What am I missing here?
Aug. 1st, 2012 05:16 amWin Olympic Gold, Pay the IRS. The author appears to be horrified that Olympic winners must ... pay taxes on their prize money?
Leaving aside the obvious fudging of the numbers - the top (marginal) income tax rate in the U.S. may be 35%, but a lot of medalists may not earn the $388K necessary to hit that bracket, so their tax rates will be lower, and that's before any deductions for the costs of their training - why is it such a shonda that Olympic athletes pay taxes on the money that their labor brings them, like every other person in America who earns money based on their labor? Some corporate sponsors, like Gatorade and Speedo, are offering medalists million dollar bonuses - should those be tax exempt too?
Maybe the basic point is that extraordinary people shouldn't pay taxes? Well, I suppose that is in keeping with the Republican worldview.... for their own definition of extraordinary.
Leaving aside the obvious fudging of the numbers - the top (marginal) income tax rate in the U.S. may be 35%, but a lot of medalists may not earn the $388K necessary to hit that bracket, so their tax rates will be lower, and that's before any deductions for the costs of their training - why is it such a shonda that Olympic athletes pay taxes on the money that their labor brings them, like every other person in America who earns money based on their labor? Some corporate sponsors, like Gatorade and Speedo, are offering medalists million dollar bonuses - should those be tax exempt too?
Maybe the basic point is that extraordinary people shouldn't pay taxes? Well, I suppose that is in keeping with the Republican worldview.... for their own definition of extraordinary.