From the Cheap Seats: Taxing Olympic Gold

August 2, 2012

YOU DIDN’T WIN THAT: Winning two gold medals in London this year could cost Missy Franklin $18k in taxes

Congratulations and welcome home, Missy Franklin!  Now pay up.

No Tim Geithner loophole for you.  You bring home the gold, you pay the piper.

That’s right.  Under the federal tax code, the same one that President Obama and his money-grabbing treasury secretary say doesn’t take nearly enough from the successful, Missy Franklin owes $18k to the IRS because she is bringing home two gold medals from the London Olympic Games.

On a side note, we wish her the best in the pool and her dealings with Tim Geithner’s attack dogs.

The fact is, though, according to Americans for Tax Reform, Americans who win gold, and the $25,000 honorarium that accompanies the medal, are greeted with an $8,986 tax bill  for the cash and the value of the gold in the medal.

Which is entirely fair, right? It’s not as though Missy Franklin did that herself. Somebody had to put water in the pool after all and it wasn’t Missy.

But wait. Under the Obama approach, Missy’s kind of a thief, you know.

She’s from Colorado and all the water in Colorado is owned by the state, per the state constitution, which was approved by Congress, so we  now have an interesting chain of consequences.

Missy learned to swim in Colorado water, Colorado water belongs to the state, Missy Franklin won gold at the Olympics, but, per the president, she didn’t. Somebody else won that. Who could it be?

Well, Colorado must get Missy’s gold, then, according to the peculiar presidential logic we now see.

Only after she slips $8,986 to Tim Geithner, though. Wonder if he’ll want to bite the medal to see if it’s real gold. Or will he leave that to his rottweilers?

Bet Missy starts to wish she’d taken up badminton. At least the competition there is honest enough to cheat out in public.

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