IRS to take as much as $10,000 from US Olympians who bring home the gold????????

Are you freaking kidding me? These athletes work their tails off to represent this country and down the street there are 1000's of non-profit organizations living it up tax free? This is absolute BS. If I were one of these athletes, when they tried to give me a medal I would stand up in front of the whole world and tell the IRS where to shove it.

www.blacklistednews.com...$10,000_from_US_Olympians_who_bring_home_the_gold/32735/0/38/38/Y/M.html

Even as US athletes prepare to put their best performances on the line in the hopes for Olympic gold, IRS agents are preparing to pounce on the winners and take a big chunk of their earnings.

from ATR: 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.

This just ticks me off so bad, I am not even going to watch this farce.

Well how much you think the government spend in installations for them to practice, do you think snow falls from sky? ... Oh wait

Hey, Uncle sam demands his cut from everyone

reply to post by soulpowertothendegree


Many people work their tails off in their respective industries to earn money and they are taxed on it too. Receiving gold or silver is a form of income and I understand why it's taxed... Athletes are treated like royalty and you want to give them even more breaks by not taxing them?

EyesOpenMouthShut
Hey, Uncle sam demands his cut from everyone

Oh really... Like the NFL?

I worked in non-profits... They are a scam. The people profiting are the ones at the top of the agency.

They cry about paying a tax but if they do win a medal they do get a bonus 25K for the gold and lesser amounts for the other medals. But you hear no complaints when America is shelling out hundreds of millions to help the athletes. Like in 08 America spent 232 million helping those athletes in Beijing it averaged out to be 2.1 million per medal. It's the usual take as much from the government as I can get but if I have to pay back the I'll complain as loud as I can.

You won't believe what America spends to win Olympic gold

reply to post by soulpowertothendegree


Good! The majority of the athletes have been training with grants, subsidies, facilities, trainers, travel, staff and equipment paid for by taxpayers and it's only fair they put something back into the pot so people who never get the chance to be where those athletes are don't keep paying for their privilage....and it IS a privilage to represent one's country in the games.

Don't forget that many athletes are fortunate enough to also make money from the advertising and such after the event.

Are they in it for the money or the fame?

They make piss all if they aren't on the very top. As far as "government paying their way to make it there", it's not really like that. They pay to go to university and almost all of them are competing out of school teams. Some are professionals and compete in other world competitions that actually have big purses.

U.S. only broadcast rights netted the IOC over $625 million, annually. And U.S. based corporate sponsors contributed over $120 million, annually, to the IOC.

Not a penny of that money goes to the athletes, whether they come first or last.

But that doesn't mean that athlete's earn no money, per se. For one thing, a variety of different, non-IOC groups do give out money.

For example, the United States Olympic Committee pays out medal bonuses: $25,000 goes for gold, $15,000 for silver and $10,000 for bronze



Read more: www.businessinsider.com...

However, there is a catch with this money — you only get it if you are famous and/or win. Most athletes aren't. There are approximately 15,000 athletes competing in 26 sports, with around 1,000 medals up for grabs for the best of the best.*

For the rest of the Olympic athletes, the numbers get tough. Figures from the USA Track and Field Foundation found that only half US track and field athletes ranked in the top ten in the nation make more than $15,000 a year from the sport. Many in more obscure sports are lucky to make any money at all, CNN reports.



Read more: www.businessinsider.com...

15k a year, wooo

reply to post by nerbot

Good! The majority of the athletes have been training with grants, subsidies, facilities, trainers, travel, staff and equipment paid for by taxpayers…

Source? The IOC controls the USOC, the IOC generates an average of 1.2 billion a year, they divvy up that (90%) to the subcommittees like USOC and others worldwide.

A lot of those funds are private or public companies that "donate" the money to generate more revenue for themselves from exposure (marketing advertising) and hazard to guess, possible tax incentives. (Which doesn't reflect on the athletes so much as private business/government.)

I fail to see where your tax dollars are the primary factor in anything.

buster2010
They cry about paying a tax but if they do win a medal they do get a bonus 25K for the gold and lesser amounts for the other medals. But you hear no complaints when America is shelling out hundreds of millions to help the athletes. Like in 08 America spent 232 million helping those athletes in Beijing it averaged out to be 2.1 million per medal. It's the usual take as much from the government as I can get but if I have to pay back the I'll complain as loud as I can.

You won't believe what America spends to win Olympic gold

edit on 10-2-2014 by buster2010 because: (no reason given)

edit on 10-2-2014 by buster2010 because: (no reason given)

I'd rather ski the hills for Latvia, 200k in my pocket…

Former communist countries really love their Olympians. Latvia pays their gold medal athletes $192,800.

mtstandard.com...

How exactly does 'murica shelling out hundreds of millions… Any company profiting off it is the definition of 'murica now?

Indigent
Well how much you think the government spend in installations for them to practice, do you think snow falls from sky? ... Oh wait

according to ATS the snow is fake and government made... so yeah

reply to post by boncho


Well I guess I will just let you handle this!

boncho
I fail to see where your tax dollars are the primary factor in anything.

That's because I don't have any tax dollars my friend

If you'd read my post properly you'd see I made no reference to living in the USA.

The O.P. was about medal winners paying tax on their winnings. Any competitor who wins a medal will be inundated with commercial offers after their success and should pay back a little of that privilaged position with the proceeds of that activity.

Think of it as saying "thanks" for the opportunity of representing their country and being in a position of fame.

jhn7537
reply to post by soulpowertothendegree

 

Many people work their tails off in their respective industries to earn money and they are taxed on it too. Receiving gold or silver is a form of income and I understand why it's taxed... Athletes are treated like royalty and you want to give them even more breaks by not taxing them?

They are there representing our country. Many of these athletes are not treated like royalty, we aren't talking about LeBron James or A-Rod. Imaging winning a Gold medal and being forced to refuse it because you can't pay the taxes?

Sad.

OccamsRazor04

jhn7537
reply to post by soulpowertothendegree

 

Many people work their tails off in their respective industries to earn money and they are taxed on it too. Receiving gold or silver is a form of income and I understand why it's taxed... Athletes are treated like royalty and you want to give them even more breaks by not taxing them?

They are there representing our country. Many of these athletes are not treated like royalty, we aren't talking about LeBron James or A-Rod. Imaging winning a Gold medal and being forced to refuse it because you can't pay the taxes?

Sad.

If an athlete wins a gold medal, I'm sure they will get endorsements and be able to pay any tax

jhn7537

OccamsRazor04

jhn7537
reply to post by soulpowertothendegree

 

Many people work their tails off in their respective industries to earn money and they are taxed on it too. Receiving gold or silver is a form of income and I understand why it's taxed... Athletes are treated like royalty and you want to give them even more breaks by not taxing them?

They are there representing our country. Many of these athletes are not treated like royalty, we aren't talking about LeBron James or A-Rod. Imaging winning a Gold medal and being forced to refuse it because you can't pay the taxes?

Sad.

If an athlete wins a gold medal, I'm sure they will get endorsements and be able to pay any tax

Depends on the "sport". Want to play a little game and see if maybe I have a point?

nerbot

boncho
I fail to see where your tax dollars are the primary factor in anything.

That's because I don't have any tax dollars my friend

If you'd read my post properly you'd see I made no reference to living in the USA.

The O.P. was about medal winners paying tax on their winnings. Any competitor who wins a medal will be inundated with commercial offers after their success and should pay back a little of that privilaged position with the proceeds of that activity.

Think of it as saying "thanks" for the opportunity of representing their country and being in a position of fame.

edit on 10/2/2014 by nerbot because: (no reason given)

Okay. I retract the statements about the personal tax dollars. The America comment stands as the discussion is on America.

Any competitor who wins a medal

A small percentage win medals and in the US the income was stated already, average of 15k/year. With many living below the poverty line. They deserve what they get when they win it.

The only reason they see large sums is because of the disproportionate amount made by the private companies banking their own profits off the affair.

In other words, they aren't living the high life. Other national and international competitions pay for more for event prizes. Which is a little sad actually since the olympics is supposed to be the height of athletic competition. (Or at least marketed that way.)

Amazing how a entity that can be installed on Christams Eve of 1913 with no congress or senate approval, but only voluntary surrender by the individual tax payer can have so much of power. Hope of W Wilson realizes that he not only sold out his country man, but did not check his soul at the door per se when he did this on a lonely New Years Eve. Thus, thought this tax was only for a benefit, why should they have to pay when they received

boncho

buster2010
They cry about paying a tax but if they do win a medal they do get a bonus 25K for the gold and lesser amounts for the other medals. But you hear no complaints when America is shelling out hundreds of millions to help the athletes. Like in 08 America spent 232 million helping those athletes in Beijing it averaged out to be 2.1 million per medal. It's the usual take as much from the government as I can get but if I have to pay back the I'll complain as loud as I can.

You won't believe what America spends to win Olympic gold

edit on 10-2-2014 by buster2010 because: (no reason given)

edit on 10-2-2014 by buster2010 because: (no reason given)

I'd rather ski the hills for Latvia, 200k in my pocket…

Former communist countries really love their Olympians. Latvia pays their gold medal athletes $192,800.

mtstandard.com...

How exactly does 'murica shelling out hundreds of millions… Any company profiting off it is the definition of 'murica now?

Why should tax payers spend one cent on these athletes? Because the Olympics is nothing but a waste of money now. It used to be that countries met with mutual respect but now they want to use it for political purposes like when the Olympics was starting all the wanted to talk about was policies in Russia. And seeing how you can't spell America let's see if I can dumb this down to where even you can understand it. When the athletes are picked America pays for everything housing, training, and travel not only for them but for their families as well.

reply to post by buster2010


Go back and read my posts.

"America" pays through private business. You pay when you buy a box of weeties with Michael Phelps on it, eat at McD's with olympic themed cups, or simply watch the games on TV. The money is raised through privately through the IOC (6billion over four years) and divided up between all the olympic agencies in each country. The USOC gets a portion of this revenue. (NOT tax dollars)

And none of the athletes see any money until they reach the top…

By comparison, defending women’s moguls gold medalist Hannah Kearney said she lives “as frugally as possible” in Norwich, Vt., spending five months each year living at the US Olympic Training Center in Lake Placid, N.Y., because she receives free room and board there, and relies on sponsors to help defray the $50,000 it costs annually to compete.

www.bostonglobe.com...

Sponsors are paying. They pay willingly.

How is that "America" ?? Those are companies willing to take on sponsoring someone for their own benefit. And the benefit of the athlete.

And seeing how you can't spell America let's see if I can dumb this down to where even you can understand it. When the athletes are picked America pays for everything housing, training, and travel not only for them but for their families as well.

Let's see if I can dumb it down for you. America doesn't pay anything. Americans individually contribute to the cause by watching or supporting the games, or the companies who fund them.

And America, is represented there, as are other countries. Would it make sense Japanese companies to fund the American team and carry two flags?

The only time tax payer money comes in to olympics, realistically, is when a country hosts the olympics. So in the this case Russians got screwed because they paid towards the wasted construction money and security funding. In many cases though this isn't such a bad thing since it usually injects money into businesses and creates tourism and future business surges.

Go back and read all the posts in the thread. I don't understand how "America" is paying for anything to any degree you can give it sole claim. Hence the satirical jab 'murica.

Make sense?