why is Obama so greedy? now he taxes Olympic medals?

[Dekster]

The dems aren't going to let a dollar slip by without taking their cut. It's what they do.

Income is still income

Even for athletes. If a cop, fireman or nurse pays taxes on what they earn, why shouldn't an athlete?

They should at least compete as an Irish corporation and only have to pay 6%. We can call them i-Medals

 

[Wyatt earp]

Oh god I still can't believe the IRS taxes Olympic medals for Christ sake.

So the bastards can't figure out how to fairly tax offshore trillions , so instead they tax Olympic medals?

Assholes.

you misread----it's not the MEDALS that are taxed----it is the accompanying prize money. It is a fact that prize money is
considered taxable income-----even if you win it from a machine in Las Vegas

I am at work, no time to read it again,I am pretty sure it said medals too.

 

[mdk]

Not to worry, two years from now people will still be bitching about the Victory Tax and Congress will still do nothing. Paul Ryan claims this will be an important bill once Congress returns from recess, but I'll see it when I believe it.

Rubio attempted something similar in 2012 with his Tax Exemptions for American Medalists Act (which Obama supported) but it never went anywhere.

it never went anywhere because it is kinda silly-----PRIZE WINNINGS ARE CONSIDERED INCOME IN THE USA

The values of the medals are taxed as well. It wouldn't really have a huge impact on the Treasury one way or the other so it is mostly a symbolic gesture.

 

[TooTall]

Not to worry, two years from now people will still be bitching about the Victory Tax and Congress will still do nothing. Paul Ryan claims this will be an important bill once Congress returns from recess, but I'll see it when I believe it.

Rubio attempted something similar in 2012 with his Tax Exemptions for American Medalists Act (which Obama supported) but it never went anywhere.

it never went anywhere because it is kinda silly-----PRIZE WINNINGS ARE CONSIDERED INCOME IN THE USA

Win the $100 million lottery and see how much you get to keep. Probably about half.

 

[Dekster]

Not to worry, two years from now people will still be bitching about the Victory Tax and Congress will still do nothing. Paul Ryan claims this will be an important bill once Congress returns from recess, but I'll see it when I believe it.

Rubio attempted something similar in 2012 with his Tax Exemptions for American Medalists Act (which Obama supported) but it never went anywhere.

it never went anywhere because it is kinda silly-----PRIZE WINNINGS ARE CONSIDERED INCOME IN THE USA

The values of the medals are taxed as well.

Technically just the metals value, not the ebay value of an Olympic gold, which is increasingly low. I read somewhere the bronze in the bronze medals is largely worthless, and the gold's only have a few hundred dollars worth of gold in them.

 

[mdk]

Technically just the metals value, not the ebay value of an Olympic gold, which is increasingly low. I read somewhere the bronze in the bronze medals is largely worthless, and the gold's only have a few hundred dollars worth of gold in them.

From my understating, the metal of the bronze medal (fun to write. lol) isn't taxed for the reasons you mentioned above.

 

[BlueGin]

Yep. Up to 9k for each gold medal they win.

And libs don't think that is shady at all.

Figures.

 

[TooTall]

Democrats are the scuzz buckets of the earth..they even have to ruin a world good will games like the Olympics by demanding money at gun point if an athletes gets on the podium.




Michael Phelps Could Owe $55,000 in 'Victory Taxes' for His Rio Olympic Medals


Michael Phelps Could Owe $55,000 in 'Victory Taxes' for His Rio Olympic Medals
Tiare Dunlap 2016-08-16T15:40:00+00:00
For U.S. athletes, winning an Olympic medal comes with pride, glory – and a hefty tax bill.

According to TIME, Michael Phelps could leave Rio owing up to $55,000 in income taxes.

That's because the U.S. Olympic Committee awards prize money to Olympic athletes who medal at the Games – $25,000 for gold, $15,000 for silver and $10,000 for bronze.

These awards, like other prize money (from a lottery jackpot to a Nobel Prize to game show winnings) is taxable income in the eyes of the IRS.

Hey Stupid, the president has nothing to do with this. This income tax on medal winners has been going on for DECADES!

But you and the rest of the nutters don't deal in truth and facts, so let's just say Obama implemented this tax all by himself back in 2008 to cover his green fees.

I KNEW IT! I KNEW IT!

They don't want to bring up the GOP led Congress, it may embarrass them...

"All of that said, the chances are that many of the U.S. athletes who medal this summer will not pay any tax on their medals and bonuses. Here’s why: if an athlete treats participation in their sport as a business, related business expenses are deductible on a federal income tax return. Those deductions, so long as they meet the “ordinary and necessary” criteria that apply to all taxpayers, would be offset by income – including the value of prizes. So all of those training expenses? Travel? Coaches? Equipment? Deductions against income. And if those deductions exceed related income – which is likely the case for many Olympic athletes – the excess can be carried forward or backward.

If an athlete doesn’t treat participation in their sport as a business, but rather as a hobby, deductions are still allowed – but only to the extent that there is income to offset those winnings and only if a taxpayer itemizes. If that’s the case, deductions are treated as “miscellaneous itemized deductions” on Schedule A and are limited to the total of deductions in excess of 2% of AGI (adjusted gross income). With a hobby, any excess deductions cannot be carried forward or backward to other years."

Olympic Medals And Prize Money Remain Taxable - For Now

 

[Wyatt earp]

Great job Simone Manuel...now pay up bitch to Obama's IRS

Assholes

 

[rightwinger]

Oh god I still can't believe the IRS taxes Olympic medals for Christ sake.

So the bastards can't figure out how to fairly tax offshore trillions , so instead they tax Olympic medals?

Assholes.

They don't tax the medals, they tax the tens of thousands in prize money

 

[mdk]

Great job Simone Manuel...now pay up bitch to Obama's IRS

Assholes

Obama supported Rubio's bill in 2012 that went nowhere. Congress must have been too busy naming post offices to notice.

 

[mdk]

Oh god I still can't believe the IRS taxes Olympic medals for Christ sake.

So the bastards can't figure out how to fairly tax offshore trillions , so instead they tax Olympic medals?

Assholes.

They don't tax the medals, they tax the tens of thousands in prize money

No, they also tax the metal worth of the Gold and Silver medals.

 

[rightwinger]

Not to worry, two years from now people will still be bitching about the Victory Tax and Congress will still do nothing. Paul Ryan claims this will be an important bill once Congress returns from recess, but I'll see it when I believe it.

Rubio attempted something similar in 2012 with his Tax Exemptions for American Medalists Act (which Obama supported) but it never went anywhere.

it never went anywhere because it is kinda silly-----PRIZE WINNINGS ARE CONSIDERED INCOME IN THE USA

The values of the medals are taxed as well.

Technically just the metals value, not the ebay value of an Olympic gold, which is increasingly low. I read somewhere the bronze in the bronze medals is largely worthless, and the gold's only have a few hundred dollars worth of gold in them.

I hear a gold medal is worth around $500, a silver is worth around $150 and a bronze is worth around $20

 

[mdk]

Not to worry, two years from now people will still be bitching about the Victory Tax and Congress will still do nothing. Paul Ryan claims this will be an important bill once Congress returns from recess, but I'll see it when I believe it.

Rubio attempted something similar in 2012 with his Tax Exemptions for American Medalists Act (which Obama supported) but it never went anywhere.

it never went anywhere because it is kinda silly-----PRIZE WINNINGS ARE CONSIDERED INCOME IN THE USA

The values of the medals are taxed as well.

Technically just the metals value, not the ebay value of an Olympic gold, which is increasingly low. I read somewhere the bronze in the bronze medals is largely worthless, and the gold's only have a few hundred dollars worth of gold in them.

I hear a gold medal is worth around $500, a silver is worth around $150 and a bronze is worth around $20

Oh, they are not worth much, but that makes little difference to the tax man.

 

[frigidweirdo]

Democrats are the scuzz buckets of the earth..they even have to ruin a world good will games like the Olympics by demanding money at gun point if an athletes gets on the podium.




Michael Phelps Could Owe $55,000 in 'Victory Taxes' for His Rio Olympic Medals


Michael Phelps Could Owe $55,000 in 'Victory Taxes' for His Rio Olympic Medals
Tiare Dunlap 2016-08-16T15:40:00+00:00
For U.S. athletes, winning an Olympic medal comes with pride, glory – and a hefty tax bill.

According to TIME, Michael Phelps could leave Rio owing up to $55,000 in income taxes.

That's because the U.S. Olympic Committee awards prize money to Olympic athletes who medal at the Games – $25,000 for gold, $15,000 for silver and $10,000 for bronze.

These awards, like other prize money (from a lottery jackpot to a Nobel Prize to game show winnings) is taxable income in the eyes of the IRS.

So what? The win money and they pay money on what they win. Don't you pay taxes on the money you earn.

For the record, the British don't receive any money for winning a medal. So Phelps and the others are better off paying taxes than being British and winning a medal.

Also, what does this have to do with Obama? Does Obama set the tax levels? Isn't that the legislature? Isn't the legislature Republican?

Oh, yeah it is.

Let's blame Obama for the ANC doing badly in South Africa too.

 

[frigidweirdo]

Democrats are the scuzz buckets of the earth..they even have to ruin a world good will games like the Olympics by demanding money at gun point if an athletes gets on the podium.




Michael Phelps Could Owe $55,000 in 'Victory Taxes' for His Rio Olympic Medals


Michael Phelps Could Owe $55,000 in 'Victory Taxes' for His Rio Olympic Medals
Tiare Dunlap 2016-08-16T15:40:00+00:00
For U.S. athletes, winning an Olympic medal comes with pride, glory – and a hefty tax bill.

According to TIME, Michael Phelps could leave Rio owing up to $55,000 in income taxes.

That's because the U.S. Olympic Committee awards prize money to Olympic athletes who medal at the Games – $25,000 for gold, $15,000 for silver and $10,000 for bronze.

These awards, like other prize money (from a lottery jackpot to a Nobel Prize to game show winnings) is taxable income in the eyes of the IRS.

Hey Stupid, the president has nothing to do with this. This income tax on medal winners has been going on for DECADES!

But you and the rest of the nutters don't deal in truth and facts, so let's just say Obama implemented this tax all by himself back in 2008 to cover his green fees.

I KNEW IT! I KNEW IT!

Its all Obama...

Hope and change and steal as much money as he can get. That fucker even taxes suckers for baby's.

You democrats are sick.

'cept he didn't do it.

 

[Dekster]

Not to worry, two years from now people will still be bitching about the Victory Tax and Congress will still do nothing. Paul Ryan claims this will be an important bill once Congress returns from recess, but I'll see it when I believe it.

Rubio attempted something similar in 2012 with his Tax Exemptions for American Medalists Act (which Obama supported) but it never went anywhere.

it never went anywhere because it is kinda silly-----PRIZE WINNINGS ARE CONSIDERED INCOME IN THE USA

The values of the medals are taxed as well.

Technically just the metals value, not the ebay value of an Olympic gold, which is increasingly low. I read somewhere the bronze in the bronze medals is largely worthless, and the gold's only have a few hundred dollars worth of gold in them.

I hear a gold medal is worth around $500, a silver is worth around $150 and a bronze is worth around $20

Oh, they are not worth much, but that makes little difference to the tax man.

Put it all in HSA's and 401K's and then say, "Send me an earned income tax credit check, bitches"

 

[konradv]

Democrats are the scuzz buckets of the earth..they even have to ruin a world good will games like the Olympics by demanding money at gun point if an athletes gets on the podium. Michael Phelps Could Owe $55,000 in 'Victory Taxes' for His Rio Olympic Medals
Michael Phelps Could Owe $55,000 in 'Victory Taxes' for His Rio Olympic Medals
For U.S. athletes, winning an Olympic medal comes with pride, glory – and a hefty tax bill.According to TIME, Michael Phelps could leave Rio owing up to $55,000 in income taxes. That's because the U.S. Olympic Committee awards prize money to Olympic athletes who medal at the Games – $25,000 for gold, $15,000 for silver and $10,000 for bronze. These awards, like other prize money (from a lottery jackpot to a Nobel Prize to game show winnings) is taxable income in the eyes of the IRS.

This was a story four years ago, too. If it's such a problem, why hasn't the Republican Congress put a bill on Obama's desk? It's the same income tax we all pay, except Trump it seems, since he won't let us know. What is he hiding?

 

[rightwinger]

Why should athletes be exempt from paying taxes on Olympic prize money?

Policemen, Firemen and nurses all contribute much more to our society. Shouldn't their wages be tax free?

 

[TooTall]

Great job Simone Manuel...now pay up bitch to Obama's IRS

Assholes

Obama supported Rubio's bill in 2012 that went nowhere. Congress must have been too busy naming post offices to notice.

Read post #28 and that may be the reason they didn't act.