Rubio Bill Eliminates Federal Tax On Olympic Medals...

WTG Marco! Keep it up. I know the usual suspects will sneer and attempt to belittle this effort, but this is a positive step in the right direction. Real Conservatives are few & far between these days. So i'll take what i can get.


Sen. Marco Rubio introduced a bill Wednesday to eliminate the federal government’s tax on Olympic medals, saying the levy amounted to yet another way the government tries to punish those who succeed.

Athletes who win a gold medal also earn a $25,000 honorarium — and with it an $8,986 tax bill to the IRS, according to Americans for Tax Reform, which crunched the numbers. That covers both the honorarium and the tax on the value of the gold in the medal itself.

The silver medal tax comes to $5,385, and the bronze medal tax is $3,502 — including $2 for the value of the bronze medal itself, and the $10,000 honorarium.

That could leave amateur athletes — in many cases still teenagers — facing stiff tax bills when they return to the U.S.

Mr. Rubio said that shouldn’t happen.

Our tax code is a complicated and burdensome mess that too often punishes success, and the tax imposed on Olympic medal winners is a classic example of this madness,” the Florida Republican said.

His bill would exempt the honorarium and the value of the Olympic medal itself from any federal taxes.

Congress is currently fighting over how to adjust the broader tax code and whether to let the Bush-era tax cuts expire. But Mr. Rubio said the Olympic winners shouldn’t have to wait until lawmakers finish that job.

“We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it,” he said...

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Rubio bill eliminates federal tax on Olympic medals - Washington Times
DRUDGE REPORT 2012®

 

But, but , but .........they earned those medals in the name of the "public good", not as a greedy reward for all the hard work and effort they put in.....

Those medals and tax proceeds belong to the people, they earned them !!!

 

Yeah, Rubio said it best. Our Tax Code is madness.

 

"If you went to the Olympics, and you came home with a gold medal... you didn't earn that. Someone else made that happen"

 

If they tax them, then they should be able to deduct a lifetime of expenses for training, travel and whatnot.

 

Tax on income is pretty normal.

Stiff tax bills? Boo hoo.

 

I dunno about this bill. Yeah it's a feel good bill but does it really merit the time of our politicians? If they are taxed on the medal themselves I get it but if money changes hands then it seems normal. If you win a prize in this country you pay a tax. The way it's always been.

Honestly I wish congress would focus on more pressing issues.

 

Very good of Rubio.

Also, I am glad the current tax rates were kicked down the road until after the November election...

 

They did not get those on their own

 

If they are going to make exceptions for Olympic athletes then surely they can make exceptions for the LGBT community...................

Just because !!!!!!