The Down Range Forum
Member Section => Down Range Cafe => Topic started by: Timothy on August 04, 2012, 09:41:19 PM
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http://www.foxnews.com/politics/2012/08/04/congress-makes-bipartisan-effort-to-exempt-olympians-from-taxes-on-winning/
I don't know, but unless and until they allow active duty military to be exempt from taxes, this is really pretty stupid!
I know these kids work hard, make sacrifices and such but no ones shooting at them are they?
Dumb....dumb....dumb....
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It is moves like this where the government admits they are over taxing their citizens. It isn't enough that when all taxes are added together the government takes nearly if not over 50% of the average person's income. The constantly are looking for ways to take more and to include more areas to tax.
At what point will the tax increasers realize that the reason they are looking at exempting things is because they already overreach?
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I'm all for lowering taxes but this is not one of Rubios finest hours! I can see not taxing the actual medal for it's $675 value for a gold but, income is income and we all pay taxes on income!
We Vets get a bit of a stipend increase in our Social Security benefits for our active duty time but we paid taxes like everyone else. I support the Olympians with my own money on occasion but giving a tax break on the monies they're awarded for a medal is ridiculous!
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I don't like any "class" of people being called "elite" in our society.
It sets a bad precedent. Let em pay the same tax rates as the rest of us.
Maybe if the rules apply to more of us rather than less, there won't be so many stupid rules..
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Don't get me wrong, the usoc is complete crap, but the taxs are fair. I could go on rants about the USOC, for hours. I have 4 freinds there now and 2 freinds that will be there in a month for the paraylmpics. Not to mention a few wrestlers I have coached that are on the junior world team. All of them have storys to tell about the usoc.
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A US Olympic athlete who wins a Gold medal gets $25 K That's nearly a years pay for most people I know.
Tax them.
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Tax them. Everyone needs to feel some pain. I don't know but suspect the atmosphere they operate in is a bit "campus like" and paid by others....time for reality to sink in just in case they don't get it.
Tom's right...$25k and I doubt they paid for their trip over, food or lodging.
So....tax 'em.
Cut the active duty troops some slack. All wounded should have their meds paid for...and no tax on that either for them or their immediate families either.
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If your a gold medal athlete or the top in your field one would also have to think that some are also earning a proverbial shit load through sponsorship, if not then they need a new manager! This feel good attempt by your govt is a pathetic attempt to garner support from the ignorant and stupid. Now just waiting for some left wing nut job to come up with a similar idea in my country. Its just a matter of time!
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Not all Olympians have sponsors, and not all are going to get them. I disagree with the "method" of determining the taxable value of a medal.
Some assclown bureaucrat defines the gold medal at "$25,000" and the tax is $9 grand? +/-... That's B.S.
I think a better calculation should be in order....something a little more reasonable.
Just my .02 cents....
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If it is $25,000 cash it should be taxed, but if they tie a $25,000 value to the medal it is BS!
It is true that the athletes do have sponsors, however most of that sponsorship is helping with training and travel expenses. Are we going to tax Kim Rhode because a company gives her $25,000 worth of shotshells a year to practice with? Are we going to tax Phelps because someone gives him $5,000 worth of airfare so he can visit his family throughout the year while he is training in remote locations?
Cash transactions are taxable, but that medal has no taxable value. If they pawn it off, then they have a cash gain from an untaxed item and taxes are due.
Once again, this leach we call a government has gotten out of hand. We/they will blame the IRS, because it is the independent company named the Internal Revenue Service that is looking to wring all they can from us. However, it is the tax code set by the legislature that the IRS is enforcing.
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Like BHO said, "You did't build that, someone else did." They couldn't have done it with out the roads and bridges we built, the coaches, planes trains and automobiles, shoes, laces, goggles or Michelle sitting up in the stands cheering them on. ::)
The winners just made $20K + in one day, welcome to the 1% and see the tax man on your way out the door...
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If it is $25,000 cash it should be taxed, but if they tie a $25,000 value to the medal it is BS!
It is true that the athletes do have sponsors, however most of that sponsorship is helping with training and travel expenses. Are we going to tax Kim Rhode because a company gives her $25,000 worth of shotshells a year to practice with? Are we going to tax Phelps because someone gives him $5,000 worth of airfare so he can visit his family throughout the year while he is training in remote locations?
Cash transactions are taxable, but that medal has no taxable value. If they pawn it off, then they have a cash gain from an untaxed item and taxes are due.
Once again, this leach we call a government has gotten out of hand. We/they will blame the IRS, because it is the independent company named the Internal Revenue Service that is looking to wring all they can from us. However, it is the tax code set by the legislature that the IRS is enforcing.
They currently tax the medal at it's cost to produce value of $675 bucks for a gold, less for silver and bronze. I say let 'em have that tax free. The bonus monies should be taxed, no question there!
Companies can give a gift of up to 12K by current IRS rules. If the company that supports the athlete has a decent attorney, they know this and do the proper paperwork to support Ms. Rhode's shotshells. Same with anyone else. Since the USOC is a so-called non-profit, the support they provide could be exempt as well.
When I was going to college, it was being paid by my employer. The reimbursement for my tuition was taxable on MY income and I assume a deduction for General Dynamics! Not fun to come up with an additional 700 bucks in taxes that following April on a job that paid me $6.37 and hour...
The tax code is a bitch but a gold medal winner will make millions over the first years after the win! Michael Phelps will never have to work another day in his life if he has half a brain and a good financial planner. I'm sure that this issue isn't as important to the athletes as it is for Rubio...
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If it is $25,000 cash it should be taxed, but if they tie a $25,000 value to the medal it is BS!
It is true that the athletes do have sponsors, however most of that sponsorship is helping with training and travel expenses. Are we going to tax Kim Rhode because a company gives her $25,000 worth of shotshells a year to practice with? Are we going to tax Phelps because someone gives him $5,000 worth of airfare so he can visit his family throughout the year while he is training in remote locations?
The $25 K is a cash (check, ATM, whatever ) bonus.
As for the second part of what I quoted, you would be taxed on it, why shouldn't they ?
On the other hand not all athletes get endorsement deals etc, at least one of our womens gymnastics medalists has turned down large offers.
She intends to continue competing when she goes to college and she can not do that if she has accepted money.
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Get rid of income tax entirely. Go with a flat sales tax.
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1st flat tax is a joke and will never work. 2nd while at the otc, you get 100k + ++ a year in services for free as well as vouchers to pay for school. all of which is tax free.
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1st flat tax is a joke and will never work. 2nd while at the otc, you get 100k + ++ a year in services for free as well as vouchers to pay for school. all of which is tax free.
Flat tax is the only Constitutionally legal form of income tax
http://www.usconstitution.net/xconst_A1Sec2.html
Representatives and direct Taxes shall be apportioned among the several States which may be included within this Union, according to their respective Numbers,
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I was going to stay away from the Flat Tax drift, but with Tom's reply I will also slide us further off course:
Since income tax is the only tax that taxes your ability to pay, shifting to a flat income tax would tax everyone equally and within the limits they can afford.
The only two problems with a Flat Income Tax is that it it puts everyone on an even playing field of fairness based on ability to pay, and it does not create special classes of "need" or punish the "evil rich". Two issues that the liberal base of this nation does not want.
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I was going to stay away from the Flat Tax drift, but with Tom's reply I will also slide us further off course:
Since income tax is the only tax that taxes your ability to pay, shifting to a flat income tax would tax everyone equally and within the limits they can afford.
The only two problems with a Flat Income Tax is that it it puts everyone on an even playing field of fairness based on ability to pay, and it does not create special classes of "need" or punish the "evil rich". Two issues that the liberal base of this nation does not want.
There is another major flaw you missed m58.
It's simple, any one who can do basic math can figure it out, 8 for me, 2 for Uncle Sam.
CPA's would never tolerate such a thing.
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There is another major flaw you missed m58.
It's simple, any one who can do basic math can figure it out, 8 for me, 2 for Uncle Sam.
CPA's would never tolerate such a thing.
And how many worthless jobs at the IRS would be lost?
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They would still need a couple people to open envelopes, make the bank deposits, and check names off the list.
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And how many worthless jobs at the IRS would be lost?
That's fewer agents they have to hire to enforce Obama-care. Maybe they can sell off some of the those new Remington 870s they just bought.
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http://www.foxnews.com/politics/2012/08/04/congress-makes-bipartisan-effort-to-exempt-olympians-from-taxes-on-winning/
I don't know, but unless and until they allow active duty military to be exempt from taxes, this is really pretty stupid!
I know these kids work hard, make sacrifices and such but no ones shooting at them are they?
Dumb....dumb....dumb....
I agree with ya! They aren't getting shot at nor have to worry about IED's and possible PTSD. Once again our so called leaders have filled their sh*t buckets to the brim with their political b/s. Vote them all out!
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I agree with ya! They aren't getting shot at nor have to worry about IED's and possible PTSD. Once again our so called leaders have filled their sh*t buckets to the brim with their political b/s. Vote them all out!
What do you expect ?
Look at who they look up to as hero's.
People talk about troops, firefighters, and some cops as "heroes", but do they want to be like them and spend their lives serving society ?
Do they want to grow up to be another Edison, Vanderbilt, or Gates creating huge companies introducing unbelievable advances and creating millions of jobs ?
No, they worship athletes and entertainers, athletes who play games better than ordinary people, and people so shallow they can convincingly overlay another's personality over their own in a make believe world.
Those are the people they look up to the physical freaks and phonies who serve themselves only and produce nothing.
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This is worth repeating. However, I there is a small percdentage that do become troops, firefighers and cops...but double agreement that the vast majority are self-serving and self-engrossed disdaining work and responsibility.
What do you expect ?
Look at who they look up to as hero's.
People talk about troops, firefighters, and some cops as "heroes", but do they want to be like them and spend their lives serving society ?
Do they want to grow up to be another Edison, Vanderbilt, or Gates creating huge companies introducing unbelievable advances and creating millions of jobs ?
No, they worship athletes and entertainers, athletes who play games better than ordinary people, and people so shallow they can convincingly overlay another's personality over their own in a make believe world.
Those are the people they look up to the physical freaks and phonies who serve themselves only and produce nothing.
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This is worth repeating. However, I there is a small percdentage that do become troops, firefighers and cops...but double agreement that the vast majority are self-serving and self-engrossed disdaining work and responsibility.
I read something recently that it is half of one percent. :-[
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My latest to my local pol...
Senator Brown,
Are you people kidding me? Tax cuts for Olympic athletes is one of the dumbest pieces of legislation I've ever heard!
Is Marc Rubio out of his mind?
How about ELIMINATING the tax burden on our Troops while on active duty? How about ELIMINATING the taxes on the families of those who've lost a husband or wife? Haven't they given enough?
The House and Senate are becoming the laughing stock of Washington! I wonder who the 17% are that think you folks are doing an acceptable job! They must be sleeping at the wheel because nothing could be further from truth.
Sorry for the rant Colonel and congrats on your promotion! Don't waste it...
Timothy
Leominster, MA
This one might get me on a list somewhere...
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Very good, Tim.
I might have added after the line "Haven't they given enough? Haven't they given their 'Fair Share'"
Would be hard for anyone to match that 'Fair Share'.
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Very good, Tim.
I might have added after the line "Haven't they given enough? Haven't they given their 'Fair Share'"
Would be hard for anyone to match that 'Fair Share'.
Sometimes I type too fast....