Friday, August 12, 2016

"U.S. Olympic Medalists Must Pay ‘Victory’ Tax"

Time: "Uncle Sam still comes for you, even if you’re winning Olympic medals in the country’s name."
Olympic medals and the bonuses—$25,000 for a gold medal, $15,000 for silver and $10,000 for bronze— that the U.S. Olympic Committee awards athletes for landing one of the top spots all count as taxable income to the IRS.
Victory bonuses and medals are seen by the IRS as being like any other prize winnings, such as lottery, casino or game show winnings and, thus, are taxable.

George Harrison Taxman     

15 comments:

edutcher said...

Another reason to vote Trump.

Sixty Grit said...

Income is taxed, regardless of how it is earned.

john said...

Trump will eliminate the income tax.

And I will get a pony for Christmas.

Leland said...

It's not a victory tax, but an income tax; and I support lowering it for all, not just for Olympians.

ndspinelli said...

Flat Tax. Not even Trump talks about that. Billionaires, no matter their political stripes, loathe a flat tax. It would put most of those worthless bean counters and tax shysters out of biz.

Lem said...

96% of Hillarie's tax exempt charity donation went to their own foundation.

Sixty Grit said...

After Hillary is elected we will all want a pony. To eat.

edutcher said...

john said...

Trump will eliminate the income tax.

When, pray tell, did he say that?

john said...

Something creepy about Dean Martin singing about his pony. Not so much Ricky Nelson. At least Wayne didn't join in.

john said...

Maybe I misunderstood your 12:44 comment. I guess you meant Trump will eliminate the $25000 gold medal tax.

edutcher said...

No, I meant you haven't read what he said he'd do.

Jim in St Louis said...


Why tax income? Why penalize getting more money? The government would do better to tax consumption. High consuption taxes for cigarettes, low consumption taxes for food.

But I know it ain’t gonna happen. I’d love for a flat income tax of 10% and a reduction in deductions

ndspinelli said...

To his credit, the wealthy[albeit creepy] Steve Forbes, has always pushed for a flat tax.

ndspinelli said...

Jim, I agree w/ you. I would have a 2 or 3 tiered flat tax and do away w/ the IRS. No deductions. Not even for mortgage interest.

Sixty Grit said...

Why tax anything - we have fiat currency, borrow trillions from China with no intent or means to repay it, and basically our money is created out of thin air.

Eliminate taxes - it's not as though they make much of a difference in the big scheme of things, other than being used to punish those individuals or corporations the government opposes.