Did you know that our Olympic medal winners have to pay taxes? Not so much on their medals, because, the medals (even the gold) are not THAT valuable. I didn't know that, though. I also didn't know that the medal winners also get a cash prize. Did you know that? I read that the gold medal winners get $25,000; the silver, $15,000; and bronze, $10,000. I never knew that they got money for winning. I thought the only prize was the satisfaction of competing and winning the medal. It's the cash for which they owe taxes, because it is considered earnings.
Hmmm. Got me to thinking. Wouldn't you think that if you go represent the United States of America in the Olympics, and you are good enough to win, that the United States of Ameria would not require you to pay taxes on those winnings? You wear the uniform of the USA, you compete on the team of the USA, and the USA gets part of the glory if you win. So the whole tax thing kind of seems wrong to me. (Well, except for the Olympic basketball team. I think all those gazillionaire NBAers should have to pay taxes!)
What do you think?
Can't decide what I think because I am still stunned by this new knowledge you've provided! Whaaaat?!?!?!
ReplyDeleteI know . . . . whaaaaat??!!?
Deletei did not know this until recently and i think it's kinda wrong!
ReplyDeleteI think it'd be very hard to get it passed that everyone but the NBA gazillionaires didn't have to pay taxes.
ReplyDeleteBy the way.. did you know the President has to pay taxes on his earned income too?
The president should pay taxes on his earned income - - - he is an employee of the federal government - - he's not representing the u.s. in the Olympics. And it's just taxes on the olympic winnings that I kinda don't think they should have to pay :)
DeleteI thought the whole idea of the Olympics was that these kids are not professionals (ie..not receiving money for their efforts).
ReplyDeleteI thought they were amateur athletes, that's why I get kind of po'ed at the NBA all stars playing.
DeleteHmm...it sounds kind of unfair.
ReplyDeleteWe don't pay taxes in Dubai :P
First off can I just say, WHAT?!?! This is the first time I'm hearing about the cash prizes that they win. So Michael Phelps won a couple hundred thousand in 2008 for his multiple medals? I only thought they won medals & bragging rights, and then made money off endorsements like Wheaties. I agree that the basketball players, if they are NBA members, should pay. I am against pro athletes competing in the Olympics (think hockey in winter too). I guess I'm just not that surprised that they'd be expected to pay taxes...the govt. will do whatever they can to get their hands in our pockets.
ReplyDeleteI was extremely surprised to learn they got cash prizes! I guess I just shouldn't let things like this bother me.
DeleteTo tax or not to tax... that's a good question.
ReplyDeleteDo they get to write off their training expenses? What they pay to their coaches and trainers??
If so, then they should pay taxes.
The way things are going in this country, I could see the scenario where the govt could say... 'we spent this much on your uniforms, air fare and accomodations... we are sending you a 1099 at year's end.. and treat the expenditures as passive income.
~Shoes~
Good comments and perspective - thanks!
DeleteI don't think the athletes should get paid. I don't think the NBA players should play, nor any pro athletes from any country. That would take care of taxes.
ReplyDeleteTotally agree!
DeleteI'm shocked like the other commentors - I didn't know there was a cash prize. Kind of takes something away from it. Motives are then financial. I hate to see money be the motivation for doing well, but I'm sure that's a factor. I do not think they should be taxed. The money seems like a prize/reward, and should be given freely. If a all. Again, I'm back to, they get paid?!?!?
ReplyDeleteI had to google like three times to make sure I got it right! I'm a little disappointed, too, that money plays even a small part in the competition.
DeleteI think it's completely unfair.
ReplyDeleteWhen my son told me this, I thought he hadn't heard the news correctly. How come I've never known the winners get cash prizes? I thought they were doing it all for the glory of being the best!
ReplyDeleteYou're not alone I too didn't know that until this year. :/ I guess as in all things Uncle Sammy wants to get his cut of the winnings too.
ReplyDeleteisn't paying or not paying taxes a bit like discussion politics?
ReplyDeleteha, you thought you'd trick me :)
no comment
I actually SAW the Olympics !!
I think income is taxable .. I do a fabulous job, I am an amazing employee and the contributions I make not only are felt here in my office, in my company but across the country via the internet .. and can you believe it, I have to pay tax .... and amazingly I can if asked supply the last 20 yrs worth of returns
ReplyDeleteoh and dont feel too bad for the American gold medalists .. not only do they get cash and a medal but they also get humongous $$$$ deals for endorsements for everything from cereal to automobiles ..oh and the fees from those endorsements? taxable.
I understand what you are saying about them also getting endorsements. But I'm pretty sure that the people who play handball and rhythmic gymnastics and all the other "obscure sports" don't make big money from endorsements.
DeleteIf the income of our military personnel is taxable (and it is), then I think absolutely that the Olympic athletes' income should be as well.
ReplyDeleteOooh - - really good point.
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