Follow us on...
Follow us on Twitter Follow us on Facebook Watch us on YouTube
Register
Page 1 of 2 12 LastLast
Results 1 to 15 of 21
  1. #1
    Atomic Punk
    Join Date
    01.29.02
    Age
    49
    Location
    somewhere over the rainbow
    Posts
    22,946
    Last Online

    12.07.17 @ 12:54 PM
    Likes
    842
    Liked 1,229 Times in 448 Posts

    Default "Income" tax on Olympic medal winners...

    Rubio offers bill to waive taxes on Olympic medals, winnings

    When America's Olympic gold-medal winning women gymnasts return from London, they'll be coming home to accolades, parades, interviews, endorsements -- and tax bills.

    In a move timed to coincide with the huge interest in the Olympic Games in London (and the upcoming election in November), Sen. Marco Rubio, R-Fla., has introduced a bill to waive taxes for the honorariums winning athletes get along with their gold, silver or bronze medals.

    Besides a medal, winning athletes also get an honorarium: $25,000 for gold, $15,000 for silver and $10,000 for bronze. So for the Fab Five gymnasts who won Tuesday in London -- McKayla Maroney, Kyla Ross, Aly Raisman, Gabby Douglas and Jordyn Wieber -- that's a total honorarium of $125,000.

    Americans for Tax Reform, a group that opposes tax increases, has calculated that an athlete's tax bill for winning a gold medal totals $8,936, including $8,750 based on a 35 percent tax on the honorarium, and $236 for the value of the medal. Based on that, the Fab Five would owe Uncle Sam $44,680 collectively.

    Of course, some might say that these are winnings, and just like any other winnings, they are subject to U.S. federal income taxes.

    Rubio, who's considered a possible running mate for GOP presidential candidate Mitt Romney, thinks the athletes should get an exemption, though.

    “We need a fundamental overhaul of our tax code, but we shouldn’t wait any time we have a chance to aggressively fix ridiculous tax laws like this tax on Olympians’ medals and prize money,” Rubio said in a statement to introduce the The Olympic Tax Elimination Act, or TEAM Act. “We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it.”
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Forum Frontman It's Mike's Avatar
    Join Date
    03.26.06
    Age
    43
    Location
    Vaughan, Ontario, Canada
    Posts
    34,076
    Favorite VH Album

    like them all, no favourite
    Last Online

    12.11.17 @ 01:02 PM
    Likes
    1,314
    Liked 6,669 Times in 3,696 Posts

    Default

    you really want to rewrite the tax code for this? how silly.

  3. #3
    Atomic Punk TheresOnlyOneWay's Avatar
    Join Date
    04.13.04
    Location
    Avengers Tower
    Posts
    10,149
    Favorite VH Album

    Chickenfoot III
    Favorite VH Song

    Different Devil
    Last Online

    11.30.17 @ 11:15 AM
    Likes
    0
    Liked 340 Times in 184 Posts


    Donor

    Default

    They didn't earn those winnings. Someone else did.
    Last edited by TheresOnlyOneWay; 08.02.12 at 09:40 AM.
    Sammy did the impossible. He made Van Halen better. Deal with it.
    Michael did the impossible. He made Van Halen better. Deal with it.
    --------------------------
    IAMA I am a stage hand for big mainstream artists. (self.IAmA)

    Q: who was the biggest douche that you have worked with?

    A: Eddie Van Halen hands down he threatened all the stage hands that if we wernt all pushed to the side when he got off stage that he would "bash our faces in"

    Now the new David-Lee-Roth-Van Halen album, “Tokyo Dome In Concert,” is available for purchase, and it’s super, super, super, super, super, super, crazy bad. - Doug Elfman

  4. #4
    Atomic Punk Dave's Dreidel's Avatar
    Join Date
    01.10.05
    Age
    47
    Location
    Kate Upton's Closet
    Posts
    37,836
    Favorite VH Album

    Alex, Dave, Ed and Mike
    Favorite VH Song

    The songs with Ed on them
    Last Online

    12.11.17 @ 12:56 PM
    Likes
    3,496
    Liked 18,084 Times in 8,934 Posts

    Default

    It's earned income, it's taxable.

    No different from one of us winning prize money for winning the Boston Marathon.

    Stupid political pandering obviously isn't limited to one side of the isle.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

    Preferred pronouns: he/him/his

    Hurricane Halen - Let's all gingery touch our sword tips!!!

    DONATE TO THE LINKS YA CHEAP BASTARDS!!!!

  5. #5
    Emperor of VHLinks.com Brett's Avatar
    Join Date
    09.02.99
    Age
    46
    Location
    Somewhere Near LA
    Posts
    68,688
    Favorite VH Album

    Fair Warning
    Favorite VH Song

    Unchained
    Last Online

    12.11.17 @ 12:48 PM
    Likes
    1,263
    Liked 11,542 Times in 4,917 Posts

    Default

    Dumb.

    They should pay taxes on their winnings like the rest of us who have dedicated years at being good at things have to when we have won money.
    Webmaster
    VHLinks.com - Your Van Halen Internet Resource Guide
    http://www.vhlinks.com

    JamToThis.com
    Audio/Video Trading Community
    Tons of Van Halen!

  6. #6
    Baluchitherium Ted Van Halen's Avatar
    Join Date
    01.07.04
    Age
    48
    Location
    All up in there
    Posts
    4,376
    Favorite VH Album

    Pirates of the Carribean
    Favorite VH Song

    How Many Say Aye?
    Last Online

    12.11.17 @ 12:08 PM
    Likes
    2,292
    Liked 1,624 Times in 871 Posts


    Premium Member

    Donor

    Default

    Quote Originally Posted by TheresOnlyOneWay View Post
    They didn't earn that those winnings. Someone else did.
    Beat me to it.
    -TVH-


    If there must be trouble, let it be in my day, that my child may have peace. -Thomas Paine


    What is government itself but the greatest of all reflections on human nature? - James Madison


    Any man who thinks he can be happy and prosperous by letting the Government take care of him better take a closer look at the American Indian. - Henry Ford

  7. #7
    Banned! phillybri76's Avatar
    Join Date
    02.07.12
    Age
    40
    Location
    Raleigh, NC
    Posts
    225
    Favorite VH Album

    Van Halen
    Favorite VH Song

    Hear About It Later
    Last Online

    11.25.15 @ 10:51 AM
    Likes
    0
    Liked 0 Times in 0 Posts

    Default

    Quote Originally Posted by Dave's Dreidel View Post
    It's earned income, it's taxable.

    No different from one of us winning prize money for winning the Boston Marathon.

    Stupid political pandering obviously isn't limited to one side of the isle.
    +1 here!!!

  8. #8
    Atomic Punk
    Join Date
    01.29.02
    Age
    49
    Location
    somewhere over the rainbow
    Posts
    22,946
    Last Online

    12.07.17 @ 12:54 PM
    Likes
    842
    Liked 1,229 Times in 448 Posts

    Default

    Quote Originally Posted by TheresOnlyOneWay View Post
    They didn't earn that those winnings. Someone else did.


    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  9. #9
    Eruption
    Join Date
    01.03.12
    Age
    48
    Location
    Does it really matter?
    Posts
    1,379
    Favorite VH Album

    Back to ADKT - Cuz it is new
    Favorite VH Song

    Unchained
    Last Online

    10.30.17 @ 05:08 AM
    Likes
    154
    Liked 35 Times in 25 Posts

    Default

    Quote Originally Posted by TheresOnlyOneWay View Post
    They didn't earn those winnings. Someone else did.
    Can you elaborate on this one?
    It is what it is

    I won't insult your intelligence by suggesting that you really believe what you just said

    I could tell that my parents hated me. My bath toys were a toaster and a radio.

  10. #10
    Atomic Punk ZeoBandit's Avatar
    Join Date
    01.29.02
    Age
    41
    Location
    Chicago
    Posts
    17,830
    Favorite VH Album

    F.U.C.K.
    Favorite VH Song

    Humans Being
    Last Online

    12.11.17 @ 06:24 AM
    Likes
    54
    Liked 40 Times in 29 Posts


    Donor

    Default

    Quote Originally Posted by Brett View Post
    Dumb.

    They should pay taxes on their winnings like the rest of us who have dedicated years at being good at things have to when we have won money.
    Amen. Keep preaching the good word.
    "What we are dealing with here, is a complete lack of respect for the law" - Jackie Gleason, Smokey and the Bandit

    www.geocaching.com - The site where you are the search engine.

  11. #11
    Hang 'Em High sickman's Avatar
    Join Date
    03.13.04
    Posts
    6,169
    Favorite VH Album

    Complete Zero
    Favorite VH Song

    Lets Get Rockin
    Last Online

    12.10.17 @ 10:00 AM
    Likes
    547
    Liked 1,861 Times in 730 Posts


    Donor

    Default

    Shouldn't they be taxed at a higher rate. It seems like it's a "Bonus" more than earned income. Oh who the fuck cares. Of course they have to pay taxes, that's what we do.
    I used to jog but the ice cubes kept falling out of my glass.

  12. #12
    Hang 'Em High RRMB's Avatar
    Join Date
    12.09.03
    Age
    47
    Location
    EyeOhWuh
    Posts
    6,794
    Favorite VH Album

    The 1 that had that 1 song
    Favorite VH Song

    Runaround, MWM, MAM
    Last Online

    05.21.17 @ 06:42 PM
    Likes
    2
    Liked 9 Times in 4 Posts

    Default

    They should be taxed on the cash. But I think the medals should be waived. The more medals you win, it would appear, the more honorarium you receive. So, at the very least, let the medals be tax free since their value is much less than the honorarium.

  13. #13
    Forum Frontman It's Mike's Avatar
    Join Date
    03.26.06
    Age
    43
    Location
    Vaughan, Ontario, Canada
    Posts
    34,076
    Favorite VH Album

    like them all, no favourite
    Last Online

    12.11.17 @ 01:02 PM
    Likes
    1,314
    Liked 6,669 Times in 3,696 Posts

    Default

    Quote Originally Posted by RRMB View Post
    They should be taxed on the cash. But I think the medals should be waived. The more medals you win, it would appear, the more honorarium you receive. So, at the very least, let the medals be tax free since their value is much less than the honorarium.
    the medals aren't worth very much anyways - i can't imagine that's much of a tax bill. It's not like a "gold" medal is solid gold. It's mostly silver, and some copper and a drop of gold. I think they're worth just north of 500 bucks.

  14. #14
    Atomic Punk edwardv's Avatar
    Join Date
    12.13.01
    Age
    59
    Location
    hanover pennsylvania
    Posts
    10,029
    Favorite VH Album

    diver down
    Favorite VH Song

    drop dead legs
    Last Online

    12.11.17 @ 12:00 PM
    Likes
    4,473
    Liked 2,381 Times in 1,486 Posts


    Premium Member

    Default

    I don't like Uncle Sam giving them any money in the first place. The millions or billions that is spent to build these games every 2 years is a waste. I suggest it would be better spent on cures for cancer or neuro muscular disease.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

  15. #15
    Forum Frontman It's Mike's Avatar
    Join Date
    03.26.06
    Age
    43
    Location
    Vaughan, Ontario, Canada
    Posts
    34,076
    Favorite VH Album

    like them all, no favourite
    Last Online

    12.11.17 @ 01:02 PM
    Likes
    1,314
    Liked 6,669 Times in 3,696 Posts

    Default

    Quote Originally Posted by sickman View Post
    Shouldn't they be taxed at a higher rate. It seems like it's a "Bonus" more than earned income. Oh who the fuck cares. Of course they have to pay taxes, that's what we do.
    does a bonus get taxed at a higher rate than regular salary in the states?

 

 

Similar Threads

  1. "Say Uncle," "You Wear It Well," "River Wide" and "Left for Dead."
    By extreme red roth in forum VH Songs/Albums/Videos
    Replies: 48
    Last Post: 12.28.16, 06:31 PM
  2. will be any new "Star Trek," "James Bond" and "Superman" movies in the future?
    By Ilovevh in forum VH Fans Meeting Place (Non-Music)
    Replies: 5
    Last Post: 06.30.11, 07:46 AM
  3. "Emergency", "Night Gallery", "Kojak" To Return Via NBC Owned Websites...
    By chefcraig in forum VH Fans Meeting Place (Non-Music)
    Replies: 14
    Last Post: 02.25.08, 05:36 PM
  4. Brett Michael's "Golddigging Slut-Fest"...Errr, "Rock Of Love 2" Premieres Tonight
    By chefcraig in forum VH Fans Meeting Place (Non-Music)
    Replies: 21
    Last Post: 01.23.08, 05:23 PM
  5. Replies: 0
    Last Post: 09.21.06, 10:36 AM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •