Obama Loves Olympians & Supports Tea Party Favorite Rubio

Update in OP: Jay Kearney says President Obama now agrees with the Florida Republican that payments from the Olympic Committee for medals shouldn't be taxed. Great news for athletes like Gabby who owes $20,000 to her coaches.

Good to see the President finally supporting bipartisan legislation.



In other countries, medal winners are rewarded with homes, lifetime employment and other awards. How does Obama and his Feds salute amateur athletes like Missy Franklin? Missy who has brought prestige to America will be taxed $9000 on every gold medal she wins.

Thanks guys! I thought Obama was only going to increase taxes on people earning over $250K. Instead Ms. Franklin who passed up millions of dollars of endorsements to preserve her amateur status and Obama sends her a bill "F U Missy, Pay me! Signed Barack"

I propose that Olympian medal winners should not be taxed on their medals.

Sen. Marco Rubio is offering the Fab Five, Missy Franklin, Ryan Lochte and all the other American Olympic medalists more than just a pat on the back. He’s trying to keep the IRS off their backs.

Rubio (R-Fla.) introduced today The Olympic Tax Elimination Act, which would exempt U.S. Olympic medal winners from paying taxes on their medals. Olympians receive honorariums in the form of cash payments of $25,000 for gold, $15,000 for silver and $10,000 for bronze, which the IRS currently taxes.

Seems like the least we could do for these impressive young Americans.

http://www.politico.com/blogs/on-congre ... 30796.html

It's not the medal that creates the tax liability (a gold medal is worth $600-$700) its the prize money they receive, about $25,000 for gold which is added to their earned income. Do you have a source for this being tax Obama has imposed and that he hates Olympians?

I agree there should be a waiver for Olympians,though that opens a whole can of worms....what about others who win academic prizes ? Should all prizes be exempt?

If Obama respected Olympians, he would have signed on to Rubio's effort to not penalize our Olympians.

It is really like the Beatles song, "Taxman". They will get everything.

Rubio only introduced his bill today.... Obama doesn't have a vote in the Senate...and you don't address the issue of how we can do this for Olympians and not everyone who wins a prize representing the US. Leave it to a Republican to introduce a bill without any thought to the ramifications.

Academic prizes? Call your President and ask him to have Reid add those to Rubio's bill as an amendment.

I bet the Nevada Senator won't even let the Rubio get voted on. Reid's do-nothing Senate.

FredHayek wrote: In other countries, medal winners are rewarded with homes, lifetime employment and other awards. How does Obama and his Feds salute amateur athletes like Missy Franklin? Missy who has brought prestige to America will be taxed $9000 on every gold medal she wins.

Thanks guys! I thought Obama was only going to increase taxes on people earning over $250K. Instead Ms. Franklin who passed up millions of dollars of endorsements to preserve her amateur status and Obama sends her a bill "F U Missy, Pay me! Signed Barack"

I propose that Olympian medal winners should not be taxed on their medals.

So they weren't taxed during Bush or previous administrations?

Ryt_Rick wrote:

Sen. Marco Rubio is offering the Fab Five, Missy Franklin, Ryan Lochte and all the other American Olympic medalists more than just a pat on the back. He’s trying to keep the IRS off their backs.

Rubio (R-Fla.) introduced today The Olympic Tax Elimination Act, which would exempt U.S. Olympic medal winners from paying taxes on their medals. Olympians receive honorariums in the form of cash payments of $25,000 for gold, $15,000 for silver and $10,000 for bronze, which the IRS currently taxes.

Seems like the least we could do for these impressive young Americans.

http://www.politico.com/blogs/on-congre ... 30796.html

At least someone in Gubment has our Olympic Champions interests in mind. Enforcing taxes on Olympic medal winners is just one more page in this administration's tax and spend philosophy. If you have wealth you didn't earn it, if you have a successful business you didn't build it. Shut up and hand over your cash.

Did President Obama create this tax?

If she can't take on endorsements, why do I see them all over the place, i.e. Subway? Michael Phelps has about 5 million a year in endorsements.

Jesus, it's like you see something that looks good as a thread title and can't wait to post it without even verifying it because you think it makes President Obama look bad. All of your speculation just weakens all of your positions and really makes you look like an idiot. It's gotten really old. Time to stop taking you anywhere near serious anymore...

archer wrote: Leave it to a Republican to introduce a bill without any thought to the ramifications.

Kinda like the uninteneded consequences of the ACA... there will be many.

And these kids didn't win on Lets Make a Deal, they are representing this great country and have worked extremely hard to EARN, not win those medals. I'm pretty sure if it was put to a vote, the American people would overwelmingly give these atheletes a pass on paying taxes on Olympic prize money. Money made in the 4 years before and after should of course be taxed.

This wasn't Obama's idea, but it's a bad idea none the less and should be stopped imo.