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...
USA - $25,000
The USOC gives $25,000 for gold, $15,000 for silver and $10,000 for bronze. That's not really alot of money compared to Singapore.
You'd wish you are a Singaporian or Philippino to get the most out of your Olympic gold medal. The following is a list of bonus offered by different countries, feel free to rectify or add to the list:
Singapore - $708,800 (SGD 1 million)
Philippines - $340,909
Philippine President Gloria Macapagal-Arroyo on Friday raised the Olympic incentive to 15 million pesos (340,909 U.S. dollars) for any Filipino athlete who gets a gold medal in Beijing.
Malaysia - $307,000
Malaysia, which has never won an Olympic gold medal, is offering a bonus of one million ringgit (307,000 dollars) to any athlete who can bring home the top prize from this year's Beijing Games.
Thailand - $300,000
Thai gold medallist at the Beijing Olympics will be rewarded of 10 million baht (about 300,000 U.S. dollars), runner-up will get a six million baht bonus and bronze medallist four million baht.
UAE - $272,000
ALSO, KAZAKHSTAN GIVES 250 000$ to Olympic winners. This is also huge money.
Also silver medal winners would be paid just over $200,000 while those ...
USA - $25,000
The USOC gives $25,000 for gold, $15,000 for silver and $10,000 for bronze. That's not really alot of money compared to Singapore.
You'd wish you are a Singaporian or Philippino to get the most out of your Olympic gold medal. The following is a list of bonus offered by different countries, feel free to rectify or add to the list:
Singapore - $708,800 (SGD 1 million)
Philippines - $340,909
Philippine President Gloria Macapagal-Arroyo on Friday raised the Olympic incentive to 15 million pesos (340,909 U.S. dollars) for any Filipino athlete who gets a gold medal in Beijing.
Malaysia - $307,000
Malaysia, which has never won an Olympic gold medal, is offering a bonus of one million ringgit (307,000 dollars) to any athlete who can bring home the top prize from this year's Beijing Games.
Thailand - $300,000
Thai gold medallist at the Beijing Olympics will be rewarded of 10 million baht (about 300,000 U.S. dollars), runner-up will get a six million baht bonus and bronze medallist four million baht.
UAE - $272,000
ALSO, KAZAKHSTAN GIVES 250 000$ to Olympic winners. This is also huge money.
Also silver medal winners would be paid just over $200,000 while those winning bronze would get $136,000.
Russia - $100,000
Russian gold medallists at the upcoming Beijing Olympics are to get a bonus of 100,000 dollars (63,700 euros), Russian Olympic supremo Leonid Tiagachov said.
Japan - $100,000
Bulgaria - $76,620 (100,000 leva)
Every Bulgarian athlete who wins a gold medal at the Beijing 2008 Olympic Games will receive a 100 000 leva bonus from the Bulgarian state.
Israel - $67,500 (NIS 240,000)
The IOC also announced on Monday that any sportsman who will set a new personal best at Beijing will receive a bonus of NIS 10,000. A winner of a gold medal will be awarded NIS 240,000.
China - $51,000 (350,000 yuan)
Central sports officials in China have not said how high the bonuses they give will be, but the Chinese-language Sports Weekly reported they are likely to hand gold medal winners 350,000 yuan ($51,000) each, plus big payments shared out from sponsors.
Dominican Republic - $30,000
Winners could also get a car. It is the first time the Dominican government has made such an offer.
USA - $25,000
The USOC gives $25,000 for gold, $15,000 for silver and $10,000 for bronze
Australia - $20,000
AUSTRALIAN Olympians are expected to get a $20,000 government bonus for gold medals at Beijing - less than winners from the USA, Japan, Germany, Israel, Thailand, Malaysia, Greece and Russia.
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WHO IS SCREWING AMERICA? OBAMA EVEN SCREWING THOSE WHO WON MEDALS FOR AMERICA,
Only goes to prove further.... OBAMA IS AN JACK ASS
then the lib thinks these athletes are in the highest tax bracket. wow even more proof that libs are cluless. please find me the athlete that is making over 100k year. besides ourt pro athletes of course
The Olympics are unlike any other sports competition, they are THE sports competition.
While it is wrong to say that "you did not build that" about people who create and build a business it is clear that Olympic level performance is heavily dependent on the support of many others. Government support is crucial for many while others get subsidized as part of some company's PR or marketing plan. Few athlete achieves success on their own nowadays. And although there is no meaningful way for the winners to fairly share their rewards with the 99%ers they should at least pay taxes on the medal.
Let the corporation pay for it.
Oh yeah, I forgot who our president is.