Olympians who win a Medal for the U.S.A. will have to pay the IRS……..how’s that for “incentive”!

Posted: August 1, 2012 in Uncategorized

Go For Gold!.………………that’s the never ending mantra from all the countries in the world when they send their athletes overseas this year to the London 2012 Olympics.

Only the U.S. has one added sentence after they say that:……………………“because we need more money”!

Win a Gold and you’ll owe the Internal Revenue Service a paltry $8,986.00!

Nice incentive to go farther, go longer, go faster! It could also be a really good incentive to look to the host country for some permanent lodging for you and your family so you won’t have to pay Timothy Geithner to allow you win a medal!

America is the Greatest Country in the World!!!……..not so much for winners though!

Go for the Gold! (Pay the IRS.)

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.

READ MORE HERE:

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