Should American Olympians get a tax exemption for medals and prizes they win?
Trump is a fraud
Yes, as should everyone.
For the medals...based on our current system
The medals themselves, yes. Any other prize or pay should be treated like any other income.
I still don't like the idea of pros playing.
You should definitely propose this as a bill in the VC.
You can. I try not to for the purpose of honoring Separation of Powers. ☺️
Actually if you want to talk about the precious metals value of an Olympic gold medal or silver metal it is damn near nothing... the value of the precious metals in a gold medal is under $1,000...I don't begrudge them getting that tax-exempt. As for any prizes I did not say that amateur Olympic athletes were actually eligible any prizes
Olympians are competing for their country. They shouldn't be taxed for the medal the won.
There should be NO tax on the medals at all.
No. I'm not a big fan of tax deductions.
Me neither if we had a flat tax. Unfortunately, we have a progressive tax system that taxes us way too much. I'm all for more deductions and exemptions so people can keep more of their own money. The government sure can't spend money wisely.
Prizes shouldn't be taxed in the first place. Now that is theft.
Our government will tax oxygen in my life time.
In an ideal world, I would support a flat tax with no tax deductions, but in reality, I support deductions in the tax system that we have.
Exemption rather than deduction*
With a flat tax, how are poor people supposed to be able to make a name for themselves? They'd be doomed to a life of poverty, as would their grandchildren and great-grandchildren.
Oh please! They would pay the same tax rate as everyone else. I thought that you were all for equality?
Say a poor person makes $15K a year and a rich person makes $250K a year. They are each forced to pay 10% of their income to government for defense, social programs, etc. The rich person ends the year with $225K. The poor person ends the year with $13.5K. Is that really equality?
Absolutely! The two people are paying the government the same percentage. That's completely fair.
You're saying that a person making $13.5K a year is financially equal to a person making $225 a year? That's pretty ridiculous. Which one is more likely to be able to pay for food and rent?
*(Hint: if you can answer with certainty, the two people are not financially equal to one another.)
You just don't like it that we don't all have the same income. You would much rather penalize wealth.
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Ad hominems truly are a beautiful thing.
Tell me this: if a poor man is forced to sell his labour for the entirety of his life to earn but the meek means of sustinence, and a rich man inherits tens of millions of dollars and never has to work a day in his life, does that seem fair? Whether or not you wish to accept it, it's virtually impossible to "get ahead in the game".
That's not what I said. But I don't consider a millionaire and a humble worker to be economically equal, do you?
Most flat tax proposals have either a minimum income cutoff or a tax prebate to address exactly the problem you're worried about, hammer.
Does that change your mind?
If you think 10% is too high, then the government should spend less and lower the tax.
Pretty sure you have to pay a tax on it when you bring it into the country.
I'm specifically referring to the medals, I don't know about the income.
You have to pay taxes on income made in other countries unless it's earned in a tax free zone.