U.S. taxes Olympians for medaling; GOP lawmakers trying to change policy
Olympics enthusiasts arent the only ones watching U.S. athletes when they win medals. So too is the Internal Revenue Service, according to a Washington Post report .
The U.S. Olympic Committee awards cash bonuses for each medal: $25,000 for gold, $15,000 for silver and $10,000 for bronze. The IRS considers that as taxable income, with the rates depending on annual earnings.
Last week, Reps. Blake Farenthold (R-Texas), Walter Jones (R-N.C.) and Pete Sessions (R-Texas) took action to change that policy, proposing a bill that would exempt medalist earnings from the Olympic Committee starting this year. The House Ways and Means Committee is considering the measure.
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After all the time they devote to the Olympics and the government has the nerve to tax them. I did not know this was happening. I hope the bill passes through.
I agree Larry.
Just seems kind of rude to expect them to pay for winning. I mean it's not like they are playing professionally. Once in four years isn't an income to me.
How do you feel about this?
Actually, I think they should pay taxes on the bonuses. Our military men and women pay taxes on their income, and many put their lives on the line every day for this country. There are too many special interests trying to exempt themselves from the burdens the rest of us live under. All should be equal under the law.
Russian athletes given new Mercedes
Russian athletes will be relaxing in style after the Sochi winter olympics, thanks to generous bonuses including new Mercedes-Benz SUVs.
The Russian Olympians Foundation has reportedly handed out new cars to 45 medal-winning athletes, with models aligned to degrees of success.
Gold medallists took home plush Mercedes-Benz GL-series SUVs worth around $150,000 , while silver medallists collected smaller ML-series models worth around $100,000 .
Bronze placegetters took the keys to the compact GLK model which is not sold in Australia.
The youngest prize-winner was 15-year-old Julia Lipnitskaya, who won gold in the teams figure skating competition.
Lipnitskaya told Russias R-Sport she would make use of the car when old enough to drive.
"I sat in the car, and I liked everything I'll start driving it when I'm 18, rules are rules, she says.
"What will I do with it in the mean time? We still don't know, right now we'll just take it home.
Junior athletes, such as Lipnitskaya, will have access to professional drivers until they are licenced.
Russian media also reported medallists were given cash bonuses of around $135,000, $85,000 and $58,000 for gold, silver and bronze performances.
Russian Olympians at the London games in 2012 collected 129 new Audis for their performances in solo and team events.
Not in the USA we would rather tax our athelets!!!!!!!