All-Star 2012 London Olympics

[Ashley]

anyone happen to see this...
Americans for Tax Reform : Win Olympic Gold, Pay the IRS

Makes me sick for those athletes who have worked their butts off to bring pride back to the country

I don't understand how they're in the top tax bracket. You have to make nearly 400K to be in that bracket. And only earnings over that gets taxed at 35%.

Even so, they're not competing in the Olympics to win money. They compete for the pride of winning. And if they do win, they still bring home way more money than they pay in taxes. I guess I'm not really sure why it makes you sick that they have to pay taxes on their income.

 

[gymrat12]

I don't understand how they're in the top tax bracket. You have to make nearly 400K to be in that bracket. And only earnings over that gets taxed at 35%.

Even so, they're not competing in the Olympics to win money. They compete for the pride of winning. And if they do win, they still bring home way more money than they pay in taxes. I guess I'm not really sure why it makes you sick that they have to pay taxes on their income.

Because some of these athlete are 15 and I would hardly call it an income...

 

[codycheerbabex]

anyone happen to see this...
Americans for Tax Reform : Win Olympic Gold, Pay the IRS

Makes me sick for those athletes who have worked their butts off to bring pride back to the country

This is just ridiculous. If you win then you deserve to get everything you earned. On another note any GB athletes that medal don't get any money reward what so ever which I think is also ridiculous!

 

[Ashley]

Because some of these athlete are 15 and I would hardly call it an income...

I paid income tax when I had a job at 15. It's income. If they get a medal, and that's their only income for the year, it's taxed at 15% because it's under 35K.

Prize money is always taxed as income, whether you got it from the Olympics, from poker, or from a 50/50 raffle.

 

[gymrat12]

I paid income tax when I had a job at 15. It's income. If they get a medal, and that's their only income for the year, it's taxed at 15% because it's under 35K.

Prize money is always taxed as income, whether you got it from the Olympics, from poker, or from a 50/50 raffle.

It's my personal opinion... please don't let it bother you! I think winning for your country in the Olympics is on a different level than a part time job at 15. Again my personal opinion, agree to disagree on how sick it makes me

 

[Ashley]

It's my personal opinion... please don't let it bother you! I think winning for your country in the Olympics is on a different level than a part time job at 15. Again my personal opinion, agree to disagree on how sick it makes me

Re-reading the article though, I do see that we're basically the only country that taxes income earned overseas. So I will agree that that's not very fair.

But now that I'm thinking about it. The prize money comes from the USOC, so is it *really* earned overseas?

 

[CheerBank]

Gabby's floor routine. I held my breath the entire time. She came soooo close to going out of bounds, wow.

 

[gymrat12]

she's gorgeous to watch! Loooove that smile!

 

[cheerforeverever]

Go Gabby and Aly! Way to finish up

 

[5-6-7-8]

she's gorgeous to watch! Loooove that smile!

I got chills at the end of her routine with that big smile!

 

[cheerforeverever]

Mustafina and Raisman tied..... 59.566!

 

[crazyredhead]

GABBBBBBBBBBBBBBBY

 

[cheerforeverever]

Gabby 1st
Komova 2nd
Mustafina & Aly tied for 3rd...... don't know how tie breaking works

 

[Emily Jane]

I'm really happy for Gabby, but Komova looked crushed

 

[5-6-7-8]

Does anyone know how they do the tiebreak? Sounds like Mustafina is getting the bronze?