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...
Set an age limit like they do for socker (football). That might help.
if a gold winner shows an "income" from prize winnings and tangible gifts of only $26k then i don't believe they will have to pay any taxes anyway....
this is a waste of time and a distraction from what WE NEED TO BE DOING.
They are the Nation's best, ambassadors of the American nation, sacrificing years to bring home glory and honor to their homeland. The least the nation can do in return is allow them to keep their prize, for they have certainly earned it.
Its funny to see Obama and the Democratic party attacking the regular people for bread money and saying NOTHING about the multi national conglomerates that pull his strings, that pay 2% tax on millions a week.
No, they should not be paying taxes on the medals at all.
The athletes should not be being paid cash prizes at all.
If they are not being paid cash prizes, then they would not need to worry about paying taxes.
But, really, if they worked so hard, represented our country in an international arena, and won, why should they have to pay taxes on it.
And how about the fact that said "income," which will, most likely, get turned right around into future training, so they can go back to the next one, was earned on foreign soil? I believe there's something about that in the tax code.
I guess, looking at it that way, the olympians aren't gone long enough to qualify for that. I still don't think it's right to tax their medals though. It's not like they're going to hawk them.
BTW, you could be correct on consecutive months lived in Japan. I left each year for a short spell and I think I remember something about what you are talking about but it's not significant.
Wasn't it Obama who said that we should pay more than our fair share if we are successful? So what is the difference between an athlete and a business owner? To me there is none.
he wasn't claiming any credit for himself, he was saying that it takes a community to develop an Olympic athlete.
Just like a true Communist ...........
but whatevs
GUESS THE RULES ONLY APPLY TO THOSE THAT OPPOSE OBAMA
you make very little sense... do you know that about yourself?
go on.