Tax the Olympians?

[Timothy]

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

I don't know, but unless and until they allow active duty military to be exempt from taxes, this is really pretty stupid!

I know these kids work hard, make sacrifices and such but no ones shooting at them are they?

Dumb....dumb....dumb....

[MikeBjerum]

It is moves like this where the government admits they are over taxing their citizens.  It isn't enough that when all taxes are added together the government takes nearly if not over 50% of the average person's income.  The constantly are looking for ways to take more and to include more areas to tax.

At what point will the tax increasers realize that the reason they are looking at exempting things is because they already overreach?

[Timothy]

I'm all for lowering taxes but this is not one of Rubios finest hours!  I can see not taxing the actual medal for it's $675 value for a gold but, income is income and we all pay taxes on income!

We Vets get a bit of a stipend increase in our Social Security benefits for our active duty time but we paid taxes like everyone else.  I support the Olympians with my own money on occasion but giving a tax break on the monies they're awarded for a medal is ridiculous!

[santahog]

I don't like any "class" of people being called "elite" in our society.
It sets a bad precedent. Let em pay the same tax rates as the rest of us.
Maybe if the rules apply to more of us rather than less, there won't be so many stupid rules..

[TAB]

Don't get me wrong, the usoc is complete crap, but the taxs are fair.    I could go on rants about the USOC, for hours.  I have 4 freinds there now and 2 freinds that will be there in a month for the paraylmpics.  Not to mention a few wrestlers I have coached that are on the junior world team.  All of them have storys to tell about the usoc.

[Sponsor]

[tombogan03884]

A US Olympic athlete who wins a Gold medal gets $25 K That's nearly a years pay for most people I know.
Tax them.

[Rastus]

Tax them.  Everyone needs to feel some pain.  I don't know but suspect the atmosphere they operate in is a bit "campus like" and paid by others....time for reality to sink in just in case they don't get it.

Tom's right...$25k and I doubt they paid for their trip over, food or lodging. 

So....tax 'em.

Cut the active duty troops some slack.  All wounded should have their meds paid for...and no tax on that either for them or their immediate families either.

[sledgemeister]

If your a gold medal athlete or the top in your field one would also have to think that some are also earning a proverbial shit load through sponsorship, if not then they need a new manager! This feel good attempt by your govt is a pathetic attempt to garner support from the ignorant and stupid. Now just waiting for some left wing nut job to come up with a similar idea in my country. Its just a matter of time!

[twyacht]

Not all Olympians have sponsors, and not all are going to get them. I disagree with the "method" of determining the taxable value of a medal.

Some assclown bureaucrat defines the gold medal at "$25,000" and the tax is $9 grand? +/-... That's B.S.

I think a better calculation should be in order....something a little more reasonable.

Just my .02 cents....

[MikeBjerum]

If it is $25,000 cash it should be taxed, but if they tie a $25,000 value to the medal it is BS! 

It is true that the athletes do have sponsors, however most of that sponsorship is helping with training and travel expenses.  Are we going to tax Kim Rhode because a company gives her $25,000 worth of shotshells a year to practice with?  Are we going to tax Phelps because someone gives him $5,000 worth of airfare so he can visit his family throughout the year while he is training in remote locations?

Cash transactions are taxable, but that medal has no taxable value.  If they pawn it off, then they have a cash gain from an untaxed item and taxes are due. 

Once again, this leach we call a government has gotten out of hand.  We/they will blame the IRS, because it is the independent company named the Internal Revenue Service that is looking to wring all they can from us.  However, it is the tax code set by the legislature that the IRS is enforcing.