U.S. Olympic athletes earn $25,000/$15,000/$10,000 from the U.S. Olympic committee for winning a gold/silver/bronze medal. Should that income be tax exempt?
No me joda coño!!!
I want to say 'yes', but who stands up for these game show winners? I think they deserve all that money.
No! It's the Olympics for Christ sakes!! PLUS, the money is not earned in this country.
Absolutely. Competitions in Olympic events are as vital to a country's international persona as its military. Since we pay our military, shouldn't we "pay" our cheerleaders too?
Only if any member of congress can beat that athlete in their sport
Where do the taxes go to
Professional baseball players aren't exempt, football, soccer, basketball players aren't exempt, why should Olympic athletes? They're getting paid to play just like the pros.
@zjm: Everyone else isn't paying Federal Income Tax.
Almost 1/2 the population pays NO Federal income tax. I commend your sentiment. I just wanted to point out how 1/2 the country doesn't even pay a share... Let alone their fair share.
Any member of Congress that votes for legislation that provides an exemption for Olympic athletes is part of problem. Income is income. Special exemptions is why the tax code is jacked up.
If you want to be patriotic, read the names of the athletes into the Congressional record.
No, but, like an ideal income tax, it should be taxed flatly at 10%.
They should pay taxes just like everyone else.
If they are getting paid, doesn't that make them professionals?
Not sure why it could ever be exempt. It's "prize money" or a "gift" and should be treated as such....
It has nothing to do with US. If they dont pay income...too bad I guess..
It's income. If I have to pay, so should they.
I can only imagine the tax deductions these athletes would have. With a good accountant their final tax liability could be minimal.
Is it income? Is there an income tax? Seems pretty black and white.
I do not see why under the current tax system that they should be exempt.
I do not understand how you would possibly argue to make that earning tax exempt! No way! Where did they train all their life???
Oops- I meant to say NO! That sob & most democrats would tax the air you breathe if they could ( not the air they breathe though- they think of themselves as gods).
By the way...Obama said yes to this!
@jAnarus: True, but businesses that hip their businesses overseas should be taxed a lot more
It's money earned from winning a global competition while representing your entire country. Seems silly your government would take some of that.
I also agree with Janarus.
If we're so concerned about the taxing of it, then make the money they would get lower and not tax the earnings.
Tax it. All winnings are taxable. ...unless we get a national sales tax. Anyone? Anyone? Bueller?
It is ridiculous that it is legal to tax people on earnings they've not made in this country. No other country taxes it's citizens on money they've made over-seas.
Why wouldn't you tax them? If you won a bronze medal and had no other income, you wouldn't pay a dime anyway. If you win gold, chances are you can deduct trainer's fees as a job expense. Who's gonna argue! But if you're LeBron, and you just made over $50 million, hell yeah we're taxing that!
I'm fully against the income tax altogether so absolutely not. Medals should certainly NOT be taxed.
I think the money should be taxed but not the "value" of the medal, unless they sell it.
It would be most fair & create the most jobs if we lowered tax rates & did away with all deductions. No one is favored, no one is penalized. No deductions for mortgages, charity but lower rates.
Keep as much money out of Washington as possible.
It's income. Tax it.
Your Lotto winnings get taxed. They should sure as hell be taxed. Everyone should pay an equal percentage for every dollar made, especially if they didn't work for it!!
Always finding a reason to treat people differently is why we have nearly half the population not paying any taxes. Why is their income differ than mine? I served the country in the navy and paid taxes.
I do agree we should have a flat tax and EVERYONE should pay, no exceptions!
Nah, it's prize money. I don't see them taxing the money I win at a raffle
College students pay taxes on scholarships, so yes on reward money. We should not tax the value of their medals, however.
Taxing the medals is preposterous!!!
The government needs to keep their grimy hand off of their money
All generated income should be tax exempt.
Income is income - no exceptions.
With below said, the endorsement $ they get should be taxed. That would be more like an actual paid job.
If an Olympic athlete isn't a paid professional at their sport, they shouldn't pay taxes on it because essentially they are losing money paying someone to train them and then paying taxes on a meager prize compared to what they or their parents have paid for their training to represent OUR country!
Everyone pays tax on income, that's how it works. If it worked like that more often, we might all pay less.
they spent WAYYYYY more on their trainers and missed days of work to train.
They are not paid for their work. If yet finish fourth they do not get paid. Yes, our bonuses are taxed, but you get paid just for showing up, they do not. Let them be awarded for it without taxing them.
Because "they earned" it right? I hate all income tax! Taxes are outrageous. Nobody should ever have to give more than 10% of what the earn to the GOV.
No it should not be exempt
Ufgator48 you are wrong, they do tax the medals too, that's one of the reasons the new bill has been introduced.
I say don't tax Olympic earnings, there will be plenty of tax money to collect from their endorsements.
Not taxing someone cause they did well in a competition? Please! How about not paying taxes if you're serving the country in the Armed Forces.
I'm an Imperial Democrat and don't support taxing them.