We exempt all sorts of things to incentivise them. This should be one of them IMO. The small number of winners doesn't account for much treasury income anyway.
No need to complicate the tax code further with this stupid laws playing favorites in one sector over the other.
Perhaps you are thinking of sales and VAT taxes, which are levied on gross amounts.
As you mentioned, a potential millions in endorsements, which would be fully taxed.
Last edited by clownboy; 08-03-12 at 02:36 PM.
The next closest country has 1,204 (473 gold)
The stats show we have no need to create more incentive. The incentive our athletes have is obviously plenty, so no need to complicate the tax code further.
All-time Olympic Games medal table - Wikipedia, the free encyclopedia
A historic baseball caught by a fan is not worth a few bucks, but the collector value, and is taxed that value. At least that is my understanding. May be that a medal is the same. Any thoughts?
Your third point seems to be a good start for a new thread, of a continuation of the several already started on the same subject.
I've been seeing people compare olympians to deployed soldiers on the grounds that they're "doing this for their country."
Look, I know some of the events involve shooting, but what they're missing is the part where somebody is shooting back.
One of you will end up here next!
OTH, Schedule C, D and E deductions are expenses associated with income production. You must have these deductions to calculate income.
My argument stands, your really can't say you are against ALL deductions....
Last edited by upsideguy; 08-03-12 at 10:35 PM.