So, you want to bring home a Gold Medal?

[Dave007inVegas]

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

As 230 U.S. Olympic athletes gear up to compete in the 2014 Winter Games, the only thing colder than the slopes at Sochi is the fact that any prizes awarded by the U.S. Olympic Commission (USOC) will be taxed by the IRS. Many Americans don't realize that the U.S. taxes income earned abroad, and as such even the winnings of Olympic athletes are subject to the reach of the IRS.

The USOC awards prizes to U.S. Olympic medal winners: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. Relative to each athlete's income tax bracket, some top earners such as Shaun White could end up paying over a third (39.6 percent) of their winnings to the IRS.

Additionally, because the U.S. is one of only a handful of developed countries that tax income earned abroad, it is likely America's competitors will not be subject to such a tax. Taken together - the tax on Olympic athletes and the tax on income earned abroad - it can be said the U.S. has officially "earned the Gold" for having one of the most backwards and illogical tax codes in the world.

U.S. Tax Rates per Bracket	Max. Tax Liability on Gold Medal Prize of $25,000	Max. Tax Liability on Silver Medal Prize of $15,000	Max. Tax Liability on Bronze Medal Prize of $10,000
39.6%	$9,900	$5,940	$3,960
35%	$8,750	$5,250	$3,500
33%	$8,250	$4,950	$3,300
28%	$7,000	$4,200	$2,800
25%	$6,250	$3,750	$2,500
15%	$3,750	$2,250	$1,500
10%	$2,500	$1,500	$1,000

Now that's what I call a patriotic IRS.

 

[carlspackler]

I would gladly pay the tax for a Gold Medal. The money made in endorsements and such would more than make that tax look small.

 

[Dave007inVegas]

I would gladly pay the tax for a Gold Medal. The money made in endorsements and such would more than make that tax look small.

Then you could pay more taxes.

I just think the our country should not tax Olympians if they win a medal, a reward for a job well done so to speak.

I’d rather see them pursue the known tax cheats like Timothy Geithner, Tom Daschle, Ron Kirk, Hilda Solis and her husband and god knows how many more there are.

It just seem petty to me that the government would tax a medal winner.

 

[carlspackler]

Then you could pay more taxes.

I just think the our country should not tax Olympians if they win a medal, a reward for a job well done so to speak.

I’d rather see them pursue the known tax cheats like Timothy Geithner, Tom Daschle, Ron Kirk, Hilda Solis and her husband and god knows how many more there are.

It just seem petty to me that the government would tax a medal winner.

It would be interesting to see how other countries tax their Gold Medalists, if they do at all.

 

[Seymour]

They need to pay their fair share - where are we gonna get the money for the welfare babies

 

[akphidelt]

Guarantee you Willie won't respond to this because he probably knows 101 ways in which Olympians will not have to pay taxes on their medals.

 

[ScottL]

A Wheaties cover will take care of the taxes.

What I think we need is a 10 dollar tax to Schff and Akph for every time one posts to the other. That way they would be finished their ugly beef by midnight.

 

[akphidelt]

A Wheaties cover will take care of the taxes.

What I think we need is a 10 dollar tax to Schff and Akph for every time one posts to the other. That way they would be finished their ugly beef by midnight.

If you see a missing persons alert in Anchorage for a 29 year old very good looking male or I'm gone for two weeks or more, please contact the Anchorage Police Department and tell them about Schiff. He is not stable.

 

[scottcarter]

if you win gold, get it bronzed.

 

[ScottL]

Obviously Putin's attempt to show the world that Russia isn't a Shithole has sorely backfired.

 

[SheriffJoe]

They need to pay their fair share - where are we gonna get the money for the welfare babies

Land of the "free"

 

[GasMan]

The Soviet Union..coming soon to a city near you