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  1. #1
    Atomic Punk
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    05.16.18 @ 11:48 AM
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    Default "Income" tax on Olympic medal winners...

    Rubio offers bill to waive taxes on Olympic medals, winnings

    When America's Olympic gold-medal winning women gymnasts return from London, they'll be coming home to accolades, parades, interviews, endorsements -- and tax bills.

    In a move timed to coincide with the huge interest in the Olympic Games in London (and the upcoming election in November), Sen. Marco Rubio, R-Fla., has introduced a bill to waive taxes for the honorariums winning athletes get along with their gold, silver or bronze medals.

    Besides a medal, winning athletes also get an honorarium: $25,000 for gold, $15,000 for silver and $10,000 for bronze. So for the Fab Five gymnasts who won Tuesday in London -- McKayla Maroney, Kyla Ross, Aly Raisman, Gabby Douglas and Jordyn Wieber -- that's a total honorarium of $125,000.

    Americans for Tax Reform, a group that opposes tax increases, has calculated that an athlete's tax bill for winning a gold medal totals $8,936, including $8,750 based on a 35 percent tax on the honorarium, and $236 for the value of the medal. Based on that, the Fab Five would owe Uncle Sam $44,680 collectively.

    Of course, some might say that these are winnings, and just like any other winnings, they are subject to U.S. federal income taxes.

    Rubio, who's considered a possible running mate for GOP presidential candidate Mitt Romney, thinks the athletes should get an exemption, though.

    “We need a fundamental overhaul of our tax code, but we shouldn’t wait any time we have a chance to aggressively fix ridiculous tax laws like this tax on Olympians’ medals and prize money,” Rubio said in a statement to introduce the The Olympic Tax Elimination Act, or TEAM Act. “We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it.”
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Forum Frontman It's Mike's Avatar
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    you really want to rewrite the tax code for this? how silly.

  3. #3
    Atomic Punk TheresOnlyOneWay's Avatar
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    05.20.18 @ 07:40 AM
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    They didn't earn those winnings. Someone else did.
    Last edited by TheresOnlyOneWay; 08.02.12 at 08:40 AM.
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  4. #4
    Atomic Punk Dave's Dreidel's Avatar
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    It's earned income, it's taxable.

    No different from one of us winning prize money for winning the Boston Marathon.

    Stupid political pandering obviously isn't limited to one side of the isle.
    Taylor Swift is nice to look at. Adele can sing.

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  5. #5
    Emperor of VHLinks.com Brett's Avatar
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    05.20.18 @ 07:47 AM
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    Dumb.

    They should pay taxes on their winnings like the rest of us who have dedicated years at being good at things have to when we have won money.
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  6. #6
    Baluchitherium Ted Van Halen's Avatar
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    Quote Originally Posted by TheresOnlyOneWay View Post
    They didn't earn that those winnings. Someone else did.
    Beat me to it.
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  7. #7
    Banned! phillybri76's Avatar
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    Quote Originally Posted by Dave's Dreidel View Post
    It's earned income, it's taxable.

    No different from one of us winning prize money for winning the Boston Marathon.

    Stupid political pandering obviously isn't limited to one side of the isle.
    +1 here!!!

  8. #8
    Atomic Punk
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    Quote Originally Posted by TheresOnlyOneWay View Post
    They didn't earn that those winnings. Someone else did.


    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  9. #9
    Eruption
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    04.25.18 @ 08:59 AM
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    Quote Originally Posted by TheresOnlyOneWay View Post
    They didn't earn those winnings. Someone else did.
    Can you elaborate on this one?
    It is what it is

    I won't insult your intelligence by suggesting that you really believe what you just said

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  10. #10
    Atomic Punk ZeoBandit's Avatar
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    05.17.18 @ 05:23 AM
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    Quote Originally Posted by Brett View Post
    Dumb.

    They should pay taxes on their winnings like the rest of us who have dedicated years at being good at things have to when we have won money.
    Amen. Keep preaching the good word.
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  11. #11
    Hang 'Em High sickman's Avatar
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    05.19.18 @ 03:44 AM
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    Shouldn't they be taxed at a higher rate. It seems like it's a "Bonus" more than earned income. Oh who the fuck cares. Of course they have to pay taxes, that's what we do.
    I used to jog but the ice cubes kept falling out of my glass.

  12. #12
    Hang 'Em High RRMB's Avatar
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    05.21.17 @ 05:42 PM
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    They should be taxed on the cash. But I think the medals should be waived. The more medals you win, it would appear, the more honorarium you receive. So, at the very least, let the medals be tax free since their value is much less than the honorarium.

  13. #13
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by RRMB View Post
    They should be taxed on the cash. But I think the medals should be waived. The more medals you win, it would appear, the more honorarium you receive. So, at the very least, let the medals be tax free since their value is much less than the honorarium.
    the medals aren't worth very much anyways - i can't imagine that's much of a tax bill. It's not like a "gold" medal is solid gold. It's mostly silver, and some copper and a drop of gold. I think they're worth just north of 500 bucks.

  14. #14
    Atomic Punk edwardv's Avatar
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    I don't like Uncle Sam giving them any money in the first place. The millions or billions that is spent to build these games every 2 years is a waste. I suggest it would be better spent on cures for cancer or neuro muscular disease.
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  15. #15
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by sickman View Post
    Shouldn't they be taxed at a higher rate. It seems like it's a "Bonus" more than earned income. Oh who the fuck cares. Of course they have to pay taxes, that's what we do.
    does a bonus get taxed at a higher rate than regular salary in the states?

 

 

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