Today’s entry in The Valley of Wrongness goes to the Infernal Revenue Service.
The letters GGW stand for two things, both of which are equally obscene. One is Girls Gone Wild and the other is Government Gone Wild. The text that follows is from Fox Sports’ article, “Win a medal, pay the price.”
Go for the gold — but should you succeed, be prepared to dole out some gold of your own.
The U.S. Olympic Committee awards prize money to American medal winners: $25,000 for gold, $15,000 for silver, $10,000 for bronze. That prize money is taxed at a rate of as much as 35 percent, Americans for Tax Reform calculated. On top of that, the medals themselves are taxed: You only have to fork over $2 to the IRS for the privilege of keeping your bronze medal, but carve off $236 worth from that gold medal.
Michael Phelps should have no trouble shouldering the tax burden — he makes millions in endorsements. But fellow U.S. swimmer Allison Schmitt has won two golds, a silver and a bronze in London. That’s $75,000 in total prize money — and $26,857 owed to the United States Treasury.
Did I say that both GGW’s are equally obscene? I was wrong. If a commercial for Girls Gone Wild appears on your TV, you have the option of turning it off. If you want to own it, you have to choose to buy it. Government Gone Wild is there whether or not you want it to be there. There is one big advantage that Government Gone Wild has over Girls Gone Wild. It will not result in the breakup of your marriage.
Do you have an entry for The Valley of Wrongness? Post a link as a reply and add your own commentary. If it’s really wrong, I’ll post it and give you all of the credit.