Pay tax on Olympic Earnings.

[DiverMike 5]

http://sports.yahoo.com/blogs/olympics-fourth-place-medal/winning-gold-medal-brings-9-000-tax-bill-171555961--oly.html

I strongly support not making military personnel pay income tax when they are serving in a combat zone. To my knowledge, that is one of the few exclusions (and it is only available for enilisted and warrant officers).

Senator Marco Rubio now wants to put Olympic athletes in the same category as military personnel putting themselves in harms way in a combat zone.

Is pointing your toes really well worth the same benefit?

For the same reason I jump off a perfectly good diving board.

[ianmdrennan 2]

No different thank any skydiver who wins money in Dubai at the World Cup.

It's income generated from sport winnings, pay taxes.

Performance Designs Factory Team

[Gravitymaster 0]

The difference is the soldier and the Olympic Athlete are officially representing the U.S. The skydiver is not.

[rushmc 23]

Quote

http://sports.yahoo.com/blogs/olympics-fourth-place-medal/winning-gold-medal-brings-9-000-tax-bill-171555961--oly.html

I strongly support not making military personnel pay income tax when they are serving in a combat zone. To my knowledge, that is one of the few exclusions (and it is only available for enilisted and warrant officers).

Senator Marco Rubio now wants to put Olympic athletes in the same category as military personnel putting themselves in harms way in a combat zone.

Is pointing your toes really well worth the same benefit?

Actually I would like to see a law that any person who serves in combat, NEVER pays federal income tax again

As for th medal tax? I guess I do not see this as the same thing

"America will never be destroyed from the outside,
if we falter and lose our freedoms,
it will be because we destroyed ourselves."
Abraham Lincoln

[DiverMike 5]

The United States Olympic Committee is a private, non-profit organization not affiliated in any way with the US Government. No national olympic committee (NOC) in the world is affilliated with their government. They are all private entities. Olympic athletes are no more official representatives of the US than skydivers competing in Dubai.

Also, of the three groups you mentioned, only the soldier is being shot at.

For the same reason I jump off a perfectly good diving board.

[diablopilot 2]

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The difference is the soldier and the Olympic Athlete are officially representing the U.S. The skydiver is not.

If they are on the officially sanctioned team, they are, every bit as much as an olympic athlete.

----------------------------------------------
You're not as good as you think you are. Seriously.

[Shotgun 1]

I don't see an issue with them having to pay taxes, except the amounts quoted in that story seem like an unreasonably high percent of their earnings???

[hookitt 1]

Do other countries charge an income tax on Olympic winnings?

My grammar sometimes resembles that of magnetic refrigerator poetry... Ghetto

[ianmdrennan 2]

Quote

I don't see an issue with them having to pay taxes, except the amounts quoted in that story seem like an unreasonably high percent of their earnings???

I *think* "Winnings" are taxed differently. But that is a total and utter guess

Performance Designs Factory Team

[mr2mk1g 10]

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Do other countries charge an income tax on Olympic winnings?

http://www.bbc.co.uk/news/magazine-19101429

Philippines and Eritrea apparently. Over here we don't even give our winners a prize. Singapore gives their athlete's $800,000 for a Gold.

[kallend 2,098]

Quote

The difference is the soldier and the Olympic Athlete are officially representing the U.S. The skydiver is not.

Wrong, as usual.

...

The only sure way to survive a canopy collision is not to have one.

[Southern_Man 0]

Quote

Quote

I don't see an issue with them having to pay taxes, except the amounts quoted in that story seem like an unreasonably high percent of their earnings???

I *think* "Winnings" are taxed differently. But that is a total and utter guess

I believe it is taxed the same as other earnings. That article just lazily and incorrectly put everything into the highest marginal tax bracket and didn't allow any deductions for expenses. Very few medal winners are going to reach the highest tax bracket. Poor, poor journalism.

"What if there were no hypothetical questions?"

[DiverMike 5]

Quote

Philippines and Eritrea apparently.

I learned something new today. I've never heard of Eritrea. I had to look it up in Wikipedia to see if it was real.

For the same reason I jump off a perfectly good diving board.

[DougH 270]

As a US citizen you get taxed on your WORLD WIDE INCOME. Why should it matter that they are athletes. They get to claim business expenses against the cash prize earnings, and most won't pay any taxes unless they fail to report expenses.

I am almost choking on the irony of people are bitching that the rich should pay more taxes, and then in the same breath they state that the like of Phelps should pay no taxes because he is good at swimming in a pool.

"The restraining order says you're only allowed to touch me in freefall"
=P

[billvon 3,050]

>I am almost choking on the irony of people are bitching that the rich should pay more
>taxes, and then in the same breath they state that the like of Phelps should pay no
>taxes because he is good at swimming in a pool.

Everyone wants "their guys" to pay less taxes. The hardworking athletes! The noble soldiers! The selfless job-creating rich! The disadvantaged poor! There's plenty of irony no matter which side of the aisle you're on.

[Gravitymaster 0]

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Quote

The difference is the soldier and the Olympic Athlete are officially representing the U.S. The skydiver is not.

Wrong, as usual.

So is it your contention they are not representing the U.S or that they are doing so un-officially?

[Gravitymaster 0]

Quote

The United States Olympic Committee is a private, non-profit organization not affiliated in any way with the US Government. No national olympic committee (NOC) in the world is affilliated with their government. They are all private entities. Olympic athletes are no more official representatives of the US than skydivers competing in Dubai.

Also, of the three groups you mentioned, only the soldier is being shot at.

If they aren't "officially" representing their respective countries, then why can't the name be changed to the Fed-Ex Olympic Team?

[billvon 3,050]

>If they aren't "officially" representing their respective countries, then why can't
>the name be changed to the Fed-Ex Olympic Team?

Because the competition rules prohibit that.

[Gravitymaster 0]

Quote

>If they aren't "officially" representing their respective countries, then why can't
>the name be changed to the Fed-Ex Olympic Team?

Because the competition rules prohibit that.

Exactly, they officially require them to use the name of the country they represent.

[kelpdiver 2]

Quote

Quote

I don't see an issue with them having to pay taxes, except the amounts quoted in that story seem like an unreasonably high percent of their earnings???

I *think* "Winnings" are taxed differently. But that is a total and utter guess

The taxation is the same. But the withholdings might be excessive, treated like bonuses are. At year end, this is resolved.

The article (which is really a copy of another from a conservative think tank) is deliberately misleading on the topic. Or less politely - lying.

[ianmdrennan 2]

Gotcha, thanks for the clarification

Performance Designs Factory Team

[Gravitymaster 0]

Are Gold Medal winners taxed at a higher rate than Bronze?

[DrewEckhardt 0]

Quote

I don't see an issue with them having to pay taxes, except the amounts quoted in that story seem like an unreasonably high percent of their earnings???

The amounts look right, work for Olympians not in high tax brackets although the article authors did not consider that, and I agree that they're too high.

A single athlete who doesn't make it past the Social security cap should be paying

4.2% FICA
1.45% Medicare
6.2% employer's share of FICA (this is self-employment income)
1.45% employer's share of Medicare
sub total 13.3%

on top of normal income tax rates.

Assuming they make enough to support themselves that would put them in the 25% bracket

13.3% + 25% = 38.3%, $9575 on a gold

Where the athlete in question is also a Californian they'd be subject to SDI at 1% and probably be in the 9.3% bracket

38.3% + 10.3% = 48.3%, $12,075 on gold

[billvon 3,050]

>Exactly, they officially require them to use the name of the country they represent.

?? Right. That does not mean they are representing the US.

Perris could have a 4-way competition where every team was required to use their country's name. It wouldn't mean that Mark Brown's "US team" was officially representing the US.

[kelpdiver 2]

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Are Gold Medal winners taxed at a higher rate than Bronze?

it pays more, but a single gold probably wouldn't get to the next tax bracket. 2, otoh...the swimmers will be paying up. The gals in crew, probably not.