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Permalink Reply by Central Scrutinizer on August 1, 2012 at 3:18pm

Rubio bill eliminates federal tax on Olympic medals

Sen. Marco Rubio introduced a bill Wednesday to eliminate the federal government’s tax on Olympic medals, saying the levy amounted to yet another way the government tries to punish those who succeed.

Athletes who win a gold medal also earn a $25,000 honorarium — and with it a $8,986 tax bill to the IRS, according Americans for Tax Reform, which crunched the numbers. That covers both the honorarium and the tax on the value of the gold in the medal itself.

The silver medal tax comes to $5,385, and the bronze medal tax is $3,502 — including $2 for the value of the bronze medal itself, and the $10,000 honorarium.

That could leave amateur athletes — in many cases still teenagers — facing stiff tax bills when they return to the U.S.

Mr. Rubio said that shouldn’t happen.

“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,” the Florida Republican said.

His bill would exempt the honorarium and the value of the Olympic medal itself from any federal taxes.

Congress is currently fighting over..REST

Permalink Reply by suzie on August 1, 2012 at 4:57pm

I didn't know that an Olympic medal was subject of a tax .. that hurts my heart ~ i mean i should have known but i never seem to get it !! completely !!  i hate the damned IRS with a passion and its daddy the FED ..

i'm joining the united Federation of planets ~~ beam me up scottie!! ;) 

Permalink Reply by Central Scrutinizer on August 1, 2012 at 7:48pm

Permalink Reply by rjwiseguy on August 2, 2012 at 2:24am

Anyway they can screw the American public. Thye are going to do it!!

Permalink Reply by Maria De Wind on August 6, 2012 at 9:47am

 ... ATR notes that the real twist of the knife is that most other Olympians won't pay any taxes on their medals because America is one of only a handful of countries which taxes "worldwide" prize income earned overseas. !