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Thread: Rubio bill eliminates federal tax on Olympic medals

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    Rubio bill eliminates federal tax on Olympic medals

    Rubio bill eliminates federal tax on Olympic medals - Washington Times

    By Stephen Dinan
    -
    The Washington Times

    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.
    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.
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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.
    We can easily make the case that everyone who pays income tax "amounted to yet another way the government tries to punish those who succeed." I don't see a difference.

    Truth be told, it was only this morning I learned that the medals came with a cash award. Gold: $25,000; Silver: $15,000; Bronze: $10,000.

    I don't support it.
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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by MaggieD View Post
    We can easily make the case that everyone who pays income tax "amounted to yet another way the government tries to punish those who succeed." I don't see a difference.

    Truth be told, it was only this morning I learned that the medals came with a cash award. Gold: $25,000; Silver: $15,000; Bronze: $10,000.

    I don't support it.
    Maggie - do you mean you do not support the case award or the tax on it or the exemption for the tax on it?
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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by haymarket View Post
    Maggie - do you mean you do not support the case award or the tax on it or the exemption for the tax on it?
    I mean I wouldn't support the bill that would exempt it from income tax. I would, however, say that every single nickel spent by the family during that year be deducted from the award -- which, I would think, would put most recipients in the position of having to pay no tax at all.
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    Re: Rubio bill eliminates federal tax on Olympic medals

    I think the headline is a bit dishonest. They aren't being taxed on their medals. They're being taxed on income. I don't understand why some income should be tax free on the grounds that it came to them via incredible talents.
    Quote Originally Posted by TurtleDude View Post
    uh that is so small as to be stupid. Do you want registration? given less than 3% of criminals get their guns from private sales, its pretty much a waste of resources
    **Thirty Minutes Later**
    Quote Originally Posted by TurtleDude View Post
    you are confused. I never denied that many criminals get guns in private sales.

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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.
    http://www.politifact.com/truth-o-me...-owe-9000-irs/

    Athletes can already deduct any expenses they incur in for example training from their taxes if they earn a medal, and the 9k tax hit would only apply to an athlete who earns in total over 380k in the year they won the medal.
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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by redress View Post
    http://www.politifact.com/truth-o-me...-owe-9000-irs/

    athletes can already deduct any expenses they incur in for example training from their taxes if they earn a medal, and the 9k tax hit would only apply to an athlete who earns in total over 380k in the year they won the medal.
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    Quote Originally Posted by TurtleDude View Post
    uh that is so small as to be stupid. Do you want registration? given less than 3% of criminals get their guns from private sales, its pretty much a waste of resources
    **Thirty Minutes Later**
    Quote Originally Posted by TurtleDude View Post
    you are confused. I never denied that many criminals get guns in private sales.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    I approve of any step towards eliminating taxes on income.

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by roughdraft274 View Post
    I think the headline is a bit dishonest. They aren't being taxed on their medals. They're being taxed on income. I don't understand why some income should be tax free on the grounds that it came to them via incredible talents.
    they have to claim the the value of the medals as income, so your reply is not accurate

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    Re: Rubio bill eliminates federal tax on Olympic medals

    Quote Originally Posted by ARealConservative View Post
    they have to claim the the value of the medals as income, so your reply is not accurate
    The only place I can find any information on that is at politifact and their answer is unsure at best.
    We checked with accountants who specialize in representing athletes and they agreed that the bonus would almost certainly be taxable. Our experts diverged somewhat over whether and how the medal would be treated for tax purposes
    Either way, the value of the medals is very insignificant compared to the award money, so my statement stands. One of the gold medals is valued at 675 dollars and the winnings are 25,000 dollars. I think it's a bit dishonest to act amazed at the huge tax burden that they are receiving because of the gold medals, when in reality the huge majority of it would be coming from the award money. Along with that, politifact points out that after training expense and writeoffs, that most likely they will being either nothing or very small amounts of taxes on this already.
    Quote Originally Posted by TurtleDude View Post
    uh that is so small as to be stupid. Do you want registration? given less than 3% of criminals get their guns from private sales, its pretty much a waste of resources
    **Thirty Minutes Later**
    Quote Originally Posted by TurtleDude View Post
    you are confused. I never denied that many criminals get guns in private sales.

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