Congress makes bipartisan effort to exempt Olympians from taxes on winning medals

[Shadow]

I didn't even know there was a medal tax.
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Congressional lawmakers are taking to their Capitol Hill podium to keep the federal government from taxing medal-winning U.S. Olympians, with the chairman of the GOP-led tax writing committee among the latest to join the bipartisan effort.
The lawmakers are proposing legislation to stop the IRS from making the Olympians liable for the taxes, which would include one for honorariums for winning gold, silver or bronze.

"These athletes deserve every bit of our support and appreciation for representing the United States on the world stage," GOP Rep. Dave Camp, chairman of the tax-writing House Ways and Means Committee, said. "Allowing our Olympians to receive and enjoy their medals and awards without having to worry about whether they can pay the taxes on their accomplishment is just one small way we can show that support."

Olympians receive $25,000 for a gold medal, $15,000 for a silver and $10,000 for a bronze. The money is given to them by the nonprofit U.S. Olympic Committee, through private donations and corporate sponsorships.

In addition, Olympians who win gold face a tax of as much as $9,000 on the value of the medal, according to the Americans for Tax Reform. However, they likely will not have to a pay the medal tax.


Read more: http://www.foxnews.com/politics/2012/08/04/congress-makes-bipartisan-effort-to-exempt-olympians-from-taxes-on-winning/#ixzz22gJoX8Bu

[taft2012]

Expect an Obama veto.

After all, they didn't win those medals themselves. The support of the American people was behind them and we deserve our cut as well.

[Shadow]

Expect an Obama veto.

After all, they didn't win those medals themselves. The support of the American people was behind them and we deserve our cut as well.

Yes...well...the hard working and the successful need to be punished so the leeches can live. How selfish for these atheletes not to just hand over 9K per medal voluntarily. How unamerican...how unpatriotic (never mind that Obama's own admin is full of tax cheats...that is totally beside the point).


"
Our athletes work and sacrifice for years to reach the pinnacle of their sports and to proudly represent the United States of America in the Olympic games," they said in a joint statement. "Only the U.S. tax code can turn the 'thrill of victory' into the agony of victory."

[Missileman]

I didn't even know there was a medal tax.
************************************************** ************************************************** **************************


Congressional lawmakers are taking to their Capitol Hill podium to keep the federal government from taxing medal-winning U.S. Olympians, with the chairman of the GOP-led tax writing committee among the latest to join the bipartisan effort.
The lawmakers are proposing legislation to stop the IRS from making the Olympians liable for the taxes, which would include one for honorariums for winning gold, silver or bronze.

"These athletes deserve every bit of our support and appreciation for representing the United States on the world stage," GOP Rep. Dave Camp, chairman of the tax-writing House Ways and Means Committee, said. "Allowing our Olympians to receive and enjoy their medals and awards without having to worry about whether they can pay the taxes on their accomplishment is just one small way we can show that support."

Olympians receive $25,000 for a gold medal, $15,000 for a silver and $10,000 for a bronze. The money is given to them by the nonprofit U.S. Olympic Committee, through private donations and corporate sponsorships.

In addition, Olympians who win gold face a tax of as much as $9,000 on the value of the medal, according to the Americans for Tax Reform. However, they likely will not have to a pay the medal tax.


Read more: http://www.foxnews.com/politics/2012/08/04/congress-makes-bipartisan-effort-to-exempt-olympians-from-taxes-on-winning/#ixzz22gJoX8Bu

There's not really a tax on the medals, they want to tax the cash awards that are given along with the medals. A lot of Olympians are under 18 and won't have to pay taxes anyways. With all of the sacrifice that these athletes make during years of preparation, I have no problem making these prizes tax-free.

[Shadow]

There's not really a tax on the medals, they want to tax the cash awards that are given along with the medals. A lot of Olympians are under 18 and won't have to pay taxes anyways. With all of the sacrifice that these athletes make during years of preparation, I have no problem making these prizes tax-free.

Lets hope congress feels the same way.

[Missileman]

Lets hope congress feels the same way.

I bet the Dems will want an increase in welfare benefits to "offset" these tax exemptions.

[Kathianne]

I guess I'm the only voice that's going to say, WTF?

The winners of those medals invested heavily in winning, but for their own reasons. Might be love of the game, their own shot at immortality through records or glory. The tens or thousands of dollars they 'invested' in themselves, the thousands of hours of practice all were towards their own goals. Yes, the country is proud of them, justifiably.

However, the same investments in time, sweat, and dollars are made daily by millions who will never get recognition for their investments and successes, yet will be taxed. Most of those competing had parents who could afford and were willing to sacrifice to pay for the coaching, traveling, etc., to help their child realize their dreams. Others had communities that supported them. All who invested in those athletes, had to pay taxes on those dollars.

Their sacrifices were great, they gave up much to realize their dreams. Others did the same, but without the same talent or for lack of more investments, failed. They too gave the hours, sweat and costs. No tax exemptions for them.

I'm totally behind lower taxes for all. Not for a few that garner media exposure.

[aboutime]

Does anyone honestly wonder how Congress can get something as IMPORTANT as taxes for Olympic medals done so quickly, while Thousands of our Military members are soon going to face getting DISCHARGED, DROPPED, TRANSFERRED, and just THROWN OUT of the military branch they are in today? Yet...CONGRESS is doing nothing for them since....The August Vacation is FAR MORE IMPORTANT.