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Athletes for Uncle Sam - 8/1/2012 8:45:39 AM

Yachtie

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Because conservatives are scrooges, the good folks at Americans for Tax Reform have gone through the fine print to find out what our Olympians will have to cough up to the IRS should they be lucky enough to win any medals in London.

There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.

ATR notes that the real twist of the knife is that most other Olympians won't pay any taxes on their medals because America is one of only a handful of countries which taxes "worldwide" prize income earned overseas.

And with thanks to The Beatles -

Let me tell you how it will be
There's one for you, nineteen for me
'Cause I'm the taxman, yeah, I'm the taxman

Should five per cent appear too small
Be thankful I don't take it all
'Cause I'm the taxman, yeah I'm the taxman

If you drive a car, I'll tax the street,
If you try to sit, I'll tax your seat.
If you get too cold I'll tax the heat,
If you take a walk, I'll tax your feet.

Don't ask me what I want it for
If you don't want to pay some more
'Cause I'm the taxman, yeah, I'm the taxman

Now my advice for those who die
Declare the pennies on your eyes
'Cause I'm the taxman, yeah, I'm the taxman
And you're working for no one but me.

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RE: Athletes for Uncle Sam - 8/1/2012 9:08:16 AM

mnottertail

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did the scrooges say anything about offshore accounts? Havens for the rich? Or are they scrooging with impugnations only, rather than convictions.

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RE: Athletes for Uncle Sam - 8/1/2012 9:36:28 AM

Hillwilliam

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At least the Equestrian team can write theirs off.

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RE: Athletes for Uncle Sam - 8/1/2012 9:50:58 AM

LadyConstanze

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quote:

ORIGINAL: Hillwilliam

At least the Equestrian team can write theirs off.

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RE: Athletes for Uncle Sam - 8/1/2012 9:59:14 AM

mnottertail

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They need Mr Ed to reshoot it with:

Ohhhhhhhhhhhhhhhhhh, Willard................(horse eye roll)

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RE: Athletes for Uncle Sam - 8/1/2012 11:06:23 AM

tazzygirl

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http://blogs.reuters.com/taxbreak/2012/07/30/olympic-medals-gold-to-the-irs-too/

Athletes who make the podium can look forward to a check from the U.S. Olympic Organizing Committee: $25,000 for gold, $15,000 for silver and $10,000 for bronze. Like lottery winners and Jeopardy champions, those winnings are taxable.

Individual sports including cycling and swimming have started to offer bonuses to their winners too. Wrestlers have a shot at $250,000 per gold metal this year as well.

Even sponsors are paying up for the big win. Yahoo! Sports recently reported that swimming star Ryan Lochte is expected to earn six-figure bonuses from Gatorade, Speedo and other major sponsors. Rival Michael Phelp’s 2008 $1 million windfall from Speedo was given to charity.

It’s all taxable, explains Alex Knight, a tax partner at Atlanta’s Habif, Arogeti & Wynne: “It’s no different from winning Wheel of Fortune or the lottery.”

The fact that the Olympics are taking place in the U.K. means that any income earned in London could be taxed by the British government. As is customary with the games, British authorities have agreed to waive tax claims on the medal wins. Money a U.S. athlete might earn on the side while across the pond — say, by attending events with a key sponsor — would be taxable by the British, Knight says.

U.S. citizens would get a credit for any British taxes paid against their federal taxes, but with the UK’s highest marginal tax rate of 40 percent exceeding the U.S.’s 35 percent, top athletes could end up paying higher taxes than usual on those earnings.

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