The IRS Takes the Gold !

[Ash1280]

How the IRS Takes the Gold After the Olympics
By Ross Kenneth Urken
(dailyfinance)



Under U.S. tax law, they must include the value of their Olympic medals and prizes in their taxable income. The precious metal in the medals is worth about $675 for gold, $385 for silver and under $5 for bronze. But medalists take in handsome cash prizes, too: $25,000 for gold, $15,000 for silver and $10,000 for bronze...

http://www.dailyfinance.com/2012/08/03/how-the-irs-takes-the-gold-after-the-olympics/

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* So the government set goals or money values on the medals just to collect the tax.
After years of sacrifice and "financial" savings our athletes such as Gabby Douglas,Michael Phelps and others has to pay taxes.
Comments ? *​

Saturday August 4,2012 @ 6: 55:17AM (DST)

 

[Kakapo Dundee]

If they're anything like athletes here, they get more than enough free money from corporate and federal sponsorships.
Well done for winning, but I'd rather see money spent on making the world a better place.

 

[Ash1280]

Imagine paying the amount of tax ?
I guess the athletes has to go to a tax preparer to figure out the tax.
Which line on 1040A ?
#21 ?
All kidding aside it's all wrong.

 

[AUFred]

I saw a figure of $8900 tax due on each Gold medal won. I think it is ridiculous we take that from athletes as hard as they work to earn it while being unable to throw enough money at those who do nothing to contribute to the world.

 

[Kakapo Dundee]

I saw a figure of $8900 tax due on each Gold medal won. I think it is ridiculous we take that from athletes as hard as they work to earn it while being unable to throw enough money at those who do nothing to contribute to the world.

What exactly do these athletes 'contribute' to the world, Fred?

 

[Panacea]

When people win prizes, they pay taxes on them. I find the "OMG this is a feature of our newly socialist country! Our beautiful world is crumbling around us!" outrage kind of politically timed...

I think it sucks to have to pay taxes on a prize, yes. Especially one won this way.


And ya, conservative sites have the totals as high as $10,000...I think I heard somewhere the athletes have to surrender their first born to Obama as well. Maybe someone/people will be kind enough to donate the fee money as a show of appreciation.

 

[End Of All]

Maybe someone/people will be kind enough to donate the fee money as a show of appreciation.

Only problem with this is that the donations get the s*** taxed out of them too.

 

[AUFred]

What exactly do these athletes 'contribute' to the world, Fred?

I was referring to the people here who never have a job and are never gainfully employed much less work hard to earn something. Yet they are given money by the government.

 

[Kakapo Dundee]

I'm not asking you to answer that though.I'm well familiar with the anti-welfare mantra. I'd like to know what Athletes contribute that makes them so much more productive in yoour eyes than other beneficiaries.

 

[Maulds]

I think plenty of them contribute to the world. I have seen plenty of stories where they use their celebrity to raise awareness for various causes, donate their time and money to charity. Some athletes (particularly from smaller countries) become heroes because they give the people back home something to cheer for and believe in. Does none of that count?

edit: I was addressing the original question, not the last one.

 

[AUFred]

I'm not asking you to answer that though.I'm well familiar with the anti-welfare mantra. I'd like to know what Athletes contribute that makes them so much more productive in yoour eyes than other beneficiaries.

Athlete or not. Those who earn deserve to keep more of what they worked for. I was trying to draw a parrallel that those who earn are punished while those who do not are rewarded.

 

[Kakapo Dundee]

So, you're using the athletes' efforts as an excuse to push one side of a very old debate. Reminds of the Cold War days.

 

[AUFred]

Well I am very old.

 

[Francis]

I'm not asking you to answer that though.I'm well familiar with the anti-welfare mantra. I'd like to know what Athletes contribute that makes them so much more productive in yoour eyes than other beneficiaries.

Athletes often contribute time and effort to sports that kids look up to and get absolutely for no money in return. What does that do for the world? Well often it offers better health program for children, gives them hope and also as they get older they participate in exchange programs for which some would never get to see outside their low income area within those sports.

Giving anyone a bit of hope, is giving them a chance at life. It doesn't mean that sport will be their lifetime career but their experience in the mentoring from others that do this for free can benefit greatly later in life.

 

[Francis]

And by the way, this story is a non-story as this was disclosed. Most Athletes compete for the honor of the Gold Medal not its value..

Today and tonight, during final-event leaps, heaves and sprints in the hurdles, pole vault, and gym, athletes will be competing for, living and dying for ... silver.

Not second place, mind you. But, technically, as the winners' national anthems ring out this evening, each grinning champion will be wearing, nuzzling or even kissing carefully dressed-up medallions made almost completely out of sterling silver.

Those cherished, sacrifice-four-years-of-your-life-to-achieve, historic golds? Oh, there's gold on there -- as a thin plating meant to cloak the 92.5 percent of the first-place prize that's comprised of silver.

London 2012 organizers have proudly, purposely produced the heaviest gold meals in Olympic history -- each tipping the scales at 400 grams, or twice the heft of the golds handed out during the 2008 Beijing Games. But they are hardly the most valuable Olympic medals ever.

Due to that flashy gold coating, totaling 6 grams -- worth $302 in today's market -- and the remaining 394 grams of sterling silver -- valued at $318 -- the winning coins would fetch about $620 if melted down as pure metals, according to Lear Capital, a precious metals company in Los Angeles.

It's true: the London golds aren't worth their weight in gold.

http://bottomline.nbcnews.com/_news...you-team-usa-you-didnt-actually-win-gold?lite