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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 124
    More: Stupid, Fox News, U.S. Olympic, Uncle Sam, Winter Olympics, United States, gold prices, alpine skiing, wages  
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3063 clicks; posted to Main » on 08 Feb 2014 at 7:25 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



124 Comments   (+0 »)
   
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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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