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Every four years, U.S. Olympic athletes put on a grand show on the world stage. And then members of Congress seize on their efforts to grandstand about taxes.
...
U.S. Olympians receive $25,000 for winning a gold medal, $15,000 for silver and $10,000 for bronze, and as assuredly as Katie Ledecky hitting the wall of the pool first, lawmakers inevitably surface every four years to complain that those winnings are taxed. This year, it's Thune and Democratic Sen. Chuck Schumer hawking their United States Appreciation for Olympians and Paralympians Act. Four years ago for the London Games it was Sen. Marco Rubio pulling a similar trick, with the support of President Barack Obama. The Senate this year even approved Thune's bill.
However, they are just like everyone else.
Trying to give Olympic athletes a tax break is probably good politics, but it's silly economics. Olympic winnings are income and should be taxed as such, something on which economic policy analysts from the right and left agree. As Samantha Goewey wrote in the Seton Hall Journal of Sports and Entertainment Law, "why should Olympians receive a tax benefit when all other U.S. citizens are required to pay taxes on 'income from whatever source derived?' More specifically, what makes Olympians more worthy of a tax benefit than Nobel Prize winners, Pulitzer Prize winners, World Cup champions, and the like?"
Sorry guys and gals... pay up when you come home. Phelps - we will really be glad to have you back home.
Every four years, U.S. Olympic athletes put on a grand show on the world stage. And then members of Congress seize on their efforts to grandstand about taxes.
...
U.S. Olympians receive $25,000 for winning a gold medal, $15,000 for silver and $10,000 for bronze, and as assuredly as Katie Ledecky hitting the wall of the pool first, lawmakers inevitably surface every four years to complain that those winnings are taxed. This year, it's Thune and Democratic Sen. Chuck Schumer hawking their United States Appreciation for Olympians and Paralympians Act. Four years ago for the London Games it was Sen. Marco Rubio pulling a similar trick, with the support of President Barack Obama. The Senate this year even approved Thune's bill.
However, they are just like everyone else.
Trying to give Olympic athletes a tax break is probably good politics, but it's silly economics. Olympic winnings are income and should be taxed as such, something on which economic policy analysts from the right and left agree. As Samantha Goewey wrote in the Seton Hall Journal of Sports and Entertainment Law, "why should Olympians receive a tax benefit when all other U.S. citizens are required to pay taxes on 'income from whatever source derived?' More specifically, what makes Olympians more worthy of a tax benefit than Nobel Prize winners, Pulitzer Prize winners, World Cup champions, and the like?"
Sorry guys and gals... pay up when you come home. Phelps - we will really be glad to have you back home.
Good. U.S. troops stationed overseas (not on deployment) still pay state and federal taxes.
BTW, I seriously doubt troops stationed overseas pay state income taxes.
SMH...that's because you've never been a troop, let alone a troop overseas.
Soldiers stationed overseas pay federal AND state taxes. Get it?
And being a tax and spend liberal is irrelevant.
Olympic athletes have no good reasons to fall into a special class of citizen that avoids taxes. They are pampered and well taken care of. And that pampering doesn't come cheap.
I shouldn't have to pay taxes because I love jazz. How about that? Jazz lovers should be a protected class.
Olympic athletes have no good reasons to fall into a special class of citizen that avoids taxes. They are pampered and well taken care of. And that pampering doesn't come cheap.
I shouldn't have to pay taxes because I love jazz. How about that? Jazz lovers should be a protected class.
If you make Jazz your business, you could in fact deduct Jazz related expenses. If Olympians have to pay taxes, then any expenses they or their families paid over the umpteen years should be able to be written off first. Corp. sponsors already get to do that.
And many of them aren't pampered. Many of them have regular jobs and get up really early to work-out or stay up late or both.
cd :O)
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