Hyperbole that DOESN'T help our side

[tailfins]

The expenses incurred to get that income offset the prize money. Let's see, there's travel, training and equipment expenses plus many others I haven't thought of.



U.S. Olympic gold medal winners could owe almost $10,000 to the IRS

Read more: http://atr.org/achieve-olympic-glory-pay-irs-a8135#ixzz2seuimfwK
Follow us: @taxreformer on Twitter (http://ec.tynt.com/b/rw?id=cNTREaBzmr37DZadbi-bpO&u=taxreformer)

[aboutime]

Tailfins. This really is...a very old story. Being repeated again, as it was several years ago.

[logroller]

The expenses incurred to get that income offset the prize money. Let's see, there's travel, training and equipment expenses plus many others I haven't thought of.
Olympic athletes receive prize money...That's interesting because I was under the impression it was an amateur competition. But if they receive prize winnings, it is an income; although it would seem that when someone is representing their country as an athletic ambassador such would be exempted.

[fj1200]

Interesting. I thought it was in reference to the value of the medal itself. Nevertheless I think the thread title speaks to the ignorance of many of the comments on the site.

[tailfins]

It's on Drudge today, as a featured story. All I'm saying is that the details are moot because someone with even a modicum of tax preparation skills could make those taxes go away.

[logroller]

Interesting. I thought it was in reference to the value of the medal itself.
Costas mentioned it during the ceremonies last night; iirc, mentioning how some Asian country paid their athletes something like $175k for a gold medal performance, then said the US does too.


The US Olympic Committee awards prize money to its medal winners - $25,000 (£16,000) for gold, $15,000 (£10,000) for silver, and $10,000 (£6,000) for bronze.

This money is considered taxable income by the US Internal Revenue Service (IRS).


According to the advocacy group Americans for Tax Reform (ATR), an athlete on the highest rate of tax (35%), could face a tax bill of $8,750 (£5,600).


The value of the medals themselves could be subject to tax too, according to the ATR - adding a further $236 (£150), $135 (£85), and $2 (£1.20) respectively for gold, silver and bronze.
http://m.bbc.co.uk/news/magazine-19101429
Although I'd guess that most athletes don't fall into a high tax bracket.


Nevertheless I think the thread title speaks to the ignorance of many of the comments on the site.
The nazis paid their athletes too.:laugh: