CNBC: Michael Phelps swims fast, but not fast enough to beat Uncle Sam, who awaits him at the finish line each time he wins a medal. His total income tax bill for the 2016 Games? Up to about $55,000 for his five golds and one silver.
Olympic athletes who bring home medals also bring home cash — $25,000 for gold, $15,000 for silver and $10,000 for bronze — paid for by the United States Olympic Committee. Like any prize winner, from a jackpot hitter to a Nobel Prize recipient, the athletes are taxed because Olympic medals and cash bonuses are considered income, said Steven Gill, associate professor of accounting at San Diego State University.
The maximum possible “victory tax” on the bonus for each gold medal, using the top tax rate of 39.6% for the nation’s highest earners, is $9,900, according to Americans for Tax Reform. MORE
Those are taxes being levied by liberal democrats and RINOs. They can’t get enough of our tax $$ so they can ‘redistribute’ OUR money to their friends and cronies for various favors. We need to cut our taxes in HALF and cut government spending and size. If you ever have seen a list of the numerous taxes that are levied on US citizens it makes your head spin.
Calling Al Sharpton…please pay your taxes
I would feel sorry for the athletes if they didn’t so often vote for the very people who are now trying to tax their income.
voting matters.
Income taxes are immoral.
Our Founders understood this, and therefore, put its prohibition quite prominently in our Constitution.
Wilson, and his merry band of “Progressive” Socialists, made sure this abomination became the law of the land through envy and deceit.
It should be repealed.
izlamo delenda est …
They are better off winning a silver medal then spend $400 to have it plated in 6 grams of gold since a gold medal is nothing more than a gold plated silver medal. Once again taxes stifle productivity.
That’s his reward for being great and Uncle Sam wants a piece of that greatness. They all know that going in. Gabby may get out of paying her taxes, she likes that race card a lot.
UNPATRIOTIC.
A lot of these people (not NBA stars) have suffered a lot to get to where they are, and unlike other countries, the U.S. does NOT provide support to our Olympic athletes. So what happens? They do nothing, let them suffer in near poverty, then collect tax on their winnings.
Scumbag gov’t.
I find it very telling that the country that does not support it’s Olympic athletes, and expects them to pay taxes on their income as everyone else does just happens to be the country that creates more medal winners than any other, hands down.
A bit of adversity is good for a person.
Otherwise welfare would create success rather than failure.
JohnS, giving an athlete relief from over taxation is hardly welfare.
I bet the muzzie Bronze winner doesn’t claim it on her taxes and the IRS doesn’t do shit to her.
It’s funny watching a game show where someone wins $500 and someone else wins $700.
The $700 winner gets screwed.
While the US Olympic Committee rely on sales of TV broadcast rights and corporate sponsors the money paid by these entities is tax deductible and so the government (in the form of other taxpayers whether born yet or not) does play a very real part in supporting the athlete, just in a round about way. I’m not sure that qualifies the feds own version of “going for the gold” but they do support them. The other thing to consider is that just about any gold or silver medal winner will get some sponsorship deal after the games (hell many get lottsa dough before the games, it’s just paid into some trust until they retire from amateur sport). I guess the question to ask is if the feds stopped any donation to the US Olympic Committee from being tax deductible would donations dry up. If so then let them keep the medal tax free.
JohnS said: “Otherwise welfare would create success rather than failure.”
It does create success for the ones milking the system. They lay on their backside all day eating Cheetos and Skittles paid for by the taxpayer. Then they have 2-3 Obama phones to do their drug deals, Obamacare for when they get shot or stabbed, free housing, and no need to work for anything. I’d say they are successful in living off other people. Michael Phelps is an achiever but he must pay for the successful breeders and bottom feeders who have no desire to work for anything.
Just fyi; Did you see Phelps is worth $55 million and Usain Bolt $60 million?
How much is the average brain surgeon or heart surgeon worth? Just sayin
Loco, nice of tossing up a straw man and knocking it down.
I didn’t, and wouldn’t say that a tax break is welfare.
That way you avoided my point.
I disagree with attacking what works, and the way we deal with the athletes is, obviously, superior to what anyone else.
Fixing things that already work is a Prog occupation.
The $25,000 cash prize and $600 medal is income and should be taxed as such.
Why should Olympians be treated differently than the garbage man working for his paycheck or the slub who wins a $100 lottery scratch off?
I agree the income tax is immoral. But the gov’t treating some citizens better than others compounds it. Winners and losers, ya’ll.
I prefer the Fair Tax. But that’s another rant.