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Taxes and Olympic winnings.Follow

#1 Aug 03 2012 at 6:12 PM Rating: Good
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I think it was yesterday the articles started appearing online, and on my drive home there was a bit on NPR about it. I think one article I read had Marco Rubio piping in about how the tax laws are overly complicated and Olympians paying taxes on their winnings was just an example of how stupid they can be.

Maybe I'm just an ***... but what makes them so special that these winnings shouldn't be taxed? They work hard and represent our nation on the international scale. So do many Americans who do various other jobs. It just doesn't make sense to me that this one thing is being selected as an outrage in taxes.
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#2 Aug 03 2012 at 6:19 PM Rating: Excellent
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I disagree that they shouldn't be taxed but it's ultimately a feel good thing with little realistic downside to implement and an obvious political downside to blocking.

Besides, these same guys are the ones saying "What? We were never serious about that!" in regards to the sequester cuts they agreed to so worrying about them handling taxes in any sane manner is a fool's errand.

Edit: The above was in response to some proposed legislation exempting the athletes from taxes on their Olympic swag but it occurs to me that the House just went on a five week recess so by the time they're actually "working" again, no one will care anymore anyway.

Edited, Aug 3rd 2012 7:22pm by Jophiel
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#3 Aug 03 2012 at 6:36 PM Rating: Good
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Jophiel wrote:
with little realistic downside to implement


Ya, I didn't mean to imply that I thought Olympians were walking away with millions untaxed. I know we're only talking a few thousand here. Just the idea that... these people are better than you, so they shouldn't pay taxes on it.

Edited, Aug 3rd 2012 8:39pm by TirithRR
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#4 Aug 03 2012 at 6:46 PM Rating: Excellent
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Obvious next step: No taxes for active military.

Slippery Slope!!
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#5 Aug 03 2012 at 6:57 PM Rating: Excellent
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Then musicians and regular athletes will start calling for tax-exempt status.
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#6 Aug 03 2012 at 6:59 PM Rating: Good
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Shaowstrike the Shady wrote:
Then musicians and regular athletes will start calling for tax-exempt status.


Then big busi... oh, nvm.
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#7 Aug 03 2012 at 7:41 PM Rating: Good
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You people pay your Olympians?
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#8 Aug 03 2012 at 7:59 PM Rating: Good
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Nilatai wrote:
You people pay your Olympians?


...

Olympic winners get prize money along with the Bronze/Silver/Gold medal.

Edited, Aug 3rd 2012 9:59pm by TirithRR
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#9 Aug 03 2012 at 9:18 PM Rating: Default
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Deployed soldiers don't pay taxes, why should "deployed" athletes representing their country be any different? The amount these athletes are "earning" during these 17 days of games is far less than a soldier on a 14 month deployment.

Edited, Aug 3rd 2012 11:18pm by Kastigir
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#10 Aug 03 2012 at 9:51 PM Rating: Excellent
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Rubio jut wants a simplified and uniform tax structure full of special exemptions we can all understand. What's so hard to get about that?
#11 Aug 04 2012 at 3:43 AM Rating: Good
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Kastigir wrote:
Deployed soldiers don't pay taxes, why should "deployed" athletes representing their country be any different? The amount these athletes are "earning" during these 17 days of games is far less than a soldier on a 14 month deployment.


You can't be serious...
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#12 Aug 04 2012 at 8:05 AM Rating: Excellent
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Kastigir wrote:
Deployed soldiers don't pay taxes, why should "deployed" athletes representing their country be any different?

As long as the Olympics are held in Afghanistan and we give the athletes a gun while they're there, I don't see any difference at all.
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#13 Aug 04 2012 at 8:08 AM Rating: Excellent
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I'm pretty sure Nobel Prize money is taxed too, for that matter.
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#14 Aug 04 2012 at 8:22 AM Rating: Excellent
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Give them a gun, too!
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#15 Aug 04 2012 at 8:40 AM Rating: Good
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Amy Van Dyken made $260,000 in the 2000 Olympics for her gold medals.
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#16 Aug 04 2012 at 9:04 AM Rating: Excellent
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lolgaxe wrote:
Amy Van Dyken made $260,000 in the 2000 Olympics for her gold medals.


Really? I didn't think they could be pawned for that much.
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#17 Aug 04 2012 at 9:10 AM Rating: Default
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BrownDuck wrote:
Kastigir wrote:
Deployed soldiers don't pay taxes, why should "deployed" athletes representing their country be any different? The amount these athletes are "earning" during these 17 days of games is far less than a soldier on a 14 month deployment.


You can't be serious...

Both are serving their country. Both have made sacrifices to get there. Outside of combat/non-combat, there aren't too many differences between them. Not to mention that 90% of the athletes won't earn medals, whereas 100% of deployed soldiers do earn a paycheck. My guess is that if this has been proposed by a "liberal" member of Congress, you guys would think it a fantastic idea.

Edited, Aug 4th 2012 11:13am by Kastigir
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#18 Aug 04 2012 at 9:24 AM Rating: Excellent
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Working expenses are a tax writeoff for olympic atheletes. That includes equipment costs, training costs, room rentals, travel expendatures, paying an expoensive coach, etc. A Smart medal winner, assuming they don't make anywhere near as much money on endorsements as say your typical Michael Phelps probably won't pay a dime of taxes out of their own pocket simply because training for the olympics is generally really, really expensive unless you are getting everything donated, in which case yeah, you're probably going to pay a bit.
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#19 Aug 04 2012 at 10:17 AM Rating: Excellent
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Kastigir wrote:
Outside of combat/non-combat, there aren't too many differences between them.

"But aside from that, how was the parade, Mrs. Kennedy?"
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My guess is that if this has been proposed by a "liberal" member of Congress, you guys would think it a fantastic idea.

Brilliant analysis, Gbaji.


Edited, Aug 4th 2012 11:19am by Jophiel
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#20 Aug 04 2012 at 2:11 PM Rating: Excellent
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Why should any American working abroad have to pay taxes?

Edited, Aug 4th 2012 5:11pm by Uglysasquatch
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#21 Aug 04 2012 at 2:44 PM Rating: Excellent
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Uglysasquatch wrote:
Why should any American working abroad have to pay taxes?

Edited, Aug 4th 2012 5:11pm by Uglysasquatch


What about the years where the Olympics are held somewhere in the US?
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#22 Aug 04 2012 at 2:56 PM Rating: Good
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Uglysasquatch wrote:
Why should any American working abroad have to pay taxes?

As long as they're still claiming US citizenship and all the benefits that come with it, why shouldn't they?
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#23 Aug 04 2012 at 4:19 PM Rating: Good
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catwho wrote:
As long as they're still claiming US citizenship and all the benefits that come with it, why shouldn't they?


The IRS says they shouldn't be, up to US$95,100. Foreign Earned Income Exclusion

Edit to clarify Many years ago when I worked for NG, my salary was a bit under the level set. I'd have to dig up my old pay sheets, but I think I still had to pay Medicare/aid but no Federal Taxes. A couple guys I know who are currently making more are only taxed on the difference between their annual salary and the cap.

You still have to file though...It kills me to hear idiots try to tell you that since you're not taxed you don't have to file. Smiley: disappointed

And yes, military/DoD civilians/contractors in a combat zone are not taxed on earnings while in said combat zone. Note that you do not actually have to be in combat, just that the area you are deployed to has been designated as part of the combat zone.

Edited, Aug 4th 2012 10:34pm by klausneck
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#24 Aug 04 2012 at 5:23 PM Rating: Good
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TirithRR wrote:
Uglysasquatch wrote:
Why should any American working abroad have to pay taxes?

Edited, Aug 4th 2012 5:11pm by Uglysasquatch


What about the years where the Olympics are held somewhere in the US?
Then they should tax all of the non-Americans who win.

catwho wrote:
Uglysasquatch wrote:
Why should any American working abroad have to pay taxes?

As long as they're still claiming US citizenship and all the benefits that come with it, why shouldn't they?
For whatever reasons we're talking about soldiers and athletes not paying taxes.
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#25 Aug 04 2012 at 8:37 PM Rating: Good
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For soldiers, it seems sort of silly. Their paycheck is already coming from the Department of Defense budget, which is paid for with taxes. So... we're going to take some of their income back and stick it right back in the DoD budget?

Athletes salaries don't come from taxpayer money to begin with.
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#26 Aug 04 2012 at 10:35 PM Rating: Good
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Kastigir wrote:
BrownDuck wrote:
Kastigir wrote:
Deployed soldiers don't pay taxes, why should "deployed" athletes representing their country be any different? The amount these athletes are "earning" during these 17 days of games is far less than a soldier on a 14 month deployment.


You can't be serious...

Both are serving their country. Both have made sacrifices to get there. Outside of combat/non-combat, there aren't too many differences between them. Not to mention that 90% of the athletes won't earn medals, whereas 100% of deployed soldiers do earn a paycheck. My guess is that if this has been proposed by a "liberal" member of Congress, you guys would think it a fantastic idea.

Edited, Aug 4th 2012 11:13am by Kastigir


How many of our returning troops will be offered multi-million dollar endorsement offers?
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