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omegaman 08-03-2012 02:13 PM

Who, What, Why: Why are US athletes taxed on Olympic medal wins?

Doesn't seem right.

horatio 08-04-2012 08:35 AM

The US is doing the right thing, prize money is income so it has to be taxed. A decent tax code does not care about the source of income and grant special rights to folks who make a living via sports. Actually such special rights are the main problem of tax codes worldwide.

Captain Tom Coughlin 08-04-2012 08:55 AM

America is one of only a handful of countries that taxes it's citizens who are living and working abroad. For instance, let's say I went to Ireland for a year and worked there. My Irish income would still be subject to US tax law. Every year there are a handful of Americans living abroad who actually give up their US citizenship to avoid paying that tax liability.

horatio 08-04-2012 09:16 AM

No taxation without representation also works the other way around, no representation without taxation. If you don't pay your taxes at home you should have no right to vote (plus, to be a bit actual, no right to be elected and no right to use your foreign money to buy an election).

The trade-off is between international labour mobility and capital tax evasion.
As immigration laws throw a far larger monkey wrench into labour mobility than some double taxation issues and as capital tax evasion has a far larger effect upon the imbalance between labour and capital (Of course in the ideal world you would pay the price of giving up tax competition and thus the efficiency of public agencies to undo the political power of capital, i.e. we would have one world government with one set of income tax rates.) I like the US rule.

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