This is fair.
After all, they didn’t earn that medal all by themselves.
They needed the Obamadork’s help. The Hillabeast’s help, and most importantly, Moooooooooochellllllle’s help.
Pay up, honkies.....
Also note that Obama's Noble prize was tax free.
Gold medals contain just 1% gold. The remaining metal mix is silver 92.5% and about 6% copper, which puts the material price under $650.
Silver medals are mandated by the International Olympic Committee to contain at least 550 grams of “high quality silver.” Despite the mandate and the rising price of silver, the second-place medals are worth about half of the gold medals.
Bronze medals (like the one dented in a bizarre shower accident by Brazil’s Felipe Kitadai) are made up of 97% copper, 2.5% zinc, and .5% tin. Based on current market prices, the raw value of the materials in the medals would bring less than $5.00.
As they aren’t employed by the Olympics, they are contractors. As contractors, ALL their expenses associated with earning the awards is tax deductible. I doubt if any of them have under $50,000 in expenses so far this year, the real successful athletes, several times that.
Phelps is in big trouble.
gold medals are just gold plated silver medals.
heh
Yep... it certainly pays to represent the good ol US of A these days.
So do those who don’t make it to the podium get food stamps and free cell phones???
When did the “worldwide” tax laws change?
In the 70s - 80s I earned hundreds of thousands of dollars overseas and didn’t have to pay any U.S. tax on that income.
This example and all examples of America’s tax insanity could end by replacing the income tax code with a more efficient, smoother, more transparent, easier to comprehend, easier to implement and collect, easier to enforce, more fair, less burdensome tax system that would boost GDP by more than 10% in the first year and revive American manufacturing while making American products and services hugely more competitive globally. What is is?
Here it is:
http://www.fairtax.org/site/PageServer?pagename=about_faq
And if you don’t like it then Shut UP and pay your income taxes.
It’s obama’s birthday today. They’re lucky he hasn’t demanded they send him their medals as a birthday present.
Thanks for posting. The double taxation continues.
If the First Dork did not have to pay taxes on his Nobel Prize, (after all he did not earn it himself, other people did that) why are no Republicans screaming bloody murder?
I wonder if the athletes can choose to represent the US Tea Party instead?
On the other hand, maybe the athletes all think that paying taxes on their awards and sharing the wealth is a good thing.
Most highly successful Olympic Athletes do very well for themselves. It's more the principle of the thing.
... Well, just as I pay my income taxes, they can pay theirs.
So, if I had to find something interesting about this story, I didn’t know how much the medals and prizes were worth until now.
Anyone shocked, dismayed or otherwise upset by the simple fact that Olympic athletes have to pay income tax like everyone else is probably similarly affected by learning that the Romneys pay “only” so much tax on their huge income (as if to imply anyone should or would pay more than the law requires).
Moving on...
Is there any evidence that an Olympic medalist has been taxed on the commodity value of a medal in the past?
And they diden’t even earn the medal in the U.S.A. How can that possibly be just taxing income in anther land?