From YahooSports:
Medalists will have to pay hefty taxes for standing on the podium in London. It’s not the value of the medal itself that will require a separate line on this years tax returns, it’s the tax on the prize money that comes with a gold, silver or bronze.
The United States Olympic Committee rewards Olympic medalists with honorariums. A gold medal brings $25,000. Silver medals get you $15,000. And a bronze is worth $10,000.
The Weekly Standard, a conservative news magazine, ran the numbers and tabulated that the tax bill on a gold is $8,986, silver is $5,385 and bronze is $3,500.
They note that Missy Franklin, an amateur who has yet to cash in on her fame with endorsements, already owes $14,000 in taxes from her gold and silver medal. By the time the Games are finished, Franklin’s tax bill could reach $30,000.
I wonder:
How much tax did Mr Obama pay for his Nobel Prize?
BZ
Are you kidding me???!! Please excuse my language, but what the bloody hell?! That is unfair and quite frankly, those kids busted their rear-ends to make it to the Olympics and if they win have to pay fines? Unbelievable.
You know Obama didn’t pay a penny for his prize.
Wow! This is outrageous!
Nope, not kidding, although three are bills in draft to change this. Still and all, how senseless was this in the first place?
BZ
Heh, socialists. Greedy effing non producing pieces of 5h1t. The effete Harry Reid’s selective outrage over the foreign manufacture of our uniforms shows just how full of stink he is. Our manufacturers failed to make the sacrifices it takes to compete. These kids made huge sacrifices, competed and won kick ass USA style. Reid and his ilk tax them for their efforts, diminishing their success by tapping a rare well deserved reward and redistributing it to filthy unions. Actions like these inflict atrophy upon our working class and display gross indifference toward success. A great victory that they made happen gets parceled out to losers who did nothing. Hey athletes, you didn’t win that prize… Obama did. Effing sickening.
Sorry for the 2x BUT… this fits the bugger to a T.
http://ace.mu.nu/archives/331602.php
I’ll bet there’s something to this.
Here I’m thinking he wears bras and panties, but this, if there has been even a cuddle, will destroy him.
It might be time to break out the schadenfreude.
Can you imagine of the DEM/MSM were on the “side” of the GOP?
Shit like that WOULD really get pumped into the mainstream media assault, day after day, 24/7, and Reid would stand the same chance as anyone else:
“So, when DID you finally stop beating your wife?”
BZ
All professional athletes pay taxes on their prize winning so why shouldn’t these? Many if not most Olympic athletes enjoy a plethora of subsidies for training expenses, etc. Those expenses they incur while training that are not compensated can be deducted on their taxes. The IOC reminds me of the UN, one reason I try to ignore every aspect of the Olympics.
S Stubbs, I think you summed it up yourself:
By and large, until recently, these were NOT professional athletes. A professional athlete has him/herself as a business client. They have a personal interest. Mostly, it is a JOB. Wages from your job are taxed.
Someone who stems from, say, the south side of Chicago to compete in gymnastics, and who has set their entire young life to do this, should NOT have their medals taxed.
It’s not right. But again, this blog is nothing if but my opinion.
BZ