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What is the Athlete's Price for Their Medal Victories

Discussion in 'Political Discussion' started by IcyPatriot, Aug 3, 2012.

  1. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey

    The Price of Olympic Victory - Independent Voter Network


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    Last edited: Aug 3, 2012
  2. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    I understand the IRS wants to tax the medals themselves and not just the cash awards.

    However this is the sort of thing everyone would have to deal with.
     
  3. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey


    Seems so harsh ... tax the money okay but the medals just isn't fair.

    WWOD --- What would Obama Do?

    We all enjoy the medals so we should all chip in to pay the tax on them. ;)
     
  4. PatsWSB47

    PatsWSB47 Veteran Starter w/Big Long Term Deal

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    #12 Jersey

    Yeah, I saw that the other day. I think they deserve some kind of slack for their Olympic prizes. Beyond that any endorsement income, etc. needs to be teated like anyone else's. Even then the entire benefit America gets from the athlete's success probably outweighs what most of the athletes wind up realizing. Advantage, government.
     
    Last edited: Aug 3, 2012
  5. Nikolai

    Nikolai Football Atheist PatsFans.com Supporter

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  6. Wolfpack

    Wolfpack Banned

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    The most valuable medal, in terms of the actual monetary value of the medal itself, is about $600. I don't think any of the athletes are going to get audited if they "forget" to declare that $600 income and pay taxes on it.

    The $25,000 prizes for gold, however, are most certainly considered taxable income. I honestly don't even see what the controversy is. If all the athletes combine to owe $350,000 in taxes, then it's only because they combined to win about $1 million in cash money.
     
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  7. PatsWSB47

    PatsWSB47 Veteran Starter w/Big Long Term Deal

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    I think the overwhelming sacrifice the athletes endure in order to be a success, not only for themselves but for the world status the USA gets form it deserves some kind of a break. As I said before, going forward any endorsement income, book deal income or business good will they take advantage of should be treated like anyone else's.
     
  8. Wolfpack

    Wolfpack Banned

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    So where do you draw the line? An awful lot of professional athletes make a lot of sacrifices to get where they are. Should they all get tax free income too?

    I have no problem taxing a prize someone receives. Obviously, I'm sure many of them have legitimate deductions against that money for expenses they've incurred, but I just don't understand the reasoning why any of it should be tax free.
     
  9. PatsWSB47

    PatsWSB47 Veteran Starter w/Big Long Term Deal

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    #12 Jersey

    For the most part these are kids who along with their families have suffered tremendous financial hardships in oder to be competitive enough to be medalists. I think it's a slap in the face from the government to tax their prizes especially since the government gets the bragging rights and all that goes with it , courtesy of the athletes achievements. I think its a pretty small price to pay. Didn't Rubio propose some kind of tax exempt remedy for this? I do make exception to professional athletes already earning huge incomes that compete. Hockey and basketball comes to mind. I'm not sure how you could separate that in a tax code but I think it's feasible.
     
  10. Wolfpack

    Wolfpack Banned

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    Then those would be legitimate deductions against the $25,000. But I don't think you realize just how many of these athletes - especially in the major Olympic sports - are sponsored and receive stipends and free training and things like that. You don't think the "Fab 5" gymnasts are paying out of their own pocket to rent gym time, do you?

    I don't see why this income should be yet another one in a series of endless loopholes. Just look at it as if they're getting $16,000 tax free if it makes you feel better.
     
  11. DarrylS

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    Grover Norquist started another lie... they are not taxed on the medals and most of the associated money... Phelps may be an exception, dependent on his tax deductions..

    Do not worry Rubio filed a bill, even though a bill is not needed..

    Romney’s Olympic tax myth - Salon.com

    http://www.politifact.com/truth-o-m...tax-reform/do-olympic-medalists-owe-9000-irs/

     
    Last edited: Aug 4, 2012
  12. PatsWSB47

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    #12 Jersey

    I guess it's not that bad then.
     
  13. PatriotsReign

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