Show of HandsShow of Hands

Show Of Hands August 4th, 2012 12:00am

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?

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Sporter80 Oklahoma
08/09/12 10:52 pm

I want to say 'yes', but who stands up for these game show winners? I think they deserve all that money.

08/09/12 8:22 pm

No! It's the Olympics for Christ sakes!! PLUS, the money is not earned in this country.

08/08/12 12:31 am

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?

JamesMadison La Palma
08/07/12 10:42 pm

Only if any member of congress can beat that athlete in their sport

monkees19 New Jersey
08/07/12 10:15 pm

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.

08/07/12 10:05 pm

@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.

08/07/12 1:39 pm

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.

pinkyusuck The Carribean. I wish.
08/07/12 5:07 am

No, but, like an ideal income tax, it should be taxed flatly at 10%.

08/06/12 11:02 pm

They should pay taxes just like everyone else.

08/06/12 5:42 pm

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....

08/06/12 2:44 pm

It has nothing to do with US. If they dont pay income...too bad I guess..

redhead1 New York
08/06/12 10:13 am

It's income. If I have to pay, so should they.

dadstad Texas
08/06/12 5:13 am

I can only imagine the tax deductions these athletes would have. With a good accountant their final tax liability could be minimal.

08/05/12 9:21 pm

Is it income? Is there an income tax? Seems pretty black and white.

MrWalrus Undergrid
08/05/12 2:17 pm

I do not see why under the current tax system that they should be exempt.

EternalSprg global
08/05/12 12:06 pm

I do not understand how you would possibly argue to make that earning tax exempt! No way! Where did they train all their life???

08/05/12 11:19 am

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).

08/05/12 11:17 am

By the way...Obama said yes to this!

BeachSt Coastal Virginia
08/05/12 7:37 am

@jAnarus: True, but businesses that hip their businesses overseas should be taxed a lot more

Gelidity Pennsylvania
08/05/12 1:16 am

It's money earned from winning a global competition while representing your entire country. Seems silly your government would take some of that.

sgeisler18 Illinois
08/05/12 12:05 am

If we're so concerned about the taxing of it, then make the money they would get lower and not tax the earnings.

donyewest Georgia
08/04/12 11:29 pm

Tax it. All winnings are taxable. ...unless we get a national sales tax. Anyone? Anyone? Bueller?

08/04/12 11:24 pm

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.

08/04/12 10:20 pm

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!

08/04/12 10:13 pm

I'm fully against the income tax altogether so absolutely not. Medals should certainly NOT be taxed.

ckp Kentucky
08/04/12 8:26 pm

I think the money should be taxed but not the "value" of the medal, unless they sell it.

08/04/12 8:24 pm

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.

08/04/12 8:21 pm

Keep as much money out of Washington as possible.

NotQuiteWhite Earth
08/04/12 8:07 pm

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!!

08/04/12 8:03 pm

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!

DeathSheep Michigan
08/04/12 7:33 pm

Nah, it's prize money. I don't see them taxing the money I win at a raffle

08/04/12 6:45 pm

College students pay taxes on scholarships, so yes on reward money. We should not tax the value of their medals, however.

08/04/12 6:15 pm

The government needs to keep their grimy hand off of their money

ClassicLib Minnesota
08/04/12 5:46 pm

All generated income should be tax exempt.

pretorian Florida
08/04/12 5:36 pm

Income is income - no exceptions.

08/04/12 4:47 pm

With below said, the endorsement $ they get should be taxed. That would be more like an actual paid job.

08/04/12 4:44 pm

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!

08/04/12 4:02 pm

Everyone pays tax on income, that's how it works. If it worked like that more often, we might all pay less.

true Home
08/04/12 3:56 pm

they spent WAYYYYY more on their trainers and missed days of work to train.

s1201cm2 Reno, NV
08/04/12 2:51 pm

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.

MasterMatt Oregon
08/04/12 2:47 pm

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.

DamageInc California
08/04/12 2:20 pm

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.

DavesNotHere where am I
08/04/12 2:19 pm

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.

08/04/12 2:09 pm

I'm an Imperial Democrat and don't support taxing them.