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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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3075 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»



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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.
 
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