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Gimmie a break...These olympic athletes represented our country and won medals against athletes from all over the world and for all there hard work and dedication we tax them on the prize. Its almost as bad as taxing soldiers who are in combat. What do I know, the gov't has to pay for Obamacare somehow, don't they?
Who paid for their training while an amateur. Families dedicate their whole lives and many make nothing if u win it is like a tax free lottery. You represented your country and to the victor goes the spoils he'll Romney only
Paid 13% on 200 million dollars last year. That's less than the flat tax on capital gains he should pay their taxes.
I would be ok with holding the taxes on the medal itself unless/until it is sold. Then take the taxes out of the sale. But the cash winnings are just like me getting a bonus check for doing a good job at my firm and you know you tax that.
As Annie noted, this is taxed just like anything else-- if you won $25,000 playing a gold tournament, that money is taxed. But again, it's taxed at the appropriate tax rate. Only people like Kobe Bryant and Michael Phelps will be paying the top rate (ca. $9000) for their winnings. If you're a 22 year old who works two jobs and just won a gold in archery, you're going to be paying much, much less in taxes (unless those two jobs are "investment banker" and "psychoanalyst").
It should not be taxed. They earned it representing this country and its not like it was a cash prize. Its a hunk of metal. What income is that? They arent going to sell it and get cash for it jeez
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