General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRubio bill eliminates federal tax on Olympic medals
Sen. Marco Rubio introduced a bill Wednesday to eliminate the federal governments 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.
http://www.washingtontimes.com/news/2012/aug/1/rubio-bill-eliminates-federal-tax-olympic-medals/
bullwinkle428
(20,629 posts)to the right, do they?
xxqqqzme
(14,887 posts)with this legislation?
Turbineguy
(37,329 posts)his pay well earned.