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Calls Are Growing Louder to End Taxation on Olympic Medals
In July, the U.S. Senate passed South Dakota Sen. John Thune’s Appreciation for Olympians and Paralympians Act. A similar bill was introduced by Sen. Marco Rubio in 2012. A House version of the measure sponsored by Texas Republican Blake Farenthold remains under review with the Ways and Means committee.
This is ridiculous. Why shouldn't they pay their fair share to the society? We are here scraping pennies and those Olympic medalists rake up millions from sponsors, not counting tens of thousands reward money and loopholes to mark training cost as tax deduction.
When do normal people like you and me get a tax break?
We should impose a windfall tax on each medalist just like we have done for companies such as Exxon Mobil when they rake in record profit. For real, what's the difference there? If other individuals and companies are not allowed to make legal profit, neither should Olympic medalists.
Sure, yea ... why not. But why stop there? Let's charge Little Leaguers, Pop Warners, swimmers, cheerleaders, and other young athletes a tax on their trophies while we're at it. Why stop there? Gold crowns and silver fillings should be taxed too!
Sure, yea ... why not. But why stop there? Let's charge Little Leaguers, Pop Warners, swimmers, cheerleaders, and other young athletes a tax on their trophies while we're at it. Why stop there? Gold crowns and silver fillings should be taxed too!
Yes, if we punish the success of the rich and the profitable corporations, we should punish everybody. It's only fair.
This is ridiculous. Why shouldn't they pay their fair share to the society? We are here scraping pennies and those Olympic medalists rake up millions from sponsors, not counting tens of thousands reward money and loopholes to mark training cost as tax deduction.
When do normal people like you and me get a tax break?
We should impose a windfall tax on each medalist just like we have done for companies such as Exxon Mobil when they rake in record profit. For real, what's the difference there? If other individuals and companies are not allowed to make legal profit, neither should Olympic medalists.
First of all... not all medalist have sponsors nor do the rake in millions of dollars.
Second... they pay income tax like you or I on earnings from sponsors.
What companies are not allowed to make a profit, unless they are a not for profit organization?
This is ridiculous. Why shouldn't they pay their fair share to the society? We are here scraping pennies and those Olympic medalists rake up millions from sponsors, not counting tens of thousands reward money and loopholes to mark training cost as tax deduction.
When do normal people like you and me get a tax break?
We should impose a windfall tax on each medalist just like we have done for companies such as Exxon Mobil when they rake in record profit. For real, what's the difference there? If other individuals and companies are not allowed to make legal profit, neither should Olympic medalists.
They pay taxes on the sponsorship but leave the medal alone.
meh...the taxes they pay on medals is a pittance comparatively speaking. And it's not like we're talking millions of millions. The link in the OP only talks about the taxes on the medals and the "income" of them (i.e. $25k for gold) - it doesn't say anything about endorsement deals and I'm quite sure those are indeed taxed.
I agree with the proposal - stop taxing the medals and the metal. These are amazing ambassadors for America and lots of people are making money off of them, the least we can do is give them a break on the small amount they receive for the medals themselves.
First of all... not all medalist have sponsors nor do the rake in millions of dollars.
Second... they pay income tax like you or I on earnings from sponsors.
What companies are not allowed to make a profit, unless they are a not for profit organization?
I'm hoping this post is a joke..
First of all... not all people and companies the rake in millions of dollars.
Second... they pay income tax like you or I.
They pay taxes on the sponsorship but leave the medal alone.
If you receive a gold coin, do you not have to pay taxes on that?
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