Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

General Discussion

JHB

(38,111 posts)

5. Start thinking of ways to abuse this...

Reply to JCMach1 (Original post)

Wed Aug 17, 2016, 11:33 AM

Aug 2016

...for instance: Why just the Olympics? How about prizes in other contests? How are "valid" ones determined? How loosely will "prize" be defined?

Add in court challenges and lobbying to expand it, and over a number of years a lot of lawyers being employed to make use of this in "creative" ways that turn it into another tax dodge. Remember Romney's suspiciously large IRA?

I don't think this is really necessary, but if you do, please also think about ways to prevent abuse.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

9 replies

= new reply since forum marked as read

Highlight:

Bi-Partisan Tax Proposal: Make Olympic Awards non-taxable... [View all] JCMach1 Aug 2016 OP

I am shocked they are taxed yeoman6987 Aug 2016 #1

I don't get it. HassleCat Aug 2016 #2

Especially in obscure sports, people devote infinite hours to promote their country JCMach1 Aug 2016 #3

So you think we should encourage people to spend prime years... Taitertots Aug 2016 #7

Well then HassleCat Aug 2016 #8

There should be no tax on the medal. Dawson Leery Aug 2016 #4

Start thinking of ways to abuse this... JHB Aug 2016 #5

A tax exemption creates no benefit to society Taitertots Aug 2016 #6

Why shouldn't the money be taxed? taught_me_patience Aug 2016 #9