ObamaTAX – U.S. Olympic medal winners will owe up to $9,000 to the IRS per medal/prize

obama2Tax Tax Tax. That’s all Democrats do (aside from smear people who disagree with them.) If you are a medal winning Olympic athlete at these 2012 London games, you will pay up the ass in taxes. If you win multiple medals, you’ll really pay for Obama’s taxes. According to the Americans for Tax Reform, medal winners will pay at least a 35% tax on each medal they win for America. For gold medal winners, the medal and ‘prize’ tax will amount to about $9,000 per gold. Silver medalists will be taxed at around $5,400 per silver medal, and bronze medalists will be taxed at about $3,500. Competitors from other countries do not face any taxation on their medals and prizes. Not even in Communist China or Russia.

American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.

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July 31, 2012 · Filed Under Taxes


Comments

  • JusticeJuice

    Another reason why baracky’s economy sucks and so does he

  • http://www.facebook.com/kliu83 Kevin Liu

    quick correction, its not at least 35%, its up to 35%.

    and this isn’t a new policy, it has been this way for years. its just a little thing that senator marco rubio discovered in the tax code and wants to be rid of. which i am inclined to agree, i mean we select these athletes to represent us in an international competition and then take a cut of their hard earned winnings? they train their whole lives for these 2 weeks every 4 years. we the people or the government dont even pay to get these amazing athletes to the olympics. they have to pay their own way or find sponsors to even get on the plane and get into the stadium.

    the biggest insult isnt the taxing of the prize money, its the taxing of the medals themselves.

    so good on you senator rubio, i think you have everyone’s full support on abolishing this one.

  • Drak

     any accountant worth his salt will reduce the amount owed to 0 dollars.  this is a stupid non-issue.

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