ANEMONEBUFF wrote:The 25,000 is for winning a gold and is paid for by the Olympic Committee. The US doesnt pay them a salary. Plus, if you win nothing you get nothing, it's a prize. I agree that the 25,000 should be taxed as income, but the tax on the gold medal is ****.
Why is it ****?
Should gold not be taxed
It's got value and was a prize thus subjected to taxing.
Well the amount of gold in it is fairly small, but being as gold as expensive as **** maybe a few hundred dollars worth. There's a point of nit that needs to get picked that really should end with trophies, why wouldn't a little league trophy be taxed? While there's not much in the way of precious medals in them they can cost quite a bit to buy.
See in Mike's Magical Tax 2.0 system, awards and non-monetary items are not taxed until/unless said person sells them, then they'll be liable for the sale price or fair market value (so you don't sell a house for $10 to your friend). I mean christ when Barry Bonds was about to break the home run record congress needed to come up with special rules in case a kid caught the ball so he wouldn't be liable for taxes on something with a "value" of many hundreds of thousands of dollars, that says the current system is broken (in more ways than one)