View Poll Results: Should U.S. Olympians Have to Pay Taxes on Their Medals

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Thread: Should U.S. Olympians Have to Pay Taxes on Their Medals?

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    Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Olympic Medal? Well Done, Now Pay Your Taxes: Uncle Sam.....

    American medal winners at the Sochi Winter Olympics are liable for taxes on the cash earnings they receive form the U.S. Olympic Committee.



    Those medals Americans have been winning at the Winter Olympics in Sochi come with a price. Uncle Sam wants his percentage, whether it's gold, silver or bronze.

    The U.S. Olympic Committee awards cash prizes to medal winners ─ $25,000 for gold, $15,000 for silver and $10,000 for bronze. But the money is considered earned income abroad and subject to IRS taxation ─ as much as 39 percent.

    That's why some politicians have revived a bill introduced in Congress at the time of the Summer Games in London to exempt those Olympic winnings as earnings. The bill never even came to a vote in 2012.

    Many other nations do not tax Olympians for their medal prizes and some, such as Britain, don't give their medalists cash prizes at all.....snip~

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


    So what say ye? Should the Olympians be Taxed?
    Last edited by MMC; 02-24-14 at 07:25 PM. Reason: Should U.S. Olympians Have to Pay Taxes on Their Medals

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    It'good they give cash prizes but, they shouldn't be taxed.
    What an Olympic gold medal is really worth | WCNC.com Charlotte
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    100% for wheaties is what I like to see.

    granted I'm the only voter. Oh and to answer your questions who is doing the taxing? it's a WORLD event. so it shouldnt be taxed lol

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by WCH View Post
    It'good they give cash prizes but, they shouldn't be taxed.
    What an Olympic gold medal is really worth | WCNC.com Charlotte
    Heya WCH. Funny thing.....Marco Rubio was the one that put forth the legislation in 2012 and then Obama signed onto it. Plus accountants sy they may have a way around it.


    According to Americans for Tax Reform, a group supporting the bill, those in the top tax bracket — like skier Ted Ligety, ice dancers Meryl Davis and Charlie White, or any U.S. hockey player — will pay 39.6 percent, or $9,900, on a gold medal — while those in the bottom tax bracket will pay 10 percent, or $2,500, for a gold.

    However, accountants suggest there could be a way around the tax question, if Congress does not support the exemption. If an athlete treats his or her sports activity as a business, then related expenses might be deductible. So all of those training expenses, the cost of travel and equipment could be deducted against income.....snip~

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    A lot of these athletes aren't wealthy, in fact, they can be rather poor. Being an athlete at that level requires ones full attention, generally lots of high end equipment, lots of expensive training, and various other expenses. A lot of these athletes get into debt, since a full-time highly involved job isn't really possible while doing this.

    We encourage this behavior and send them to the Olympics to represent the best of our country. So yeah, I don't believe we should tax their winnings.
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Quote Originally Posted by Your Star View Post
    A lot of these athletes aren't wealthy, in fact, they can be rather poor. Being an athlete at that level requires ones full attention, generally lots of high end equipment, lots of expensive training, and various other expenses. A lot of these athletes get into debt, since a full-time highly involved job isn't really possible while doing this.

    We encourage this behavior and send them to the Olympics to represent the best of our country. So yeah, I don't believe we should tax their winnings.

    Heya YS. Then how do the Brits do it.....they don't pay their athletes? Also would you want to see a special exemption made just for these people? Moreover lets not forget they do get endorsements and sponsors.

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Ed Kilgore is a contributing writer to the Washington Monthly. He is managing editor for The Democratic Strategist and a senior fellow at the Progressive Policy Institute.


    The Olympic Medal Tax Pander

    Sen. Marco Rubio has introduced a bill creating a brand new tax loophole for the stars who are dominating our TV screens this week. The Atlantic’s Conor Friedersdorf explains why this is an idea that is fully as stupid as it sounds:

    [T]his is a perfect example of why the tax code is a complicated and burdensome mess. Guys like Senator Rubio stumble upon a category of earning that they regard as being “different,” whether because there are campaign contributions in it for them, or because it advances a larger ideological agenda or, as in this case, because the category of people being taxed are popular. This particular loophole accords with a widespread intuition that the prize money and medals from an Olympic victory are unlike “regular income” that is subject to routine taxes….

    But these are bad reasons to create a special exemption. The fact is that prize money from athletic victories is income, and there is no good reason for the government to treat that income differently than the income of all the non-Olympic athletes who earn analogous types of income. Why should Olympic athletes be exempted from paying taxes on their prize money, but not professional golfers, or poker players, or winners of literary prizes, or folks who win the lottery?

    It’s a largely unanswerable objection, and Rubio won’t even try, because this is strictly about somebody at ATR getting a clever idea about how to politically exploit the Olympics while reinforcing the idea that taxes are the result of evil liberal hatred of “success.”......snip~

    The Olympic Medal Tax Pander by Ed Kilgore | Political Animal | The Washington Monthly

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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    Why shouldn't it be taxed? Because it's warm-and-fuzzy? It is income, isn't it?

    Other than the "feel good" aspect, no one has presented an argument for the idea. Though I do like the idea presented above of treating the costs as a business and writing the income off as expenses.
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    I don't believe any income should be taxed so I obviously support the athletes NOT being taxed.
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    Re: Should U.S. Olympians Have to Pay Taxes on Their Medals?

    President Eisenhower would note this post, and disagree .
    Quote Originally Posted by TurtleDude View Post
    I don't believe any income should be taxed so I obviously support the athletes NOT being taxed.
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