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Rubio: Don’t Tax Olympians on Their Medals
U.S. Sen. Marco Rubio, R-FL, today introduced The Olympic Tax Elimination Act, a bill that would exempt U.S. Olympic medal winners from paying taxes on their hard-earned medals.
Currently, Olympians who win medals also receive honorariums in the form of cash payments of $25,000 for gold, $15,000 for silver and $10,000 for bronze, with the Internal Revenue Service (IRS) collecting taxes on these amounts.
“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,” said Rubio. “Athletes representing our nation overseas in the Olympics shouldn’t have to worry about an extra tax bill waiting for them back home.
“We need a fundamental overhaul of our tax code, but we shouldn’t wait any time we have a chance to aggressively fix ridiculous tax laws like this tax on Olympians’ medals and prize money,” he added. “We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it.”
Stranded in Sonoma
August 1st, 2012
This wouldn’t even be an issue if we would just repeal the 16th amendment and pass the FairTax.
RickeyG
August 1st, 2012
Obama will never sign something abbreviated “O-TEA”.
And amen, Somona…Fair Tax is one of the best reform options we have.
Ohio Dan
August 1st, 2012
Smart move by Rubio. This will pass like crap through a goose.
michellesbigbeaver
August 1st, 2012
F*ck the “Olympians” I work 2 high pressure jobs and I am up early in the am and work late at night and I am on call to come in at night for problems… they don’t work any harder than most the rest of us…..
FreeMan - Chick-fil-A today
August 1st, 2012
OBysmal will let them out of the tax if they give him the money for his campaign.
BILL
August 2nd, 2012
Hey, I have a novel idea.
Lets not tax anyones income and then no one will be a slave to the all powerful state.
muddjuice
August 2nd, 2012
Are they taxing the medal or the extra salary they receive? We all get taxed when we receive extra income. I agree that the tax code needs to be fixed but, them getting taxed for their cash prize is no different than us getting taxed for bonuses.
If you want to change something Rubio, change the tax code, not just one part for athletes….
Billy Fuster
August 2nd, 2012
Swat at gnats while the Titantic sinks.
Noodengr
August 2nd, 2012
I tend to agree with mudjuice, unbreak it for all of us. Not that hard to do. flat tax rate on all no exemptions makes filing easier collection easier, and far more undertandable to all. But the other requirement is to mandate that the gov’t can’t spen any more than it takes in. NO EXCEPTIONS
Buddy
August 2nd, 2012
The fact that he wants to create another rule in the tax code is telling. /wrists