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Federal taxes due on USA Olympic Medal Winners:

vetteman said:
Personally I don't think the government has a moral claim to money earned overseas by Americans, the law notwithstanding.
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Agree. You should pay taxes where the where economic activity happens. Just as you follow criminal law where the crime happens. Shopuld be an easy prnciple.

Only caveat is that economic activity can happen in the weirdest of places. If I live and work in the US but is paid by the Swiss branch of the employer to a tax haven canton, then what?
 
Liar said:
If it is in Saudi and China. And he doesn't spend the money he earns in the US. Why not?
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I was only asking.

I guess if he keeps in in Switzerland or Iran or anywhere but the US and only spends it there then why not.

Next thing you know they will be taxing lottery and casino winnings
 
Liar said:
The metal value of the medal is not that much anyway.



I guess a bona fide olympic medal has collector's value though. I know a Finnish skier sold his 2 gold and 1 silver for a charity auction a few years ago, and got about half a mil.
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The medal is worth a lot more in terms of an athlete's future earnings.
 
chillywilly2 said:
Is this actually a "Medal Tax" that you pay a flat rate on as Eyer listed or is it an actual "Income Tax" where the rate would be based on income, like higher income is at a higher rate.

Do you get to clain deductions for costs associated with winning this medal?
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It's just income. Eyer is just engaging in his daily selective outrage.

If Olympic prize money is tax-exempt because it's "noble" then I shouldn't have had to pay taxes when I was a social worker serving troubled kids with absent parents. In fact I made about as much as the gold medal prize money as my annual salary. And no, I wasn't in the public sector but at a private nonprofit. How come Rubio isn't writing a bill for social workers?
 
When I first read it it looked like a flat tax on medals.

Now upon reading the whole article its just a bunch of babies trying to get their names in the paper and look like heroes.

Its income and thats all there is to it. They should have plenty of deductions to take care of it.
 
chillywilly2 said:
When I first read it it looked like a flat tax on medals.

Now upon reading the whole article its just a bunch of babies trying to get their names in the paper and look like heroes.

Its income and thats all there is to it. They should have plenty of deductions to take care of it.
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That's the conservative misinformation going on here. They're "accidentally unclear" about the issue so it sounds like there's some tyrannical tax aimed Olympians.
 
mercury14 said:
That's the conservative misinformation going on here. They're "accidentally unclear" about the issue so it sounds like there's some tyrannical tax aimed Olympians.
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I read this as just because there is a democrat in power, if you had a republican pres it would be the democrats screaming.

basically, babies screaming for attention
 
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