American Olympic Athletes To Pay Taxes on Medals & Prizes Earned in London (and Other Interesting Olympic Tidbits)

August 1, 2012

I don’t know, maybe it’s because they didn’t build that Olympic Stadium or the roads leading to it, but American Olympians who win gold medals this year will face nearly $9,000 in federal income tax per medal, and silver medalists will pay a bit over $5,300. According to Americans for Tax Reform these hard-working athletes representing the United States face a top income tax rate of 35% even though I’d venture to say hardly any of them are millionaires or billionaires.

That’s a 19-medal smile!

Isn’t that beautiful?

Yes, sadly the USA is the last of the developed countries to tax income produced outside the country. Another good example of why we need comprehensive tax reform. Don’t try a do-over. It’s too screwed up. Do a flat tax a fair tax or maybe even the 9-9-9, but the current tax code stinks!

Other Interesting Olympic Tidbits:

  • The 1912 Olympic games in Sweden was the last time gold medals were made of solid gold.
  • It’s up to the host country to make the medals which are now alloys. London’s gold medals weigh just under a pound and contain gold, silver (92.5%) and copper.
  • Eight female badminton players (from China, Indonesia & S. Korea) were disqualified from the 2012 Olympics for intentionally losing early matches to draw easier opponents going forward.
  • Police recovered Tristan Gale’s 2002 gold medal from the Salt Lake City Games (skeleton-racing champion) at a local pawn shop a week after it was stolen in a burglary.
  • A gold medal from the 1980 “Miracle on Ice” hockey team was auctioned in 2012 for $310,700.
  • During the Opening Ceremony last week NBC censored out a 6-minute tribute to victims of the 2005 London subway terror attack victims cutting to a Ryan Seacrest interview with Michael Phelps.
  • Further emphasizing that Islamic terrorism does not exist, the IOC rejected repeated calls for a moment of silence at the London games for the 11 Israeli athletes & coaches murdered in 1972 in Munich (this is my first memory of Islamic terrorism 40 years ago).
  • Mitt Romney served as President of the Salt Lake City Winter Olympic committee UNPAID for 3 years and put the money-losing venture into the black.

Aloha, Mikie ~just a blogger (fightin’ like a girl)

Advertisements

What About Tax Reform?

June 1, 2011

So much blather about the debt ceiling, but without spending cuts and major TAX REFORM that’s all it is -talk. This bears repeating until the nimrods in Washington get it. There are a lot of reasons (power, greed and favoritism to name a few) for them not to get it, so it’s up to us. We will never have any real economic recovery without tax reform.

Here’s what some people like about the FairTax:

  • Yo – drug dealers and politicians paying their fair share? Revolutionary!
  • Politicians like to talk about redistributing the wealth, I like talking about redistributing the power.
  • Hey, that full paycheck looks good on you!
  • It will eliminate all taxation for the poor via the prebate.
  • Under the Fair Tax I could buy you a drink and do your taxes at the same time.
  • Level the playing field. Everyone is a consumer. Everyone is a taxpayer.
  • Not even the politicians can get out of paying under the FairTax.
  • Would you like to keep your entire paycheck and pay taxes when you want to?
  • How would you like to have FICA, Medicare & Federal Tax withholding put back into every payday?
  • Want to hear that rushing-wind sound of jobs coming back to America?
  • The Fair Tax…eliminates the underground economy.
  • I love it. Every international tourist or visitor contributes to our economy!
  • FairTax: A plan even Charlie Rangel can understand!
  • Fair and Simple.

Support H.R. 25 and ask your representatives to too! Be sure to see my Tax Reform Category (on the right side panel) to raise your tax reform IQ!

Aloha, Mikie

Dare2Kerr@gmail.com


A Very Simple Explanation of The Fairtax

April 6, 2011

This is one of the simplest explanations I have come across on the FairTax. Please check it out and pass it on.

Our economy will not improve unless and until we get meaningful tax reform!

Be sure to see the Tax Reform Category (on the right side panel) to raise your tax reform IQ!

Aloha, Mikie

~PS check out the new page I recently added to this website at the top right under Get Off Your Butts, titled Heed This Warning.


Guaranteed Tax Reform Within a Year!

February 25, 2011

Kentucky Senator Rand Paul said,

“Americans pay more in taxes than food, clothing and housing combined!”

And not only Americans, this cancer has its tentacles worldwide. What’s the big common denominator in all of it? Cut off the blood supply to this beast.

Choking the unholy alliance between unions and government and enacting real tax reform are the keys to fiscal balance and economic prosperity.

We would have guaranteed tax reform within a year

IF . . . . . . . . . . . . . . . . . .

we got the unions under control, AND if every member of the Senate Finance Committee and House Ways & Means Committee had to fill out their own taxes by hand.

Here’s a start. Use these names and this website to contact the Senate and House subcommittee members to make this tax reform suggestion!

And be sure to see my Tax Reform Category (on the right side panel) to raise your tax reform IQ!

Aloha, Mikie

Dare2Kerr@gmail.com


Holy Cattle – This Just in from the IRS

February 17, 2011

Yesterday’s Daily Caller reports:

The Internal Revenue Service says it will need a battalion of 1,054 new auditors and staffers

and new facilities at a cost to taxpayers of more than $359 million in fiscal 2012 just to watch over the initial implementation of President Obama’s healthcare reforms. Among the new corp will be 81 workers assigned to make sure tanning salons pay a new 10 percent excise.

Does this look like a president who now understands what ‘We the People’ want in the way of deficit reduction? If this isn’t a case for a total tax reform I don’t know what is. Do you think the IRS came out with this on their own? I doubt it, they are at the beck and call of the administration which continually talks out of both sides of their mouth.

The President’s budget does not include a single difficult decision, yet he says he is willing to compromise and work with the House Majority. Where’s the leadership here? This makes them the villains when they do come up with the real substantial cuts necessary. It’s the same with the GOP being forced to shut down the government if they push for conditions on raising the debt ceiling.

First of all, everyone needs realize that shutting down the government is not a bad thing. It’s called Time Out!

Mitch Daniels, a likely GOP presidential candidate tells it like it is regarding doing the hard work of deficit reduction,

“When infinite demand meets finite supply, you have a problem.”

But even better, Daniels admits his fellow Republicans need to admit this too and get down to work. Just like senator Rand Paul says, it’s not just Republican vs Democrat, it’s can the country sustain that level of debt?  Answer:  Not even!

Please urge your Congressmen and women to get serious on the budget (and part of this is tax reform). All entitlement programs need to be cut (medicare, medicaid and social security) and there needs to be means testing to qualify for entitlements. Here’s all you need to do:  find your state on this map and away you go!

Aloha, Mikie

Dare2Kerr@gmail.com


Have Uncle Sam Help You Pay For Your Alpacas

February 6, 2011

Sorry gang, I missed my Tax Reform Friday edition so here it is:

Tax reform is one of the most important things we need to change in our government as it is a huge hole that continually

sucks production and capital out of our economy.

Be sure to see my Tax Reform Category (on the right side panel) to raise your tax reform IQ!

Aloha, Mikie

Dare2Kerr@gmail.com


Tax Eye-Opener

January 29, 2011

Here are only some of the taxes Americans pay each year: 

We're so broke, we haven't paid attention!

  • Accounts Receivable Tax
  • Building Permit Tax
  • Capital Gains Tax
  • CDL license Tax
  • Cigarette Tax
  • Corporate Income Tax
  • Court Fines (indirect taxes)
  • Dog License Tax
  • Federal Income Tax
  • Federal Unemployment Tax (FUTA)
  • Fishing License Tax
  • Food License Tax
  • Fuel permit tax
  • Gasoline Tax
  • Hunting License Tax
  • Inheritance Tax Interest expense (tax on the money)
  • Inventory tax IRS Interest Charges (tax on top of tax)
  • IRS Penalties (tax on top of tax)
  • Liquor Tax
  • Local Income Tax
  • Luxury Taxes
  • Marriage License Tax
  • Medicare Tax
  • Property Tax
  • Real Estate Tax
  • Septic Permit Tax
  • Service Charge Taxes
  • Social Security Tax
  • Road Usage Taxes (Truckers)
  • Sales Taxes
  • Recreational Vehicle Tax
  • Road Toll Booth Taxes
  • School Tax
  • State Income Tax
  • State Unemployment Tax (SUTA)
  • Telephone federal excise tax
  • Telephone federal universal service fee tax
  • Telephone federal, state and local surcharge taxes
  • Telephone minimum usage surcharge tax
  • Telephone recurring and non-recurring charges tax
  • Telephone state and local tax
  • Telephone usage charge tax
  • Toll Bridge Taxes
  • Toll Tunnel Taxes
  • Traffic Fines (indirect taxation)
  • Trailer registration tax

    Read about and push for tax reform for a better future

  • Utility Taxes
  • Vehicle License Registration Tax
  • Vehicle Sales Tax
  • Watercraft registration Tax
  • Well Permit Tax
  • Workers Compensation Tax

NOTE: There’s been a lot of talk of tax reform. Obama even mentioned it in his recent State of the Union address, but tax reform will not come from politicians. They reap too much in power and campaign contributions giving favored tax treatment to special interest groups, big business and their friends.

TAX REFORM WILL ONLY COME FROM THE BOTTOM UP -FROM THE PEOPLE!

Be sure to see my Tax Reform category (in the right side panel) to raise your tax reform IQ.

Aloha, Mikie

Dare2Kerr@gmail.com


%d bloggers like this: