Keep water near by this may make your hair catch on fire


Comment by Jim Campbell, Citizen Journalist and Patriot

This fits just perfectly with the Obama agenda of raising taxes on achievers.

It’s safe to say that Olympians represent a new class, “The Over Achievers,” most of whom have spent their lives training for the opportunity to represent their countries and bring home the gold.

Thanks to Senator Marco Rubio, (F-FL) who has introduced legislation on this issue……………

Report: American Olympians taking IRS bill home in addition to medals.

Would you want to vote against said legislation even if you were a taxoholic and face your constituents?  

By Bryan Fischer | College Football and Olympics Blogger

CBS SPORTS

Gold, silver, bronze and taxes. For the American Olympians in London, winning a medal at the world’s most prestigious sporting event will not only earn their country national pride but a few dollars in Uncle Sam’s coffers as well.

Michael Phelps likely won’t be smiling as big once he gets the IRS bill for his gold medals. (Getty Images)

According to the Americans for Tax Reform Foundation, athletes are liable to pay income tax on medals earned the games. That means earning a gold medal could mean paying its weight in, well, gold.

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.

In addition, prize money the U.S. Olympic Committee gives out for earning each medal — $25,000 for gold, $15,000 for silver, $10,000 for bronze — is currently taxed as well. As much as earning Olympic glory means to the athletes themselves, it looks like their wallet could be a tad lighter than it should be once they return from overseas if they don’t check with their CPA first.

Complete article below.

Not only do our Olympic athletes have to pay taxes on their medals and prizes – chances are their competitors on the field will face no such taxation when they get home. Because the U.S. is virtually the only developed nation that taxes “worldwide”income earned overseas by its taxpayers, our Olympic athletes face a competitive disadvantage that has nothing to do with sports.

Florida Sen. Marco Rubio believes the taxation is pretty stupefying and introduced a bill on the floor Wednesday that would eliminate the tax American athletes must pay for their work in London.

“Athletes representing our nation overseas in the Olympics shouldn’t have to worry about an extra tax bill waiting for them back at home,” Rubio said in a statement about the Olympic Tax Elimination Act.

We’ll see if the bill can make its way through the legislative process before the Closing Ceremonies because at the moment, current Americans competing in London would owe the IRS $8,986 for winning a gold, $5,385 for a silver and $3,502 for a bronze according to the report.

Swimmer Michael Phelps made history on Tuesday by taking home his 19th medal to become the most decorated athlete at the games in history and has ponied up his fair share of tax money over the years. Using those tax estimates, the Maryland native has paid as much as $132,808 to Uncle Sam so far for his 14 golds and 2 bronze medals earned prior to London. Toss in the three medals he’s earned in 2012 and the total bill jumps to $152,564 and counting.

The ATR, which opposes tax increases “as a matter of principle,” adds that because the U.S. is one of few countries who tax on income earned overseas by its taxpayers, winners from most other countries won’t be paying taxes on their prizes.

Politifact points out, however, that athletes can reduce the tax hit by deducting any unreimbursed business expenses (traveling, equipment, etc.) from their bonus. Additionally, the 35 percent tax rate applies to athletes who make at least $380,000 a year.

CBS News contributed to this report.

About these ads

4 responses to “Keep water near by this may make your hair catch on fire

  1. THIS IS ALL A BUNCH OF CRAP , JUST PROVES THAT OBAMA WANT’S TO SCREW EVERY ONE !
    THAT WORTHLESS MAGGOT OBAMA NEEDS TO GO BACK TO HIS BIRTHPLACE , KENYA ?
    RIP OBASTARD !

  2. The athletes that are good enough to compete in the Olympics, whether they bring home a medal(s) or not, have spent, or their parents have spent thousands, maybe hundreds of thousands of dollars for classes, professional trainers, travel expenses, equipment, etc. over their young lives. Most start training as children. I wonder if their parents have been able to deduct those expenses from their tax debt over the years? I doubt it. Eff Ozero and the jackazz he rode in on.

  3. Come on guys…I am not a fan of Obama either, but he didn’t come up with these taxes. Let’s not make our valid complaints against Obama get diluted with these complaints that have nothing to do with him.

  4. EVERY THING THAT IS NEGATIVE HAS TO DO WITH OBAMA AS HE IS A BIG FAT LIAR , BULLY , DECEIVER , ( SON OF SATAN ) !
    HE COULD OF DONE A HOLE LOT OF GOOD WHEN HE TOOK OVER BUT HE WAS SET TO DESTROY THIS COUNTRY FROM THE START !
    HE PROMISES ONE THING AND DOES THE OPPOSITE ( DECEIVER )
    ACTIONS SPEAK LOUDER THAN WORDS !

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s