Stop Taxing Olympic Medal Winners - Pass Senate Bill 2650

[easyt65]

Olympic Medal? Well Done, Now Pay Your Taxes: Uncle Sam
- Olympic Medal? Well Done, Now Pay Your Taxes: Uncle Sam - NBC News

IRS to Team USA Medalists: Pay Up!
- IRS to Team USA Medalists: Pay Up!

"Yes, after years of sacrifice, hard work, and training the lucky and extremely talented few go off to represent this nation, and the world's best earn medals of excellence. Millions of Americans back at home cheer on our athletes, feel and share their pain when they lose, and are exhilarated and swell with pride when they win. Then there are those who watch the Olympics while holding a notepad, pencil, and calculator....our IRS.

Winning a gold, silver or bronze medal earns a financial reward for the victorious athlete. The U.S. Olympic Committee pays the following rates:

• Gold: $25,000
• Silver: $15,000
• Bronze: $10,000

The earnings are considered to be regular income, subject to taxation: A gold medalist from Team USA could end up facing a tax bill of $9,900 per gold medal, $5,940 per silver medal, and $3,960 per bronze medal."
** How Much Do U.S. Olympic Athletes Earn for Winning a Medal?


Bill S.2650
"Before recessing for the Republican and Democratic presidential nominating conventions in mid-July, the Senate passed the United States Appreciation for Olympians and Paralympians Act.

The bill, S. 2650, would amend the tax code so that Olympic medalists wouldn't have to report as income the cash prizes that the U.S. Olympic Committee presents them. That's $25,000 for winning a gold medal, $15,000 for a silver and $10,000 for bronze.

In addition, the value of the medals themselves, which under current law are considered taxable compensation, also would be tax-free. The International Olympic Committee requires the medals to contain a minimum amount of the metal for which they are named.

The House, like the Senate, is in recess until Sept. 6, so it won't get a chance to act on the taxation of Olympic athlete compensation until after the 2016 summer games have concluded.

The measure, however, would apply to medals and prize money that competitors receive for this and future Olympic years."

-- Senate OKs tax break for Olympic medalists - Bankrate.com


WELL OVERDUE!

 

[whitehall]

Meanwhile some poor jerk who wins a new car in a raffle can't even drive it and has to sell it to pay the up front capital gains taxes. People who owned farms that were in their family for a hundred years have to sell off the real estate because they can't afford the capital gains tax that the government demands if the owner dies without a complicated legal plan. Democrats claim that capital gains tax is only for the rich but clearly it effects pampered amateur athletes and the poor and middle class as well. Take care of the rest of the Country while you are coddling rich kids who can afford to spend their young adult lives on things that we used to consider fun and games.

 

[IsaacNewton]

The individual countries pay the athletes, not the Olympics itself. Some countries pay as much as $500,000 or more for a gold medal, the US pays $25,000. Athletes can deduct unpaid travel expenses. It is considered normal income so it depends on what tax bracket you land in for the year. As many of them have endorsement deals they pay a lot of taxes, the amount on the 25k winnings is minimal relatively. And for US athletes that money is taxpayer money. Congress has refused to pass a bill to do away with taxes on Olympic winnings even though Obama said he would sign it.

The gold medals are worth $400-$500 and are also taxable (as are all medals). Call you Congressman and tell them to pass the bill and then it will be a done deal. But they won't. Why is anyone's guess, we're talking about maybe 100 medals? wtf

 

[Dekster]

I would want a tax ruling---these RIO medals are supposed to be more eco friendly and only be clad in the gold, silver, and bronze

 

[IsaacNewton]

I would want a tax ruling---these RIO medals are supposed to be more eco friendly and only be clad in the gold, silver, and bronze

Olympic gold medals are silver clad in gold and have been for quite a while.

 

[Dekster]

I would want a tax ruling---these RIO medals are supposed to be more eco friendly and only be clad in the gold, silver, and bronze

Olympic gold medals are silver clad in gold and have been for quite a while.

The Paralympic medals have a bell inside so the visually impaired can hear their medal that they can't see....I kid you not.

 

[IsaacNewton]

I would want a tax ruling---these RIO medals are supposed to be more eco friendly and only be clad in the gold, silver, and bronze

Olympic gold medals are silver clad in gold and have been for quite a while.

The Paralympic medals have a bell inside so the visually impaired can hear their medal that they can't see....I kid you not.

That's cool.