Fox "News" is confused about the Olympic medal taxes. Do you agree with them?

by American☆Atheist Posted 2012/08/04 03:11:30

Related Topics: Fox, Athlete, Money, taxes, YouTube, Watch, News

10 votes
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	yes	4 votes	40%
	no	6 votes	60%

http://www.youtube.com/watch?v=goLUoWNtE54

Fox thinks the athletes are taxed just for winning and not for the prize money that the U.S. gives the athletes.

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Mel 2012/08/04 03:53:50

yes

In a way yes but from what I've read the athletes get taxed for the money and also the medal, the IRS made a determination of how valuable each medal was and they put tax on it.

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America... to Mel 2012/08/04 06:34:09

Where did you get that from?

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Mel to America... 2012/08/04 18:11:28

http://www.americanthinker.co...

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Glfer65 2012/08/04 03:37:03

no

This would be the biggest PR nightmare for the IRS if they were to go after the athletes medals. So if the athletes fail to claim them big deal and more so WHY? These people play for our country on the biggest stage around the world and FAUX thinks the IRS cares?

Countries do award their athletes for winning and that is considered income so that makes sense. But leave it to FAUX to really out do them selves in this case.

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sjalan 2012/08/04 03:18:49

no

+2
It seems that there has been a lot of confusion on subject. I don't know the answers but my feelings are that on the actual medal, it is a gift from the IOC for winning just as a trophy or certificate of merit is in other competitions. People don't pay taxes on those.

The DO however, pay taxes on and contracted earnings so I don't think the Faux Newz people have this correct at all.

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NPC 2012/08/04 03:14:37

yes

The current law, as I understand it, taxes them $25,000 for a Gold Medal and so on for silver and bronze ? This law will be amended and allow U. S. winners to pay no tax on their medals. Some are professionals and some have amateur status with sponsorship only.

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Glfer65 to NPC 2012/08/04 03:40:55

+1
No not the medal itself just the award they get if they get first (gold), second (silver), and third (bronze). Plus the PR nightmare if they ever tried to collect on the value of the medals which are only ranging from $5 to 644 so the rate they are talking about is actually higher than any medals worth.

Not very bright on how they reported it. Again no actual medals are taxed just earnings. Besides why would you want them to have to face of with such idiots like the IRS?

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