The Olympics Tax

[acesfull86]

Link

“Our Olympian and Paralympic athletes should be worried about breaking world records, not breaking the bank, when they earn a medal,” said ‎Schumer. “Most countries subsidize their athletes; the very least we can do is make sure our athletes don’t get hit with a tax bill for winning. After a successful and hard fought victory, it’s just not right for the U.S. to welcome these athletes home with a tax on that victory. We worked hard to pass a bill that would exempt athletes from these tax penalties in the Senate, and now I’m hopeful that this bill will earn strong bipartisan support in the House and quickly become law.”

According to a 2014 report by NBC News, the U.S. Olympic Committee awards cash prizes to medal winners when they place in Olympic events: $25,000 for gold, $15,000 for silver and $10,000 for bronze. However, because the money is considered “earned income abroad,” the monetary value of the Olympic medal is therefore subject to federal taxation. ‎

Schumer said it is unfair to tax the winnings of these medalists who work hard year-round to represent their country on the world stage and achieve victory. Schumer argued that the U.S. tax system should recognize the sacrifices made by our Olympic and Paralympic athletes.

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I would have thought this was from the Onion if it wasn't directly from the Senator's website. I'd love to hear how the hard work and sacrific of athletes deserves an exemption , but the hard work and sacrific of those in other industries doesn't. Those athletes "didnt build that." Shouldn't they have to pay their fair share because they wouldn't be on this stage without roads and bridges and teachers and all of the other wonders American government has bestowed upon us? At least that's what I'm usually told when I'm demanded to pay more.

It is refreshing to hear a "D" refer to a tax as a penalty though...

[goldfly]

cause the olympics is supposed to be about national pride

not making money

that you have to ask that question is silly

[acesfull86]

If it's not about money then why complain about the tax?

And I disagree...I don't think it's ever silly to question the logic or assumptions of legislators when it comes to taxation.

[Krgrecw]

Do athletes that win rings or trophies for winning championships (Super Bowl, World Series etc,) have to pay taxes on them? If not, the Olympic athletes have a case if they're taxed.

[goldfly]

cause the olympics is supposed to be about national pride

not making money

If it's not about money then why complain about the tax?

you do see the differences in those 2 statements and how they aren't the same, right?

[goldfly]

Do athletes that win rings or trophies for winning championships (Super Bowl, World Series etc,) have to pay taxes on them? If not, the Olympic athletes have a case if they're taxed.

what are you talking about?

they aren't taxing the medal. they are taxing the cash bonus for getting a medal

and yes, the bonuses that people get for winning pro championships get taxed

[Krgrecw]

what are you talking about?

they aren't taxing the medal. they are taxing the cash bonus for getting a medal

and yes, the bonuses that people get for winning pro championships get taxed

Than the Olympians should be taxed too.

[goldfly]

Than the Olympians should be taxed too.

[acesfull86]

Than the Olympians should be taxed too.

We should all be taxed less. I just think it's insulting for a politician to say Olympic athletes should be exempt from being "penalized" because they work hard and sacrifice for years, as if the rest of us non-athletes do not. If an accountant works hard and sacrifices, Schumer and the like sure as hell aren't calling the tax on his/her yearly bonus a "penalty," they're lecturing us that we wouldn't be where we are without all the things our tax dollars paid for. Which is exactly the same argument that could be applied to our athletes, if people like Schumer had any interest in being intellectually consistent. The "well this is about national pride!" is just a cop out.

[acesfull86]

what are you talking about?

they aren't taxing the medal. they are taxing the cash bonus for getting a medal

What are you talking about?

They do get taxed on the (small) value of the actul gold & silver metals as well as the cash prize.

[goldfly]

We should all be taxed less. I just think it's insulting for a politician to say Olympic athletes should be exempt from being "penalized" because they work hard and sacrifice for years, as if the rest of us non-athletes do not. If an accountant works hard and sacrifices, Schumer and the like sure as hell aren't calling the tax on his/her yearly bonus a "penalty," they're lecturing us that we wouldn't be where we are without all the things our tax dollars paid for. Which is exactly the same argument that could be applied to our athletes, if people like Schumer had any interest in being intellectually consistent. The "well this is about national pride!" is just a cop out.

they don't have a salary for competing for country and national pride

this isn't complicated

[goldfly]

What are you talking about?

They do get taxed on the (small) value of the actul gold & silver metals as well as the cash prize.

i stand corrected. didn't realize we sent a bill for that small amount too. thought it was just for the bonus

Taxes are yet another burden for Olympians -- the majority of whom are already struggling to get by.

The U.S. is one of the only countries that doesn't provide government funding to its Olympians.

A handful of lucky athletes land lucrative endorsement deals. But most of them rely on small stipends from the USOC, support from local businesses or supplemental income from a day job

[jpx7]

We should all be taxed less. I just think it's insulting for a politician to say Olympic athletes should be exempt from being "penalized" because they work hard and sacrifice for years, as if the rest of us non-athletes do not. If an accountant works hard and sacrifices, Schumer and the like sure as hell aren't calling the tax on his/her yearly bonus a "penalty," they're lecturing us that we wouldn't be where we are without all the things our tax dollars paid for. Which is exactly the same argument that could be applied to our athletes, if people like Schumer had any interest in being intellectually consistent. The "well this is about national pride!" is just a cop out.

I'm in favor of taxation, generally speaking, but I do agree that it's pretty rich for an elite politician to insist on valorizing and subsidizing the hard work of an elite athlete as if their hard work is somehow more noble than the daily grind of labor.

[50PoundHead]

I'm just watching the live feed on the trampoline competition and it is riveting!

[Oklahomahawk]

I'm just watching the live feed on the trampoline competition and it is riveting!

I tried to watch it but I couldn't deal with all the "ups and downs" involved in that sport.