So as of this writing, swimmer Missy Franklin—who's a high school student—is already on the hook for almost $14,000
http://www.weeklystandard.com/blogs/go-gold-pay-irs_649187.htmlATR notes that the real twist of the knife is that most other Olympians won't pay any taxes on their medals because America is one of only a handful of countries which taxes "worldwide" prize income earned overseas
It's just the taxes on the prize money, so she has $$$ to pay for it. I heard a rate of 35%, not sure if prize money has a different rate from what would be your marginal one.chicago510;1239221 wrote:Especially since she is still an amateur (god knows why) so she has no sponsorship $$$ to pay it.
Americans for Tax Reform is correct that gold medalists’ winnings are taxable, and it provides some leeway by saying that U.S. winners could be taxed up to $9,000.
Still, it’s not likely that anyone would pay that much per medal in taxes -- even if the winner was fortunate enough to have annual income well over $380,000 and refused to deduct any business expenses on their winnings. Any accountant worth their salt should be able to get the rate of tax on medal winnings much below $9,000, and maybe even to zero. We rate the statement Mostly False.
RepsMikey McD;1239823 wrote:I took some accounting and business classes at Akron so I don't need to read that article.
didn't know that. Thanks. Of course, there's some fungible money at play with facilities and what not. I think rules have changed, though, but it was never anything like China or the old USSR.Fly4Fun;1239899 wrote:Also there seems to be the misconception that our tax dollars go to the athletes, they don't.
The United States Olympic Committee is a 501(c)(3) not-for-profit corporation supported by donations from individuals and corporations. Our athletes are not directly supported (no direct federal aid) by our government, which is one of the big differences between us and many other countries, especially evil China.
I heard a radio talk show a few days ago discussing the fact that most networks that broadcast the Olympic games actually lose money on the broadcasts. They're hoping that their promos interjected throughout the Olympic broadcasts will boost viewership of their regular prime time broadcasts. It's a ratings game.gut;1240045 wrote:But you know, at the end of the day, it's probably almost criminal what NBC is making on the Olympics and the majority of these athletes are in the red to pursue a sport they love.
You can tell that NBC is definitely trying to push their new sports network and trying to get a piece of ESPN's pie.believer;1240091 wrote:I heard a radio talk show a few days ago discussing the fact that most networks that broadcast the Olympic games actually lose money on the broadcasts. They're hoping that their promos interjected throughout the Olympic broadcasts will boost viewership of their regular prime time broadcasts. It's a ratings game.
http://www.mentalfloss.com/blogs/archives/135953gut;1240220 wrote:Forgot about what they paid for the rights.
Who does get that money? Is it the host country or the IOC?
