Olympic Medal Winners: To Tax or Not to Tax?
by Hilton Hater at .Winning an Olympic medal. It can be taxing.
And we're not talking about the hard work and stress that comes along with competing against the world's top athletes.
We're talking about the actual U.S. tax code, which applies to champions such as Gabby Douglas, Michael Phelps and Missy Franklin because they earn "honorariums" for finishing first, second or third in each event ($25,000, $15,000 and $10,000, respectively).
According to The Weekly Standard, the estimated taxable income on a Gold is $8,986, a Silver is $5,385 and a Bronze is $3,500.
For multi-millionaires such as Phelps - who has already pocketed well into the seven figures via endorsements and who likely be showing in commercials more often than Peyton Manning over the next couple months - the tax is pocket change.
But for Franklin, a 17-year old yet to turn pro, she could have a far more difficult time paying what should amount to thousands in taxable income.
Is there a solution? Florida senator Marco Rubio believes so, saying late last week: "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."
Do you agree? Should Olympic athletes be exempt from paying taxes in this scenario?
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Comments (13 Total)
Why give medals then if they're just gonna Make the athletes pay 4 them?? Its a slap in the face in my opinion. " Yea well, thanks 4 representing our country against the rest of the world n all, u were really great, really, but uh, yea...ur gonna hav 2 pay 4 that very prestigious medal u worked so hard 2 get. We kno u beat China n England n everyone else in the World, n we kno ur the very best in the world, but ur not that special 2 earn that medal 4 free, LOL. If u cant pay 4 it we'll just hav 2 reposess it frm u ok?? Ok, now will that be by credit or check??" UGH!!! Disgusting. This country can really suck at times. Sorry 2 say but y'all kno it's true. It sucks n its just gonna keep getting worse cuz the nations filled with greedy, lazy, bigots who r only gonna keep bleeding us all dry into the gutters of society. These ppl really need Jesus in their lives 4 real!! LOL!! Ridiculous, SMDH.
All of us, who aren't in the public eye, have to pay taxes on contest prizes, we might win, over a certain value. The athletes should as well. Their prizes will lead to earnings, in the future.
I admire all athletes and what they do...but can we please stop calling them heros? Unless, they've saved someone from a burning building, or stopped a thief from stealing an old lady's purse etc. Seriously, look the meaning of hero up in the dictionary.
This is RIDICULOUS. They worked their butts off to win!, and now you're taxing them for doing so?!?! Ryan Lochte's one of the best swimmers in the world, and his family is facing FORECLOSURE. And Gabby Douglas, she actually IS the best gymnast in the WHOLE WORLD. An her mom JUST filed for BANKRUPTCY. Barack Obama is pushing it for them to be exempt, so that's good. But WHY SHOULD HAVE EVEN BEEN A QUESTION?!!! What kind of world is this?!?! So now you have to pay for your successes? If so, I might as well go buy a gold medal for women's tennis and call myself a winner. That's basically what it means now.
These winners are true American heroes and I, for one, am so very proud of them and their dedication! Perhaps, Mr. President, YOU should spend some of your millions and pay the taxes for them you are so anxious to collect. You are giving us another black-eye in front of the rest of the world and perhaps we will never have another group of dedicated athletes again. No doubt they will pay taxes like anyone else on any sponsorships, etc. that come later.