Should U.S. Olympians Have to Pay Taxes on Their Medals and Prize Winnings? (As of Now, They Do)
SodaHead Sports
2012/08/05 22:36:18
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Last week, Senator Marco Rubio (R-Fla.) introduced a bill that would exempt U.S. Olympic medal winners from paying federal taxes on their medals and prize money. "Athletes representing our nation overseas in the Olympics shouldn't have to worry about an extra tax bill waiting for them back at home," he said in a statement.
Under the current policy, Americans winning in London will add the value of their medals (around $650 for gold, $330 for silver, and $5 for bronze) and their prize winnings ($25,000 for gold, $15,000 for silver, and $10,000 for bronze) to their taxable income. At a 35% income tax rate, medal winners will end up owing the IRS around $8,750 for a gold, $5,250 for a silver, and $3,500 for a bronze.
Romney and a number of Congressional lawmakers from both sides of the aisle have jumped to support the measure. They, and many others, are appalled that these athletes who represent the United States are being penalized for their successes. However, others argue that Olympic medalists do not merit preferential treatment.
“The fact is that prize money from athletic victories is income, and there is no good reason for the government to treat that income differently than the income of all the non-Olympic athletes who earn analogous types of income,” wrote Conor Friedersdorf for The Atlantic. “Why should Olympic athletes be exempted from paying taxes on their prize money, but not professional golfers, or poker players, or winners of literary prizes, or folks who win the lottery?”
What do you think SodaHeads? Should U.S. Olympians have to pay taxes on their medals and prize winnings?
Under the current policy, Americans winning in London will add the value of their medals (around $650 for gold, $330 for silver, and $5 for bronze) and their prize winnings ($25,000 for gold, $15,000 for silver, and $10,000 for bronze) to their taxable income. At a 35% income tax rate, medal winners will end up owing the IRS around $8,750 for a gold, $5,250 for a silver, and $3,500 for a bronze.
Romney and a number of Congressional lawmakers from both sides of the aisle have jumped to support the measure. They, and many others, are appalled that these athletes who represent the United States are being penalized for their successes. However, others argue that Olympic medalists do not merit preferential treatment.
“The fact is that prize money from athletic victories is income, and there is no good reason for the government to treat that income differently than the income of all the non-Olympic athletes who earn analogous types of income,” wrote Conor Friedersdorf for The Atlantic. “Why should Olympic athletes be exempted from paying taxes on their prize money, but not professional golfers, or poker players, or winners of literary prizes, or folks who win the lottery?”
What do you think SodaHeads? Should U.S. Olympians have to pay taxes on their medals and prize winnings?
Read More: http://www.theatlantic.com/politics/archive/2012/0...
There was a headline somewhere.
Who knows Clint probably didn't care about Politics 4 years ago. Sometimes thats happens when people get older. Also there wasn't a occupy wallstreet when Bush was president and Occupy did cause quite a stir.
Clint has been involved in politics for a long time, this is not a new fad for him.
Okay so I was wrong about Clint, though seems like he was waiting. He probably has quite a bit of wisdom under the hood. I've seen comments where people judge everyone that has been open about supporting Romney, kind of suggesting Liberals are more close minded than they claim. When they think someone is a certain way, they keep stereotyping and are pretty judgmental.
I know there are good Liberals but the loudest Liberal voices on the internet seem to have gave me a horrible impression of who mostly supports Obama.
I just wish that we (collectively speaking) could just discuss an issue without it devolving into a partisan debate. The merits of taxing Olympic athletes can be debated outside of the context of where any given politician stands on the issue. By taking the partisanship out it can lead to a more open dialog between people. That is the only reason why I raised the point with you about bringing up Obama, not because i am looking to defend Obama in any way.
It was a headline somewhere.
I am always between a political tug-a-war.
Well my mind kind works like this sometimes: Weird association thing, though it can be useful and fun, I can sometimes associate things that may need a bit more info. It was something I heard. I truthfully don't like politics, also I have a lack of good sources.
You do realize this tax for Olympians was put in place in 1986 under the Reagan administration don't you???
Declare the pennies on your eyes.
Also, it is possible to give a gift and have it be (legally) tax-free.
Where as the olympic Gold medal is 92.5 percent pure silver covered by at least 6 grams of gold, according to the Olympic Charter. One oz. of gold is 31.11 grams, so 6 grams of gold is roughly $310 American dollars (at $51.70 per gram).
So the Olympic Gold medal is roughly worth around $400 to $500 american dollars with the gold and silver content.
Not even the amount most olympians spent on feeding themselves while at the games.