 
2014-02-08 09:48:01 PM  

Nutsac_Jim: You didnt win that medal asshole.

How'd you get to the gym?  You build it on your own property?  How'd you get to the airport to get here?

Pay up slacker.


"You Olympians, however, know you didn't get here solely on your own power. For most of you, loving parents, sisters or brothers, encouraged your hopes, coaches guided, communities built venues in order to organize competitions. All Olympians stand on the shoulders of those who lifted them. We've already cheered the Olympians, let's also cheer the parents, coaches, and communities."
 
2014-02-08 09:54:10 PM  

dywed88: implied pirate: jake_lex: I remember after Phil Mickelson choked away yet another US Open last year, Fox News ran some derpy story about how he was probably relieved because he'd have owed another million bucks in taxes if he'd come in first.

Yeah, I'm sure that winning the one major that's eluded him, and putting himself in the inner circle of the greatest golfers of all time by only being the 5th golfer ever to complete the career Grand Slam wouldn't enter into it at all, and having to pay a bit of tax would make him regret it.  My suspicion is that Mickelson, like many pro golfers (and pro athletes in general) is in general alignment with Fox News politically, but if I were him, I'd find that insulting as hell.

But, would it suck if the taxes he would have to pay were greater than the money he won for that win, considering he's a professional golfer and does this for a living?

Which would never (there are a few exceedingly rare circumstances that could result in taxes over 100%, but they are so rare they may as well be non-existent) be the case because you are taxed on income.

Now, if he is awarded non-cash prizes, there could be a cashflow issue, but he would still come out ahead.


When you're right, you're right. And you are right.
 
2014-02-08 10:06:49 PM  
$10G?

Is that in Gangsta units? I've never seen a real news source refer to 10,000 as 10G. Maybe 10k.

Did I miss something?
 
2014-02-08 10:15:09 PM  
I thought that Olympians were amateur athletes.  Since when did they become interested in money?  And who is this "Americans for Tax Reform"?  Is it that "999" Pizza Guy or just some other crackpot?
 
2014-02-08 10:23:54 PM  

Parthenogenetic: I applaud this patriotic legislation to ensure that American Olympic athletes do not have to pay taxes for winning medals and earning prize money abroad.

But American job creators should also be exempt from taxes on corporate earnings on the balance sheets of subsidiaries based outside of the USA.

Fair is fair.


I'm an international tax accountant, so I got a kick out of that response.  :)  Actually, whenever cash is paid by a sub into the US in the form of a dividend or deemed-dividend, the company has their paid foreign taxes credited against the US tax liability, so that the US parent corporation is not unfairly taxed twice.  Still, Uncle Sam requires a very complex calculation to determine the credit, but I'm betting you already figured as much.  :)  Look up Form 1118 on the IRS website.
 
2014-02-08 10:25:56 PM  

TerminalEchoes: Just imagine if NPR or BSNBC ran this story. Farkers would be outraged that Olympic medal winners were expected to pay taxes on their medals.


I thought we were all socialist-communists? Why would we decry Olympians having to pay taxes like everyone else?

Turbo Cojones: I thought that Olympians were amateur athletes.


That was pretty much abandoned in the 90s.
 
2014-02-08 10:38:13 PM  

Sgt Otter: jake_lex: I remember after Phil Mickelson choked away yet another US Open last year, Fox News ran some derpy story about how he was probably relieved because he'd have owed another million bucks in taxes if he'd come in first.

Yeah, I'm sure that winning the one major that's eluded him, and putting himself in the inner circle of the greatest golfers of all time by only being the 5th golfer ever to complete the career Grand Slam wouldn't enter into it at all, and having to pay a bit of tax would make him regret it.  My suspicion is that Mickelson, like many pro golfers (and pro athletes in general) is in general alignment with Fox News politically, but if I were him, I'd find that insulting as hell.

[content9.flixster.com image 360x211]

They do realize this guy was an asshole, right?


Mr Krabs?
 
2014-02-08 10:54:49 PM  
Too bad they are not rich enough. If they were, the question wouldn't be how much should they pay in taxes, but whether they should be killed or not.
 
2014-02-08 11:06:10 PM  

Ernest T Bass: Snopes looked at this in 2012.


One aspect of the Olympic Games many U.S. viewers remain unaware of is the fact that U.S. medalists (like those from many other countries) receive cash prizes along with their medals: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. These rewards are not paid by the International Olympic Committee (which furnishes the medals), but by the U.S. Olympic Committee (just as participants from some other countries receive prizes put up by their home countries' Olympic committees).

Taxes on cash income?  So Fox lies again.
 
2014-02-08 11:09:56 PM  
Is this the same Faux News that runs all those cash for gold ads?
 
2014-02-08 11:16:29 PM  
Why yes, all of our Olympic athletes are trained entirely at taxpayer's expense.  Right.  Keep up the good work, Fox.
 
2014-02-08 11:25:33 PM  

Abacus9: Nutsac_Jim: Prey4reign: vudutek: You earn income, you pay taxes. If they don't like the laws, nobody is forcing them to compete.

We all know that Fox News is the home to fair and balanced reporting, never so better exemplified by their restrained and thoughtful coverage of US tax policy.

Yes, and it is totally balanced over at MSNBC where they said that the IRS is fair because somewhere in America, a Democrat was audited in 2012.

This thread isn't about MSNBC. Trying to say that they're bad too doesn't invalidate the fact that Fox is stupid. I'm responding to you as if you're a fifth grade because that's your apparent intelligence level.


Yeah.. Stupid Fox news for pointing out that we should perhaps not tax these gold medals.   fark you Fox.  We need the money.  Good job resorting to insults.
 
2014-02-08 11:31:45 PM  
Do they get to claim their expense? e.g. does Shaun White get to claim every lift ticket as a business expense?
 
2014-02-08 11:36:27 PM  

Nutsac_Jim: Abacus9: Nutsac_Jim: Prey4reign: vudutek: You earn income, you pay taxes. If they don't like the laws, nobody is forcing them to compete.

We all know that Fox News is the home to fair and balanced reporting, never so better exemplified by their restrained and thoughtful coverage of US tax policy.

Yes, and it is totally balanced over at MSNBC where they said that the IRS is fair because somewhere in America, a Democrat was audited in 2012.

This thread isn't about MSNBC. Trying to say that they're bad too doesn't invalidate the fact that Fox is stupid. I'm responding to you as if you're a fifth grade because that's your apparent intelligence level.

Yeah.. Stupid Fox news for pointing out that we should perhaps not tax these gold medals.   fark you Fox.  We need the money.  Good job resorting to insults.


Why shouldn't they pay taxes on their income like everyone else? You tried to change the subject. As for insults, you named yourself Nutsac_Jim.
 
2014-02-08 11:53:47 PM  
Hell, if I was good at anything to the ability of winning a gold medal, I would be personally ecstatic. Being best in the world for 4 years at something is worth whatever price gets paid in taxes.

Hell, I'd happily go in the reverse direction - let me pay extra taxes and give me an Olympic gold medal.
 
2014-02-08 11:54:12 PM  
I think the big picture here is, if this is considered an income like any business, then all expenses should be deductible as a loss whether you win a medal or not. Any tax attorneys want to weigh in?
 
2014-02-09 12:05:44 AM  

Turbo Cojones: I thought that Olympians were amateur athletes.  Since when did they become interested in money?


They are amateurs. That's why they don't necessarily have $10K to throw down on taxes in order to win a medal.
 
2014-02-09 12:08:26 AM  

Dwindle: Turbo Cojones: I thought that Olympians were amateur athletes.  Since when did they become interested in money?

They are amateurs. That's why they don't necessarily have $10K to throw down on taxes in order to win a medal.


What about the hockey players?
 
2014-02-09 12:23:24 AM  
As most Olympic athletes are uber wealthy crotch fruit. I don't care pay your taxes. Bring back the 90% tax bracket and close the loopholes.
 
2014-02-09 12:51:00 AM  

xxdonjulioxx: Do they get to claim their expense? e.g. does Shaun White get to claim every lift ticket as a business expense?


Sure does.  After all, he's a professional snowboarder.  It's what he does for a living.  Therefore, any expense that is considered "ordinary and necessary" for him to do his job is deductible against the income he receives.
 
2014-02-09 12:51:23 AM  

Duke_leto_Atredes: As most Olympic athletes are uber wealthy crotch fruit. I don't care pay your taxes. Bring back the 90% tax bracket and close the loopholes.


3/10
 
2014-02-09 01:48:34 AM  
Since when do Olympic athletes represent me?  I didn't vote for anyone on the USOC or the US Olympic athletes, and by the way, the Constitution of the United States of America does not mention anything about ice dancers having some sort of special status that requires that I pay taxes for them.

You want to favor athletes by not taking income tax from them, fine.  All prematurely gray men with indigestion and torn cartilage in their feet are especially patriotic and should not pay taxes either.

// Same damned thing with churches.  Police and fire departments require actual money, so you farking churches are stealing the money out of the mouths of tax paying Americans, in direct violation of the concept of the separation of church and state.
 
2014-02-09 01:57:42 AM  

Tigger: How do people not understand that that's not possible?


SERIOUSLY!  When the marginal tax rates were above 90%, the most successful businesses continued to produce even more, because at the highest levels of performance, they're more motivated by the desire to beat out the competition.  High marginal tax rates are correlated with the periods of incredible productivity.  Lowering taxes for job creators just shows that they could not win in a fair fight with previous captains of industry.  Today's "job creators" are pathetic and think that teh poors and slutty women are holding them back, whereas previous business leaders could only blame the laws of physics for holding them back.
 
2014-02-09 02:00:42 AM  

Dwindle: Turbo Cojones: I thought that Olympians were amateur athletes.  Since when did they become interested in money?

They are amateurs. That's why they don't necessarily have $10K to throw down on taxes in order to win a medal.


You realize they only have to pay that tax if they win the medal, right? And that they don't lose money, they come out ahead because the tax is only a fraction of their winnings. Right? Do we have comprehension?
 
2014-02-09 02:21:39 AM  
We have fallen very far.  It wasn't all that great in the old days, but the old days had one critical piece of knowledge: we knew that we didn't know everything.  Nowadays we value truthiness, we excoriate people who seek compromise and we reject science because it's science.

Not only did we know we didn't know everything, in the old days we thought that that meant that we should strive to learn the things we didn't know.  We are each standing on the shoulders of giants, and because the right hates humanity, they'd rather just reach downwards and cut everyone off at the feet.  Thanks, motherfsckers, you're doing your best to win the argument that humans are inherently and irrevocably evil.
 
2014-02-09 02:37:52 AM  

Dwindle: Turbo Cojones: I thought that Olympians were amateur athletes.  Since when did they become interested in money?

They are amateurs. That's why they don't necessarily have $10K to throw down on taxes in order to win a medal.


Except for that $25,000 they just received...
 
2014-02-09 02:41:28 AM  

xxdonjulioxx: Do they get to claim their expense? e.g. does Shaun White get to claim every lift ticket as a business expense?


Most will file reporting this as self-employment earnings, so yes they will be able to deduct their training expenses. A few may be considered employees for most competitions (i.e. hockey players on professional teams), in which case they may not be able to do so or may only be able to declare any expenses directly related to this competition..
 
2014-02-09 02:46:40 AM  

mofa: We have fallen very far.  It wasn't all that great in the old days, but the old days had one critical piece of knowledge: we knew that we didn't know everything.  Nowadays we value truthiness, we excoriate people who seek compromise and we reject science because it's science.

Not only did we know we didn't know everything, in the old days we thought that that meant that we should strive to learn the things we didn't know.  We are each standing on the shoulders of giants, and because the right hates humanity, they'd rather just reach downwards and cut everyone off at the feet.  Thanks, motherfsckers, you're doing your best to win the argument that humans are inherently and irrevocably evil.


Bravo on the first paragraph. I'd like to disagree with part of the second, but I can't. When the Speaker of the House brags on Leno about being like the Gestapo, I cannot disagree with your second paragraph either.
 
2014-02-09 03:34:26 AM  

gingerjet: fusillade762: How are Olympic teams paid for?

The US Curling team had to take two weeks off their regular jobs to compete.  No one pays for them.  And no one will give them the endorsements that a gold winning ice skater will receive.


I don't see anything wrong with that, personally.
 
2014-02-09 03:59:18 AM  

Nutsac_Jim: Abacus9: Nutsac_Jim: Prey4reign: ...

This thread isn't about MSNBC. Trying to say that they're bad too doesn't invalidate the fact that Fox is stupid. I'm responding to you as if you're a fifth grade because that's your apparent intelligence level.

Yeah.. Stupid Fox news for pointing out that we should perhaps not tax these gold medals.   fark you Fox.  We need the money.  Good job resorting to insults.


If you read the article and took away the message that the gold medal is getting taxed, then Fox have definitely got you right where they want you. It is entirely possible for an athlete to win the gold medal and pay no tax simply by knocking back the payment offered by the US Olympic authorities (not the international Olympics movement who hand over the gold medal).

Another way to look at exactly the same picture is that the US Olympics folks pay 16K to high-tax-bracket gold medalists and sliding-scale-higher payments (up to what? about $6K more?) to low tax bracket gold medalists. Still another way is that they pay $16K per gold medal and make income-support contributions to outstanding athletes who are on low incomes. Whatever angle it's the same picture.

But you've fallen straight for the Fox spin that they're taxing gold medals, which is obviously rubbish.
 
2014-02-09 07:37:49 AM  

gingerjet: You do realize US olympic athletes don't live outside the US?


Actually, the rules are pretty wonky, and (for instance) a number of of the people playing hockey for various countries actually make their livings playing for the NHL, while people who compete for tropical countries actually do their training here in the States or in Europe.
 
2014-02-09 08:17:40 AM  
My life and mood have improved dramatically since I have learned to ignore any headline phrase as a question.
 
2014-02-09 08:28:47 AM  

xxdonjulioxx: Dwindle: Turbo Cojones: I thought that Olympians were amateur athletes.  Since when did they become interested in money?

They are amateurs. That's why they don't necessarily have $10K to throw down on taxes in order to win a medal.

What about the hockey players?


Or athletes in pretty much every sport other than boxing. And even they get support from USA Boxing.
 
2014-02-09 08:31:23 AM  

Moopy Mac: xxdonjulioxx: Dwindle: Turbo Cojones: I thought that Olympians were amateur athletes.  Since when did they become interested in money?

They are amateurs. That's why they don't necessarily have $10K to throw down on taxes in order to win a medal.

What about the hockey players?

Or athletes in pretty much every sport other than boxing. And even they get support from USA Boxing.


I should edit that to:

Or potentially athletes in pretty much every sport other than boxing (which is the only sport that I can remember off the top of my head that has a prohibition on professionals). And even they get support from USA Boxing.
 
2014-02-09 09:33:50 AM  
Perhaps the USOC should simplify things by not paying out a reward for medals, like many other countries.

On the other hand, I think the IRS is more keen than most national tax authorities at getting its slice of income earned abroad.
 
2014-02-09 10:47:05 AM  
News Flash:

NFL is tax exempt.

Olympics should be tax exempt.

If you want to pay more taxes, you can, no one is stopping you.
 
2014-02-09 10:50:12 AM  

williesleg: News Flash:

NFL is tax exempt.

Olympics should be tax exempt.

If you want to pay more taxes, you can, no one is stopping you.


The millions NFL players get for playing is tax exempt?
 
2014-02-09 02:01:28 PM  

iron de havilland: On the other hand, I think the IRS is more keen than most national tax authorities at getting its slice of income earned abroad.


Haha. That is pretty funny. Taxing income earned abroad by residents is a big deal in pretty much every developed country. The only difference is the US taxing based on citizenship.

williesleg: News Flash:

NFL is tax exempt.

Olympics should be tax exempt.

If you want to pay more taxes, you can, no one is stopping you.


I am going to guess that the USOC is a non-profit as. The Olympics most likely are as well.

On the other hand, NFL players and Olympic athletes aren't.
 
2014-02-09 05:24:36 PM  

williesleg: News Flash:

NFL is tax exempt.

Olympics should be tax exempt.

If you want to pay more taxes, you can, no one is stopping you.


Oh really? Most pro-tax millionaires also give a lot to charity. Why would they volunteer to pay more taxes when that means less money goes to their personally selected charities? The fact that they're willing to pay higher taxes doesn't automatically make it their number one priority.
 
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