What do you think about Olympic medal winners having to pay taxes on their winnings?
Example: Gold medalist earns $25,000 has to pay $9,000!
It is income so if they had an exception from it, then other awards would have to be exempted as well. We definitely need a new system of taxation to stop penalizing exceptional people.
It is completely unfair. Winnings should never be taxed. The country should be so honored that someone won them a medal that they CUT their taxes, not add more.
Just an update, I was mistaken, a gold medal winner doesn't receive $25,000. The medal itself is worth $25,000. They receive no cash at all. But, they do have to pay $9,000 in taxes for having received the gold medal, a little less for silver and then bronze.
The medals themselves aren't taxed, but addt'l earnings are. Until taxation undergoes reform, compensation of any kind is taxable, including winnings. It is unlikely taxes will be reduced with the climbing costs of running government programs, public pensions, education, and defense. In general, I think our tax rate will spiral out of control in the near future, and we will see increased homelessness from once solid and contributing citizens. What a shame!
They don't deserve to be taxed. Those men and women spend years and a lot more than $25,000.00 to get to the Olympics in the first place so why should they have to pay taxes on it? I think all the blood, sweat, and tears that went into their sport is good enough.
I have a mixed opinion. The US medalists are really winning 2 things: the medal itself and a cash prize from the US Olympic Committee ($25,000 for a gold medal, $15,000 for a silver, and $10,000 for a bronze). I don't think our medalists should need to pay tax on the value of the medal itself, unless they sell it. But I think they should pay taxes on their cash prizes, just as other Americans pay taxes on their incomes. That said, many of our athletes will end up owing little or nothing in taxes on these prizes, once they deduct their unreimbursed training expenses.
I find it ridiculous. I think it's just another way for the country to gain money from international players. People are trying to gain as much profit as they can from the Olympics. I don't blame them because when America host an Olympic event, we can make a lot of profits to help fix the economy.
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