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There was a topic earlier about taxing olympic medals. In class tonight found out the IRS has stated that the Olympic medals won are NOT taxable. However, the money winnings for the gold, silver and bronze are. The $25,000.for gold is a little under $9000. of tax. There is a senator that is trying to send a bill through for winnings not to be taxed. Maybe by 2016?
 

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On a million dollars (say lottory) the winners gets roughly 690,000. The rest the IRS gets.

You know what bugs me about tax.. You pay taxes in your pay check, at the store, on your home, on the purchase of a car.

Then you pay taxes again to buy a used car, used clothing, used home.

But yet the taxes have already been paid on those items. We are double, triple taxed....
 

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Anyone who wins or earns money has to pay tax on it. My son was an Olympian in 2000, trust me the athletes are NOT complaining about this.

It's bad enough that we have people who don't pay their taxes, or even file - the rest of us are having to carry the burden for those who do not.

Just think about it, some of the teams - like basketball are made up of "professional" athletes who make millions of dollars. Why should a portion of their "earnings" (either pay from their NBA Team or the $$ received from winning a gold medal) be tax exempt?

The football team who wins it's conference, gets bonus money, as does the team who wins it's league and the team who wins the superbowl. Is any of that money tax exempt? No.

To try and make the $$ Olympic athletes get for earning a medal, tax exempt, will open up a can of worms with professional athletes...this isn't a road we need to go down.
 

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Nobody wants to pay taxes but we all expect to have free schools, fire service, police service, libraries, roads, bridges, etc. and now healthcare is seen as a "right". How do you think these things are going to happen. In civil society this is how things are paid for. In or to get you have to give people!!
 

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cathy, you are so right.I dont complain about taxes and feel I actually get my money's worth...but it does bother me that those who make so much more than I actually pay less, dollar for dollar. The local school system needs the dollars I contribute.through property taxes or local sales tax...as does the police dept, fire dept. and oh so many others.

It does bother me to hear other complain about taxation.

MOst people dont feel as I do..that I get more from what I actually pay in! Guess I'm in the minority here..I sleep pretty well at night, knowing what I pay in allows me to snore away at night.
 
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