General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBi-Partisan Tax Proposal: Make Olympic Awards non-taxable...
Granted some athletes will make millions off of the games. However, what about those medalists in obscure sports?
Should they be burdened with thousands of extra in income tax because they won a medal for their country?
Time for an exemption...
yeoman6987
(14,449 posts)If they got a gold medal and a million dollars, I can see the money taxed. But a medal they will most likely pass down for generations? Doesn't seem right.
HassleCat
(6,409 posts)Why would we do this?
JCMach1
(27,559 posts)You might even see it as service to their country during their prime earning years.
So yeah, they deserve it.
Taitertots
(7,745 posts)Practicing for trivial competition instead of acts which would be an actual service to the country (like medical school or law school).
HassleCat
(6,409 posts)We should not tax militare pay, government worker pay, etc.
Dawson Leery
(19,348 posts)They are not likely to sell it. The cash is another story though.
JHB
(37,160 posts)...for instance: Why just the Olympics? How about prizes in other contests? How are "valid" ones determined? How loosely will "prize" be defined?
Add in court challenges and lobbying to expand it, and over a number of years a lot of lawyers being employed to make use of this in "creative" ways that turn it into another tax dodge. Remember Romney's suspiciously large IRA?
I don't think this is really necessary, but if you do, please also think about ways to prevent abuse.
Taitertots
(7,745 posts)If you earn money, then you can afford the income tax.
taught_me_patience
(5,477 posts)Income is income.