Another tax break for the 1%

[Jogeephus]

http://www.talkradionews.com/news/2012/ ... taxes.html

When will they learn that the whole point is to punish those who excel and reward those who don't. As Pelosi commented on the news this morning, we don't have time for this nonsense we have important business to attend to.

 

[Galloways1]

That is just sad... Punish those that try to be successful. IMHO this is important business, and needs to be fixed. GO Rubio.

 

[Douglas]

I feel like mister contrarian today. IMO income is income and all of it should be taxes at as low a rate as possible. If a hard working truck driver has to pay tax on the $25,000 lottery winnings why not. I of course understand the rah rah nature of the Olympics.

 

[backhoeboogie]

So the total, for all olympians that win, will be less than $700,000. If they were at a 35% rate, that is a whoppping $250K? How many billions are we spending on interest alone? How much does one jet trip cost?

 

[Jogeephus]

I heard Phelps was going to have to pay something like $48,000 and the total as of this morning was somewhere around $320,000. Douglas, I agree. Income is income and I think EVERYBODY should pay their fair share.

 

[Crazy Farmgirl]

I feel like mister contrarian today. IMO income is income and all of it should be taxes at as low a rate as possible. If a hard working truck driver has to pay tax on the $25,000 lottery winnings why not. I of course understand the rah rah nature of the Olympics.

I agree.

 

[1982vett]

I feel like mister contrarian today. IMO income is income and all of it should be taxes at as low a rate as possible. If a hard working truck driver has to pay tax on the $25,000 lottery winnings why not. I of course understand the rah rah nature of the Olympics.

Well, if you tax the medals then the training, coaching, travel expenses along with any other expenses that contributed to the winning the medal should be tax deductable....

 

[Douglas]

I imagine most athletes do not have a reasonable expectation for profit, so hobby expenses are deductible up to the income - if you itemize and to the extent it exceed 2% of agi. So some may be deductible.

 

[backhoeboogie]

If the winners can itemize and deduct, so can the others.

 

[slick4591]

Heck, I didn't realize there were cash prizes paid. :???:

 

[user1]

Hey guys in DC, income is not the problem you face......it's your spending.

 

[john250]

I didn't realize they got cash, either. A Michael Phelps will owe millions on his endorsement income after the games are over. The USA can settle for that, I think. I read a story (since forgotten so no link) about how much parents put into raising an olympian, so all the deductions would outweigh any taxes in theory.