Reefs.org Forums

[Bierboy]

It's a 25,000 prize for a gold medal. But they can deduct any expenses they had to earn that money. The medal is worth less than a grand. They also have to make a lot of other money to be paying a rate that gets them to 7 or 8 k in taxes.

I don't know. I see why people want to cut the tax for them. It's a nice feel good thing to do. But at some point we need to stop with all of the silly exemptions in the tax code. I don't think the tax code is the place for stuff like this. These kinds of things are why it's a mess today.

Sure, it would be nice to pay them.

+1

[Rob_Reef_Keeper]

Well if they win gold medals and Wheaties wants them for the box, I'm sure many of these people will give the big FU to the NCAA rules.

Who actually eats wheaties?

[sfsuphysics]

Well if they win gold medals and Wheaties wants them for the box, I'm sure many of these people will give the big FU to the NCAA rules.

Who actually eats wheaties?

Who cares as long as they write you a check to be on the box

Who actually uses Rosetta Stone software? Michael Phelps sure as hell doesn't care as long as the check clears

[ANEMONEBUFF]

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 ****.

[Checker]

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? Reason?

It's got value and was a prize thus subjected to taxing.

[sfsuphysics]

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? Reason?

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)

[Checker]

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? Reason?

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)

A little league trophy holds very little value to the public at large, but an Olympic gold medal can fetch thousands even if there is little gold in it.

http://abcnews.go.com/Sports/story?id=1 ... Bwhn6CmE0M

[Louey]

How much tax should the Lombardi trophy winner pay? Where doesn't begin/end?

Taxing trophies is the dumbest idea I have ever heard.

[EddyP]

How much tax should the Lombardi trophy winner pay? Where doesn't begin/end?

Taxing trophies is the dumbest idea I have ever heard.

Agreed.

[sfsuphysics]

A little league trophy holds very little value to the public at large, but an Olympic gold medal can fetch thousands even if there is little gold in it.

http://abcnews.go.com/Sports/story?id=1 ... Bwhn6CmE0M

Yes but they only have monetary value if the person sells it which the only place they should be taxed, otherwise it's simply a recognition of his/her achievements. As I mentioned earlier if you tax medals then Phelp's gold needs to be worth more than gal who won the Skeet shoot, so he should have to pay more. End result, taxing the medal is stupid, taxing money they make from it fine.

[ANEMONEBUFF]

How much tax should the Lombardi trophy winner pay? Where doesn't begin/end?

Taxing trophies is the dumbest idea I have ever heard.

Agreed.

Ditto