Rubio Bill Eliminates Federal Tax On Olympic Medals...

[Full-Auto]

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...

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

Democrats will throw fits......

They have worked hard at getting a piece of every ones action.

Add how they acted with the drug cartels and you can easily call of them complicit or firm members of organized crime.

 

[g5000]

We’ve already made a trillion dollars’ worth of cuts. We can make another trillion or trillion-two, and what we then do is ask for the athletes to pay a little bit more.

Look, if you’ve received an Olympic Medal, you didn’t get there on your own. You didn’t get there on your own. I’m always struck by people who think, well, it must be because I was just so athletic. There are a lot of athletic people out there. It must be because I worked harder than everybody else. Let me tell you something—there are a whole bunch of hardworking people out there.

If you won a medal, somebody along the line gave you some help. There was a great coach somewhere in your life. Somebody helped to create this unbelievable Olympic system that we have that allowed you to thrive. Somebody invested in franchises and broadcast rights. If you’ve got a medal—you didn’t build that. Somebody else made that happen. The Olympic stadiums didn’t get built on their own. Government money created the stadiums so that all the companies could make money off the Olympics.

I take it you think this money should be tax exempt.

Why? MY money isn't. Your money isn't.

A 36% tax on $25,000 sound right to you?

That's higher than the highest federal income tax bracket.

 

[BlindBoo]

We’ve already made a trillion dollars’ worth of cuts. We can make another trillion or trillion-two, and what we then do is ask for the athletes to pay a little bit more.

Look, if you’ve received an Olympic Medal, you didn’t get there on your own. You didn’t get there on your own. I’m always struck by people who think, well, it must be because I was just so athletic. There are a lot of athletic people out there. It must be because I worked harder than everybody else. Let me tell you something—there are a whole bunch of hardworking people out there.

If you won a medal, somebody along the line gave you some help. There was a great coach somewhere in your life. Somebody helped to create this unbelievable Olympic system that we have that allowed you to thrive. Somebody invested in franchises and broadcast rights. If you’ve got a medal—you didn’t build that. Somebody else made that happen. The Olympic stadiums didn’t get built on their own. Government money created the stadiums so that all the companies could make money off the Olympics.

I take it you think this money should be tax exempt.

Why? MY money isn't. Your money isn't.

A 36% tax on $25,000 sound right to you?

That's higher than the highest federal income tax bracket.

Doesn't that depend on the rest of their taxable income? For an individuatl if they have already made 200,000 dollars or more then yeah that sound okay to me.......

Now if that 25 grand is all they made all year then after all the standard deductions and exemptions I'd be there bill would be a lot less and their rate on the taxable portion would be 15%

 

[Ravi]

We’ve already made a trillion dollars’ worth of cuts. We can make another trillion or trillion-two, and what we then do is ask for the athletes to pay a little bit more.

Look, if you’ve received an Olympic Medal, you didn’t get there on your own. You didn’t get there on your own. I’m always struck by people who think, well, it must be because I was just so athletic. There are a lot of athletic people out there. It must be because I worked harder than everybody else. Let me tell you something—there are a whole bunch of hardworking people out there.

If you won a medal, somebody along the line gave you some help. There was a great coach somewhere in your life. Somebody helped to create this unbelievable Olympic system that we have that allowed you to thrive. Somebody invested in franchises and broadcast rights. If you’ve got a medal—you didn’t build that. Somebody else made that happen. The Olympic stadiums didn’t get built on their own. Government money created the stadiums so that all the companies could make money off the Olympics.

I take it you think this money should be tax exempt.

Why? MY money isn't. Your money isn't.

A 36% tax on $25,000 sound right to you?

That's higher than the highest federal income tax bracket.

No, it doesn't sound right. A $25,000 income for the year would pay 10% of the amount over $8,100, which works out to be $1690. I have no idea where the OP got his figure it is incorrect.

 

[paulitician]

And the usual suspect Goose Steppers cheer Big Brother on. Buffoons.

 

[Synthaholic]

Rubio Bill Eliminates Federal Tax On Olympic Medals...


Panderer.

 

[paulitician]

Panderer.

Big Brother Bootlicker.

 

[auditor0007]

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

I imagine many of the Olympians have tax nightmares that require multiple accountants. Here is the funny thing about all of this. Those who win medals at the Olympics are going to make plenty of money in endorsements and through other means. It is those who are striving to reach the Olympics but fall short who have the most trouble with money and taxes. In a funny sort of way, what we have here is just another instance of the big winners getting the biggest breaks. Not that I am against this particular tax break for the medal winners; I think it's a decent thing for the most part, but my point is valid.

 

[buckeye45_73]

Rubio Bill Eliminates Federal Tax On Olympic Medals...


Panderer.

Yep going after theat Olympic Athelete vote!!!!!!

It's pretty bad when these guys are dinged for taxes, for winning competitions we send them over for....Some may make a bunch of cash, but most wont....so I have no problem with this....we'll call it the patriotic exemption..eh?

 

[paulitician]

Our Tax Code is madness. Rubio nailed it.

 

[Politico]

They tax the income not the medals.

 

[paulitician]

Ah, give em a break. Have a heart for once Goose Steppers.

 

[BlindBoo]

If the athete has to pay the 35% tax rate that means they have a taxable income of over $200,000.00doesn't it?

Why shouldn't that be treated as income again?

But then again I think long term capital gain should also be treated as income in the year you recieve it.

 

[Politico]

If the athete has to pay the 35% tax rate that means they have a taxable income of over $200,000.00doesn't it?

No.

 

[BlindBoo]

If the athete has to pay the 35% tax rate that means they have a taxable income of over $200,000.00doesn't it?

No.

snopes.com: U.S. Gold Medal Winners Pay $9,000 in Taxes?

Opps, my bad it would be $388,350.00 dollars for such a tax rate.

 

[Synthaholic]

Rubio Bill Eliminates Federal Tax On Olympic Medals...


Panderer.

Yep going after theat Olympic Athelete vote!!!!!!

It's pretty bad when these guys are dinged for taxes, for winning competitions we send them over for....Some may make a bunch of cash, but most wont....so I have no problem with this....we'll call it the patriotic exemption..eh?

It's just more meaningless rah, rah, isn't America fan-fucking-tastic bullshit from another Republican faker.

 

[tererun]

I am all for eliminating their taxes on their medals, as long as we also eliminate all the tax money and public programs that help them train and go to the olympics.

 

[ConservaDerrps]

I'm glad Marco Rubio is tackling that oh-so-important-only-comes-up-once-every-four-years problem of taxes on Olympics medals.

Phew! Now I can sleep better at night.

 

[paulitician]

I'm glad Marco Rubio is tackling that oh-so-important-only-comes-up-once-every-four-years problem of taxes on Olympics medals.

Phew! Now I can sleep better at night.

Predictable response. How boring.

 

[ConservaDerrps]

I'm glad Marco Rubio is tackling that oh-so-important-only-comes-up-once-every-four-years problem of taxes on Olympics medals.

Phew! Now I can sleep better at night.

Predictable response. How boring.

Oh. I'm sorry that I'm consistently unimpressed with largely symbolic and rhetorical legislation that doesn't do diddly-dick-fuck-all to actually move the country into a period of sustained growth. It must suck to live in a world where this kind of happy horse shit actually matters.