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Thread: Rubio bill eliminates federal tax on Olympic medals

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by hazlnut View Post
    Nothing on page 1 refutes the link.

    Why do you just make stuff up?
    the article contradicts itself, but your personal attack is noted.

    We will also note that ATR said "winners will owe up to $9,000" -- a phrase that gives the group leeway for its estimates.

    Still, the experts we spoke to suggested that a $9,000 tax payment was unrealistically high. For most athletes, the payment will be less
    They admit nothing was actually inaccurate, just unrealistic that an individual would reach the statistically feasible max amount.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    the politilie writers forget about The US basketball team apparently as well. When they win a medal, quite a few of those athletes will be paying the highest marginal rate on the awards.

    ATR has now responded to the crap analysis provided

    Americans for Tax Reform : Responding to Politifact on Olympics and Taxes

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by ARealConservative View Post
    the politilie writers forget about The US basketball team apparently as well. When they win a medal, quite a few of those athletes will be paying the highest marginal rate on the awards.

    ATR has now responded to the crap analysis provided

    Americans for Tax Reform : Responding to Politifact on Olympics and Taxes
    My God, how will those guys ... who are probably making on average $10 million a year ... swing this four-digit tax? Probably by deducting their travel and associated expenses....

    This is a cheap political stunt by Rubio. He continues to not impress.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by American View Post
    Rubio bill eliminates federal tax on Olympic medals - Washington Times

    I'm on the fence about this. I understand the sacrifice these people have made, and I'm not a fan of taxes; especially those that seem excessive like these. However lots of people make huge sacrifices and don't get breaks, so I don't know.
    I'm 100% against it. Those people didn't win those medals on their own - we built roads, after all, for them to drive to the airport on. They owe us.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by cpwill View Post
    I'm 100% against it. Those people didn't win those medals on their own - we built roads, after all, for them to drive to the airport on. They owe us.
    How selfish of you, the Brits also built roads to the stadium which means the medals belong to the UK.
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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by American View Post
    How selfish of you, the Brits also built roads to the stadium which means the medals belong to the UK.
    The Brits started the colonies. So we owe everything to them.
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    Re: Rubio bill eliminates federal tax on Olympic medals

    This is a stupid issue. Of course Olympic athletes should have to pay taxes, just like everyone else. Is there any actual REASON for why they should play by a different set of rules than other people? This looks like mindless political grandstanding in the middle of the Olympics. When people talk about how the tax code is overly complex, it's because of stupid **** like this.
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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by ARealConservative View Post
    the politilie writers forget about The US basketball team apparently as well. When they win a medal, quite a few of those athletes will be paying the highest marginal rate on the awards.

    ATR has now responded to the crap analysis provided

    Americans for Tax Reform : Responding to Politifact on Olympics and Taxes
    Oh no those poor NBA players...

    Do you think we should stop taxing people in the top marginal tax bracket when they earn more money or something? Why shouldn't this income be taxed like any other?
    Last edited by Deuce; 08-05-12 at 08:33 PM.
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    To clear up any misunderstanding, there is income tax on the money prize ($25K prize for gold), and a tax on the medal itself (~$286 tax for a gold, $2 for a bronze). Of course Olympic medal winners should be taxed, just like everyone else is taxed. Why shouldn't they be? Why should someone get a tax exemption because they won their money by playing a game, while everyone else has to pay tax on the money that they earn by working?
    Last edited by The Man; 08-05-12 at 09:20 PM.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by joko104 View Post
    [1] How does the cash award not violate the required non-professional status of the athlete? I'm confused.


    [2] I see it as grand standing legislation and nothing more.
    1. With the participation of professional athletes (Dream Team for one), not to mention the state-sponsored-status-since-birth of athletes from some, usually authoritarian, countries the whole amateur status of the Olympics has been debatable for quite some time.

    2. Well said

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