They note that Missy Franklin, an amateur who has yet to cash in on her fame with endorsements, already owes $14,000 in taxes from her gold and silver medal. By the time the Games are finished, Franklin's tax bill could reach $30,000.
Florida senator Marco Rubio (R) reacted to the story on Wednesday, proposing a bill that would leave athletes exempt from the federal tax. ""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," he told reporters.
My opinion is that Florida senator Marco Rubio would do better to look out for all of us- not just gold medal winners.
Obama hates Olympians? That was really your subject line? LOL I was looking for some huge, juicy thing that he said like " You Olympians think you did this? Somebody else made that happen"
I got a better idea. Tax the Olympians on their winnings (not the medals, just the cash winnings), but allow them a business write off for all their expenses over the "x" # of years of training to get there.
Too bad future generations aren't here to see all the great things we are spending their $$ on!!
RenegadeCJ wrote: I got a better idea. Tax the Olympians on their winnings (not the medals, just the cash winnings), but allow them a business write off for all their expenses over the "x" # of years of training to get there.
I heard they can already deduct training expenses, but I would imagine those could only be deducted against future winnings.
Thomas Sowell: There are no solutions, just trade-offs.
Democracy4Sale wrote: Oh, were these IRS rules enacted after he became president? I was unaware!!
Once again showing that your guy Barack is impotent? What can Obama do? These tax rules were passed before he came into office.
Have you ever heard of repealing a law?
Thomas Sowell: There are no solutions, just trade-offs.
You mean the BUSH LAWS that could have been repealed 4 years ago during the last Olympics?...You mean THOSE laws? So, you're admitting that BUSH was IMPOTENT... (Imagine my surprise...)
Hundreds of thousands to become an Olympian.
