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...
From other jobs, to property, to pension.and a load of other questions, i do think that tax on the medals is a bit heavy handed, for the tax on their winnings that what they earned, and that makes it taxable.
There are millions of people who work hard, we do not like paying our taxes, but we cant say to one set of people, its ok there is no requirement for you to pay taxes on your earnings.
If they resent the fact that they have to pay taxes, go back to what the Olympics was, a sport you participated in for your country and the what the games actually represented.
I wonder how many would go if the money was taken away,mind you, would you want someone to represent you country only for money, and not purely for the love of your country/the sport/and the Olympic games.
Perhaps that what they should do, pay them expenses and that's it.
Keep in mind that they can deduct air fair, housing, and equipment expenses.
The top winners are going to make hundreds of thousands in endorsements.
If we say these athletes don't have to pay taxes then why do baseball all stars have to pay taxes? Why do football players have to pay taxes. Why do Nascar winners have to pay taxes?
Also, it isn't hypocritical... you should probably familiarize yourself with that definition. I have not said one thing and done another.
Hey all you "couch potato's" out there, these people have devoted their lives, every waking moment to excel in their sport. The cost of training makes it impossible for many to participate. And for those that do, both they are their parents had to sacrifice and do without, for your viewing pleasure. You watched them didn't you and cheered when they broke world records and won medals. You felt pride in their winning I hope. Let's show a little American spirit here ladies and gentlemen and let them not pay taxes on their winning. (and please don't write to me if you didn't watch or could care less because
I have nothing to say to you)
have worked day and night on honing their skills and talent. I didn't say that they should be exempt from all their taxes, only their Olympic medals and winnings. So stop and get that lemon out of your mouth, you'll feel a lot better and can think clearer when you do.