IMAGINE WORKING HARD TO WIN A GOLD MEDAL AT THE OLYMPICS...AND THEN RETURNING TO THE U-S WHERE UNCLE SAM WANTS A PIECE OF IT.
CURRENT TAX LAW REQUIRES OLYMPIANS WHO WIN MEDALS TO PAY TAXES ON THEM AND THE HONORARY CASH PAYMENTS THEY RECEIVE. THAT'S 25-THOUSAND DOLLARS FOR GOLD, 15-THOUSAND FOR SILVER AND 10-THOUSAND FOR BRONZE. UNDER CURRENT LAW THE GOVERNMENT COLLECTS 35% ON THOSE WINNINGS.
FLORIDA SENATOR MARCO RUBIO WANTS TO CHANGE THAT WITH THE OLYMPIC TAX ELIMINATION ACT. IF APPROVED, THE BILL WOULD BAN TAXES ON OLYMPIC MEDALS AND PRIZE MONEY.
THAT MONEY IS A DROP IN THE FEDERAL TAX BUCKET, AND TAKING TAXES FROM MEDAL WINNERS WHO BRING HONOR AND RECOGNITION TO OUR NATION IS JUST WRONG. THE TAX LAW SHOULD BE CHANGED BEFORE OUR ATHLETES GET BACK FROM LONDON.
THAT'S MY PERSPECTIVE. WHAT DO YOU THINK?
