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If paying taxes is considered patriotic, then paying taxes on an Olympic medal must be the ultimate display of pride for the Red, White and Blue.
But some members of Congress don’t believe U.S. Olympians should have to fork over a portion of their winnings to the Internal Revenue Service. The U.S. Olympic Committee awards its athletes $25,000 for gold, $15,000 for silver and $10,000 for bronze. And it’s all considered taxable income.
As the Sochi 2014 Winter Olympic Games begin, Rep. Blake Farenthold, R-Texas, reintroduced the Tax Exemptions for American Medalists, known as the TEAM Act, which exempts U.S. Olympic athletes from paying taxes on any medals and prizes they win. At the height of the 2012 presidential campaign, a similar effort was pushed by Sen. Marco Rubio and supported by Republican nominee Mitt Romney.
Yes and No! LOL
Well, not Just U.S. Olympians. But everyone?!
But some members of Congress don’t believe U.S. Olympians should have to fork over a portion of their winnings to the Internal Revenue Service. The U.S. Olympic Committee awards its athletes $25,000 for gold, $15,000 for silver and $10,000 for bronze. And it’s all considered taxable income.
As the Sochi 2014 Winter Olympic Games begin, Rep. Blake Farenthold, R-Texas, reintroduced the Tax Exemptions for American Medalists, known as the TEAM Act, which exempts U.S. Olympic athletes from paying taxes on any medals and prizes they win. At the height of the 2012 presidential campaign, a similar effort was pushed by Sen. Marco Rubio and supported by Republican nominee Mitt Romney.
Should US Olympians Pay Taxes on Medals?
Move in Congress to exempt medalists from taxes.
abcnews.go.com
Yes and No! LOL
Well, not Just U.S. Olympians. But everyone?!
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