Tax Reform ATR believes that all consumed income should be taxed one time, at one low and flat rate. Link
GET INVOLVED
ATR ON TWITTER
FOLLOW US-
Why labor unions are trying to stop the #Obamacare train wreck: http://t.co/9TbEqbggLt
May 25, 2013 05:00 PM
taxreformer -
Here's why #Obamacare is being labeled "a huge train wreck": http://t.co/wQkN2Q9Cm0
May 25, 2013 02:00 PM
taxreformer -
By signing #Obamacare into law, President Obama shattered his middle class tax promise: http://t.co/lyzThNil3N
May 25, 2013 01:30 PM
taxreformer -
ATR's @MDuppler warns about the increasingly broad and unchecked powers of the IRS: http://t.co/mtLyxwLIZY
May 25, 2013 01:01 PM
taxreformer -
The House can still squash Internet sales tax. Tell your Congressman to OPPOSE the Marketplace Fairness Act: http://t.co/C9xUaGfMB9
May 25, 2013 12:30 PM
taxreformer -
New @ALEC_States report predicts population migration to low-tax states: http://t.co/2tTAgSabuD #rsps
May 25, 2013 12:01 PM
taxreformer -
South Carolina, RT to urge @LonnieHosey, @GarySimrill, @Leonstav, and @Harry_Ott to reject tax hikes on e-cigs: http://t.co/uZahYOqg6W
May 25, 2013 11:30 AM
taxreformer -
#Obamacare has a surprising new opponent: http://t.co/9TbEqbggLt
May 25, 2013 11:01 AM
taxreformer -
Taxpayers Urge Ohio Senate to Oppose Hotel Occupancy Tax Hike (HB 59) http://t.co/nYbkBaiUZG
May 24, 2013 06:00 PM
taxreformer -
PRA: Trans-Pacific Partnership an opportunity to enforce the intellectual property rights system http://t.co/cPneXuhx1T
May 24, 2013 05:30 PM
taxreformer
Email
Print
Win Olympic Gold, Pay the IRS
U.S. Olympic medal winners will owe up to $9,000 to the IRS.
WASHINGTON, D.C. — While 529 hardworking athletes proudly represent the United States in the 2012 Olympics, any medals and money they earn wearing red, white and blue will be taxed by the IRS. According to research done by the Americans for Tax Reform Foundation, U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games.
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. It is therefore easy to calculate the tax bite on Olympic glory.
At today’s commodity prices, the value of a gold medal is about $675. A silver medal is worth about $385 while a bronze medal is worth under $5.
There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.
So how much will U.S. Olympic medal winners have to pay in taxes to the IRS?
|
|
Medal Tax |
Prize Tax |
Total Tax Burden |
|
Gold |
$236 |
$8,750 |
$8,986 |
|
Silver |
$135 |
$5,250 |
$5,385 |
|
Bronze |
$2 |
$3,500 |
$3,502 |
American gold medal winners will pay the IRS up to $8,986. Silver medal winners will pay up to $5,385. Bronze medal winners will pay up to $3,502.
It gets even worse. 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.
