Sports Should US Olympians Pay Taxes on Medals?

FireCat

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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.

Should US Olympians Pay Taxes on Medals?

Move in Congress to exempt medalists from taxes.
abcnews.go.com abcnews.go.com

Yes and No! LOL
Well, not Just U.S. Olympians. But everyone?!
 
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Accname

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Why not? Its not like they do it for the money. And if they do it for the money then they dont deserve it anyways.
 
FireCat

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Somewhat It doesn't sounds right !
Well, If they did worked hard they shouldn't pay for what they accomplished!
 
Accname

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So what? Everybody else does not work hard? All those poor people who struggle day after day to pay their bills are all lazy in your eyes?
 
The Helper

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No - that is a total chickenshit thing to do - my government is not representing my interests when they do that - they are just making me look chickenshit because they represent me and that sucks :)
 
Slapshot136

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my answer is no because they are already supporting their country by representing them in the Olympics
 
Accname

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There is already taxes for these things you stupid kitty. Theres taxes on anything.
 
Accname

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I dont think you actually understand the concepts of taxes or what they are supposed to be good for.
Sometimes I theorize that maybe you just build sentences from random words you find in other peoples posts in the same thread.
 
FireCat

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Bullshit^ Now You're REALLY Stupid "I know what taxes are "
But If you can't prove you pay taxes for you games then Well, ************

So why would "Olympians Pay Taxes on Medals? " If they done something for the country?
 
Accname

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Why should I pay taxes on "my" games? I never buy anything nor do I ever sell anything.
Olympians dont pay taxes on medals kitty, you are just being stupid. They pay taxes on their monetary income. That is something different from medals.
 
FireCat

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Accname said:
Why should I pay taxes on "my" games?.
Click to expand...
Why should they pay on their achievements and you don't? Olympians does represent your own country, in Olympics big games event. You hardly get anything back for your achievements, watch the point then? Well, not everyone has big sponsorship even!
Seriously, It's not even reward It's Just "punishing success" If you win. So why not skip the Olympics? :)
 
Accname

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They dont pay on their achievements you stupid cat. The pay taxes for their salary. Its not like they take away the medal.
So in your twisted world a baker is punished with taxes for baking bread?
 
Accname

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FireCat said:
Olympic It's a Big Game not a tiny one.
Click to expand...
Like no shit dude. What the crack are you even smoking.
But the prize is NOT awarded by the olympics. Its just that the US chose to give its athletes more money for winning. That is their income.
If they should not pay taxes for this money then other athletes should also not be forced to pay taxes in other kinds of sports regardless of the importance of the tournament.
At this point the US is so scrapped for cash they cant afford to lose any more tax money or they will become a second somalia.
 
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