Paying Tax On Prize Money for Winning an Olympic Metal

Posted: August 1, 2012 in Uncategorized

The IRS is the collection agency of the international banking cartel that is actively destroying free market capitalism in America.  It was formed shortly after the creation of the Federal Reserve System and is designed to redistribute the wealth of Americans in the form of Personal Income Tax to the banking system in order to pay the interest on the Federal Debt. 16 Trillion Dollars and counting… it’s a scam to the highest degree and it needs more and more debt to continue functioning.

Go for the Gold! (Pay the IRS.) 10:35 AM, Aug 1, 2012 • By JONATHAN V. LAST

Because conservatives are scrooges, the good folks at Americans for Tax Reform have gone through the fine print to find out what our Olympians will have to cough up to the IRS should they be lucky enough to win any medals in London.

Even by the standards of our government, the numbers are insane.

For instance: Americans who win bronze will pay a $2 tax on the medal itself. But the bronze comes with a modest prize—$10,000 as an honorarium for devoting your entire life to being the third best athlete on the planet in your chosen discipline. And the IRS will take $3,500 of that, thank you very much.

There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.

Silver medalists will owe $5,385. You win a gold? Timothy Geithner will be standing there with his hand out for $8,986.

So as of this writing, swimmer Missy Franklin—who’s a high school student—is already on the hook for almost $14,000. By the time she’s done in the pool, her tab could be much higher. (That is, unless she has to decline the prize money to placate the NCAA—the only organization in America whose nuttiness rivals the IRS.)

ATR 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.

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