Archives For Uncle Sam

“Taken together – the tax on Olympic athletes and the tax on income earned abroad – it can be said the U.S. has officially ‘earned the Gold’ for having one of the most backwards and illogical tax codes in the world,” Americans for Tax Reform said in a statement.

“Our tax code is a complicated and burdensome mess that too often punishes success, and the tax imposed on Olympic medal winners is a classic example of this madness,” stated Senator Marco Rubio when he introduced the Olympic Tax Elimination Act in 2012.

Uncle Sam must have been happy to see the United States win 1st, 2nd, and 3rd in the Ski Slopestlye event in Sochi this past week.

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Earlier this May, while eating his McDonald’s hamburger, Charles Ramsey made the 9-1-1 call that freed Amanda Berry, Michelle Knight and Gina DeJesus from a 10-year captivity from an adjacent Cleveland home.

Though rumors of Ramsey’s receiving free hamburgers for life may not be true, a McDonald’s spokesperson has said that “the local owner-operators of the McDonald’s restaurants in Mr. Ramsey’s neighborhood have connected with him and offered complimentary McDonald’s food for the next year and in addition, [McDonald’s has] made a $10,000 donation to the National Center for Missing and Exploited Children […]”.

In a similar 2004 situation, Oprah gave away 276 new Pontiac G-Sixes to members of her audience for free; however, “according to a spokeswomen for Harpo Productions Inc., Oprah’s company, the recipients [had] to pay a tax on the winnings, just like any prize”. The recipients may have thought that they had free, brand new cars; nevertheless, the $28,500 car would have to be claimed as income. In turn, the individuals would have had to pay anywhere up to $7,000 in tax or have to forfeit the new car.

So, will Charles Ramsey have to pay tax on his McDonald’s burger?

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Here’s a tip for all you tax payers out there: Donating money to help reduce the federal debt counts as one of the more unusual charitable tax deductions. Continue Reading…