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Posted on 08/01/2012 8:14:30 PM PDT by SeekAndFind
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 an $8,986 tax bill to the IRS, according to 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 how to adjust the broader tax code and whether to let the Bush-era tax cuts expire. But Mr. Rubio said the Olympic winners shouldn’t have to wait until lawmakers finish that job.
“We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it,” he said.
As of Wednesday evening, the U.S. had collected 12 gold medals, eight silvers and nine bronzes — though a number of those were in team competitions.
(Excerpt) Read more at washingtontimes.com ...
And what's with the insinuation here of forlorn, struggling amateurs who have finally reached the pinnacle, only to see their "sole meager reward" stripped by a rapacious government? Please. Someone like Lochte is making millions from endorsement deals. Phelps, many, many millions.
Cut spending. Cut taxes across the board. Enough with the damn gimmicks. Who can take the GOP seriously?
I hope they throw in military medals with this. I hate to see Barry start taxing the MOH, Silver Stars and Bronze Stars. That would really suck.
So, do you support this particular bill or not?
I support lower taxes for EVERYONE. I also support secure borders, support deporting illegal aliens, and not giving illegal aliens special benefits, support Michelle Bachmann over the Muslim Brotherhood, and Bill Nelson is a liberal....
This is MASTERFUL politics, what Rubio is doing!
Democrats PUNISH SUCCESS, Democrats do not promote excellence!
We have few opportunities to make this clear to the public, and to get through the liberal media filters.
Rubio comes up with a great idea -—
And the grumpy, disloyal, eat-our-own mentality of the Right comes out in full force!
Rubio can take his politically expedient BS and shove it. They should pay taxes on it.
What the hell makes them so special? I don’t care that they “represent the country”.
What you call masterful politics I call cheap pandering in an election year.
Perfect example on why senators should never be near the White House.
But America never learns.
EFF YOUR TAX CODE! COME AND TAKE IT!
Better yet, what if millions of us do it?
Where were they when the Olympian’s uniforms were being made in China? Marco “the illegals can stay anywhere but his house” Rubio is a Rino, I appreciate him helping out the Mexican Olympians though, oh, I meant U.S, yeah, that’s it!
Republicans must always deal with the fact that we tend to eat our own.
Yeah...like Rubio attacking Michelle Bachmann for accurately bringing up the question of Huma Abedin’s realtionship with the Muslim Brotherhood. Too many republicans eat their own
Olympic athletes should be no different.
How much does it cost to WIN a Gold Medal?
Will the government allow our winning athletes to deduct gym time, weight training, medical bills as a business expense, travel and other “business” expenses of these athletes?
I do not.
Everyone is equal, but some more equal than others..
” Rubio can take his politically expedient BS and shove it. They should pay taxes on it.
What the hell makes them so special? I don’t care that they “represent the country”.
???? It wasn’t even earned in this country. Why pay taxes on gifts? Are you on the correct site??
I get it. Anyone who works and has been SUCCESSFUL in keeping their job pays the same taxes..
Ya they earned a medal. Good for them. I earned a pay check. good for me.
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Again, if they deduct there expenses, they can ALL show a “business loss” -—
Envy should be left with the Democrats, it does not belong in conservative ranks.
What if these hard working olympic medal winners just decided to say...
EFF YOUR TAX CODE! COME AND TAKE IT!
Better yet, what if millions of us do it?
Well... Alright. You first.
If we all stopped paying, or went on unpaid leave for a week we’d break (a already broken) government.
I pay my taxes ONLY because of the threat of jail.
Would you allow the athletes to deduct their expenses?
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