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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 32
    More: Stupid, Fox News, U.S. Olympic, Uncle Sam, Winter Olympics, United States, gold prices, alpine skiing, wages  
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3053 clicks; posted to Main » on 08 Feb 2014 at 7:25 PM (45 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



Voting Results (Smartest)
View Voting Results: Smartest and Funniest

2014-02-08 06:00:08 PM  
12 votes:
Taxation is at the lowest levels since... You know what forget it

Keep farking that chicken, Fox
2014-02-08 06:07:34 PM  
6 votes:
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 05:40:58 PM  
6 votes:
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.
vpb [TotalFark]
2014-02-08 07:24:34 PM  
4 votes:
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 06:02:42 PM  
4 votes:
You earn income, you pay taxes. If they don't like the laws, nobody is forcing them to compete.
2014-02-08 08:04:20 PM  
3 votes:
2014-02-08 07:48:23 PM  
3 votes:

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 07:42:18 PM  
3 votes:
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 10:23:54 PM  
2 votes:

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 08:19:00 PM  
2 votes:
You earn money, you pay taxes. This should not be a difficult thing to understand.
2014-02-08 08:06:29 PM  
2 votes:

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 07:46:28 PM  
2 votes:
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 07:42:26 PM  
2 votes:
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 07:32:44 PM  
2 votes:
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 06:52:58 PM  
2 votes:
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 06:47:44 PM  
2 votes:

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 08:39:27 PM  
1 votes:

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 08:34:44 PM  
1 votes:

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 08:30:35 PM  
1 votes:
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 08:20:34 PM  
1 votes:
Oh look, its another unchallenged PR release from Grover Norquist and his boss the Koch Bros. again.
2014-02-08 08:12:48 PM  
1 votes:

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 08:11:27 PM  
1 votes:

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 08:08:52 PM  
1 votes:
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 08:06:57 PM  
1 votes:
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 08:04:15 PM  
1 votes:
Great, so don't reward them and there's nothing to tax. Boom. Done.
2014-02-08 08:03:38 PM  
1 votes:

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 07:58:22 PM  
1 votes:

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 07:55:43 PM  
1 votes:
The rich pay no taxes.
Everybody knows this.
2014-02-08 07:51:40 PM  
1 votes:
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 07:49:15 PM  
1 votes:
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 07:21:41 PM  
1 votes:
How are Olympic teams paid for?
2014-02-08 06:31:47 PM  
1 votes:

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.
 
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