August 2, 201214 yr Sorry, but winning money and winning an object are two different things. But, of course, every douchebag politician has his hand out. They aren't taxed on the medal. They're taxed on the $25,000 prize that the United States Olympic Committee gives them for winning.
August 2, 201214 yr What is wrong with the Fair Tax? It is much better than the convoluted job killing tax code we currently have...not blaming either side here...but tax code is horrible. I won't argue with you for a second that the tax code is overly complicated and terribly burdensome. But I don't agree that we should get rid of progressive taxation.
August 2, 201214 yr I understand the idea but the problem is once you start giving passes on certain income, where do you draw the line? I was not aware of the policy but it appears Michael Phelps has made over $400,000 in these payments. Add that to his huge endoresment income and do we really want to give him tax free income? Also, winning a gold medal is great but why not let firemen have income tax free? Teachers? Policemen? Nurses? There are a host of very important positions that we could make a case for their not being taxed due to the important nature of their jobs. Not enough PR people to make up that revenue loss. Agree 100% However Senator Rubio (R-Fla) doesn't. He has proposed a bill to make such payments tax free for olympians. LINK
August 2, 201214 yr They aren't taxed on the medal. They're taxed on the $25,000 prize that the United States Olympic Committee gives them for winning. Great point Getslow..............it's not as if they need to come up with $9,000 from scratch. If someone would give me a $25,000 prize, I will give back a part of it........though I do agree our tax code needs a complete overhaul and "dumbing down".
August 2, 201214 yr Where do they recieve the $25,000? Depending on the state they could have to pay state taxes too?
August 2, 201214 yr Where do they recieve the $25,000? Depending on the state they could have to pay state taxes too? Article says the $25,000 comes from the United States Olympic Committee
August 2, 201214 yr Where do they recieve the $25,000? Depending on the state they could have to pay state taxes too? In general, yes.
August 2, 201214 yr They aren't taxed on the medal. They're taxed on the $25,000 prize that the United States Olympic Committee gives them for winning.Gotcha, I misunderstood.
August 2, 201214 yr Article says the $25,000 comes from the United States Olympic Committee Some states have different taxes. Could be place of employment Where they live) or where the committee is based? Ask NFL players who sometimes have to pay state taxes when they travel to other cities since they are considered employed in that state.
August 2, 201214 yr If the medals are returned to the Olympic Committee do they still owe the taxes? The US is one of the few countries that imposes its tax laws outside its borders. But we really, really need the money right now. Ha our Olympians are helping moral and the economy with each medal.
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