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Started By
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Tax break for Olympic winners sails through the U.S. Senate
Posted on 9/29/16 at 3:35 pm
Posted on 9/29/16 at 3:35 pm
When I fist heard about the tax on medals, it was hard to believe. Now giving them tax-free status is the least the country could do for these great ambassadors - Ryan Lochte notwithstanding. LINK
4
Posted on 9/29/16 at 3:43 pm to tigerpawl
Good.
Posted on 9/29/16 at 4:00 pm to tigerpawl
Finally. No clue what took so long
Posted on 9/29/16 at 5:02 pm to tigerpawl
I didn't know this was a thing, but I am not surprised. God I fricking hate the government.
Posted on 9/29/16 at 5:05 pm to tigerpawl
Playing Devil's advocate, why should their cash prizes be exempt but the spelling bee or Nobel Prize winner still pay tax on theirs?
Posted on 9/29/16 at 5:07 pm to TigerintheNO
They're not considered "national athletic heroes"... Yes, it's s semantics, but I have no problem with this, we are basically the only country that Olympic sports rely on corporate sponsors and personal money...they shouldn't have that income taken from them and many times actually COST them money to win for their country.
This post was edited on 9/29/16 at 5:08 pm
Posted on 9/29/16 at 5:44 pm to Jack Ruby
Two things, if the cost them more money that the prize, its a write off and they aren't paying taxes on it.
Secondly instead of a tax break why don't we just increase the prize money for these "national athletic heroes"? Make a gold worth 50K instead of 25K.
Secondly instead of a tax break why don't we just increase the prize money for these "national athletic heroes"? Make a gold worth 50K instead of 25K.
Posted on 9/29/16 at 5:47 pm to TigerintheNO
quote:Good point. In the big picture, the taxes levied are such trivial amounts. These organizations foster creative thinking, educational excellence, and athletic competition. Taxing them defeats the purpose.
Playing Devil's advocate, why should their cash prizes be exempt but the spelling bee or Nobel Prize winner still pay tax on theirs?
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