Fla. Sen. Rubio introduces bill to make Olympic prizes tax-exempt.

[nc4bo]

In the comments section, teabags abound.

http://www.cbsnews.com/8301-201_162-57484774/fla-sen-rubio-introduces-bill-to-make-olympic-prizes-tax-exempt/

The U.S. Olympic Committee, a non-profit based in Colorado Springs, awards $25,000 to gold medal award winners, $15,000 to silver medalists and $10,000 who earn bronze in a program they call Operation Gold.

The 35-percent tax rate applies to both the prize money and the raw value of the medal itself. Americans for Tax reform calculates that according to today's commodity prices, the value of a gold medal is about $675, silver is worth $385 and a bronze medal is worth under $5.

That means that the U.S. women's gymnastics team, for example, will be paying back a $8,986 tax on the $25,000 they get on each of their gold medals. So would swimmers Conor Dwyer, Michael Phelps, Ryan Lochte, Ricky Berens for winning the 4x200m freestyle relay final. Silver medalists have a $5,385 tax burden; athletes on the third tier of the stage will be coughing back $350.

at who is behind it.

[Scuba]

1. Freedom isn't free, asshole, pay your taxes.

[nc4bo]

3. Here's what I was thinking, didn't include it in the OP

If these kids don't go any further than this win - I'm sure they'll fall in the under $250k category. Any taxes they pay will come back to them.

If these kids go further with endorsements, etc. over @250k - they won't give a damn.

Is my thinking off?

[ananda]

7. Your thinking is not off.

I was thinking the exact same thing.

In fact, did ya'll know that what the athletes spend during the year in order
to train is a writeoff?

So if an athlete spends, say, $20,000 during the year and wins a medal
prize, he or she comes out ahead with a silver or bronze medal and only
has to pay taxes on $5000 with a gold. Sheesh.

[former9thward]

27. Yes it is very off.

People making under 250k pay taxes. Don't know why you think they don't.

[nc4bo]

31. I didn't say over 250k would NOT pay taxes. Read again. I said they won't give a damn.

Funny, previous poster got it.

At least if I were to make income like that, paying taxes my fair share would not be a big deal.

Perhaps these athletes have a problem paying taxes, maybe they don't. I'm thinking optimistically that they would want to do the right thing.

[former9thward]

35. I'll try again but the result will probably be the same.

YOUR post: I'm sure they'll fall in the under $250k category. Any taxes they pay will come back to them. . With that sentence you are saying that any taxes people making UNDER 250k will come back to them. In other words you are saying people making UNDER 250k do not pay taxes. That would be the ONLY way "Any taxes they pay will come back to them".

Under 250k do pay taxes so the taxes WILL NOT come back to them. Get It?

[nc4bo]

36. !

I was referring to the numerous deductions they would take along with the amount of tax on the prizes they would have to pay. IOW - Rubio is making much ta-do about nothing.

Ananda obviously understood the point I was attempting to make.

So glad you dropped in to clarify all that for me.

[nanabugg]

19. When there were only amateurs in the games that would be fine. but pros should pay taxes.

[Happyhippychick]

2. Is there a reason the athletes shouldn't have to pay taxes like the rest of us???

Excuse my lack of sympathy but these athletes have the opportunity for huge sponsorship deals and I'm supposed to feel badly that they owe their fair share? Ridiculous!

[Scuba]

4. Of course not. This is simply more of the right-wing meme that taxes are an evil punishment ...

... of success. It's a load of crap.

[Zalatix]

5. Cut wages to 15%, raise capital gains to 35%, exempt Olympics.

Edited to add: sponsorships = 15% tax, certainly not 35%.

[magical thyme]

6. But if the have to pay taxes on the awards, won't that cause them to give up

and stay home? Or maybe only go for bronze instead of gold, because the bronze tax is so much lower?

On the other hand, I had no idea there were cash prizes offered for winning medals. In that case, that does it...I'm back in the saddle and after my Olympic dream! Obviously the cash at the end is the incentive I needed to stay on that dream. Woooo!Hoooo! Olympics, here I come!!!!!

[Firebrand Gary]

8. He will regret this...Olympians DO NOT LIKE being politicized.

Similar to the military in that respect, they know that their achievements are being used for political gain, in addition, these athletes are wearing the red, white and blue. They are representing our country, especially in a time where we need everyone to pitch in. Everyone. How do we justify free taxes for Olympians, who hold the flag, while we can't get proper care to our nations wounded.

[crimson77]

9. Yep, have to squeeze every dime out.

[ananda]

10. Scream!

I just hate the tea party agenda so prevalent in the media these days!

Reallyreallyreally HATE IT!

[nc4bo]

15. Ananda.

I did the same thing when I heard the story this morning. Double screams because M$M has been desperately trying to give it legs.

I'm just exasperated with the right-wing bullisht.

[WI_DEM]

11. This is the type of thing that irritates me...

they do this stuff because they think it's popular because, well, they are athletes and then they ignore real problems.

[Firebrand Gary]

12. Let me also add...

This is playing directly into the Presidents hands, so good for Rubio. Its pretty hard to justify free taxes for cash prizes, while working people are being held hostage to tax breaks for the rich.

Does Rubio really want to show how easily Congress can get something done, yet Congress cannot cut taxes for familes making less that 250k.

Bravo Rubio, BRAVO

[hobbit709]

13. How many of these athletes are in the TOP tax bracket as "amateurs"?

[Johonny]

20. The Olympics is not amateur sports anymore

and hasn't been for a while. Olympic regulations regarding amateur status of athletes were abandoned in the 1990s with the exception of boxing and wrestling, where the rules for participation still require amateur status rather than professional status for the safety of the participants.

While many fringe sports don't make a lot of money, many athletes at these games make pretty good incomes. Heck many countries still basically pay full time their athletes to be athletes which is why the Olympics eventually dropped the concept of "amateur" status. One could argue the whole concept of amateur sports is a farce anyways. Just follow NCAA football and basketball and try to pretend those are amateur athletic events

[nadinbrzezinski]

21. And soccer

But that has to do with FIFA.

[hobbit709]

22. Yeah, well $8900+ on 25K sounds like a big chunk

Until you figure that at that tax bracket they're taking in a hell of a lot more than $25K. In fact, they'd have to be pulling in more than $250K.

[bornskeptic]

14. The silver medals are more than 30 times as heavy as the gold?

"Americans for Tax reform calculates that according to today's commodity prices, the value of a gold medal is about $675, silver is worth $385 and a bronze medal is worth under $5."

Gold is alittle over $1600 an ounce and silver about $28 an ounce. According to Americans for Tax Reform silver medals weigh almost 14 ounces, while the gold medals weigh less than half an ounce. Bronze medals, at $0.33 an ounce would be about 15 ounces. This brings up this question: WTF is CBS News doing quoting these right-wing loonies without a little simple fact-checking?

[nc4bo]

16. Gold metals aren't solid...unfortunately.

I thought they were too but they aren't.

[bornskeptic]

17. I didn't expect them to be solid 24 karat gold,

but I didn't think they would just be gold-plated either. At that value, the gold is only 3% of the weight,or less.

[nc4bo]

18. I typo'd, "metals" should have been "medals".

But you'd think with the Olympics being so prestigious, the medals would be solid, at least 14k.....come on now.

All the $$ and sponsors and they aren't solid just doesn't sit right.

[muriel_volestrangler]

23. Been like that for nearly 100 years

The last Olympic gold medal that was actually made from gold was awarded in 1912. So, if Olympic gold medals aren't gold, then what are they? The specific composition and design of Olympic medals is determined by the host city's organizing committee. However, certain standards must be maintained:

Gold and silver medals are 92.5% silver.

Gold medals must be plated with at least 6 grams of gold.

All Olympic medals must be at least 3 mm thick and at least 60 mm in diameter.

Bronze medals are bronze, an alloy of copper and usually tin. It's worth noting that gold, silver, and bronze medals have not always been awarded. At the 1896 Olympic Games, the winners were awarded silver medals, whiile the runners-up got bronze medals. The winners at the 1900 Olympics received trophies or cups instead of medals. The custom of awarding gold, silver, and bronze medals started at the 1904 Olympics. After the 1912 Olympics the gold medals have been gilded silver rather than real gold.

http://chemistry.about.com/od/metalsalloys/f/what_are_olympic_medals_made_of.htm

[nc4bo]

24. Too bad.

Surely it can't because they're too expensive considering how much money is spent preparing for the games.

Non pure medals seems cheap

Some of those big corporate sponsors could do some excellent PR.

[former9thward]

28. The 'Gold" medals are mainly silver.

Small amount of gold plated on the surface.

[Viking12]

25. Rubio is either an idiot, a grandstander, or a sucker

http://www.politifact.com/truth-o-meter/article/2012/aug/01/are-olympians-taxed-enough-already-grover-norquist/

[nc4bo]

26. Boy - that was fast!

I just heard this nonsense this morning and the right people are all over it!

Thanks for the link Viking!

[Kalidurga]

30. Nope he is a multi-tasker...

since he manages to be all three.

[Viking12]

32. LOL

[alcibiades_mystery]

29. A prize is a prize...pay your taxes

Why is an Olympic medal any different from any other achievement based prize? Here's a clue: it's not.

We pay taxes on prizes and winning in this country. Deal with it.

[DCKit]

33. Y'all are missing the point. Marco is grandstanding to get the VP nomination.

This has nothing to do with our Olympians.

[nc4bo]

34. You know, I wish the Dems would have gotten ontop of this one.

I do believe you.

The second the garbage fell out of Rubio's mouth, it should have been stomped to the ground. This issue had many, many people outraged almost to the point of mouthfoaming, and still does. M$M was afire with this story!

Anytime my almost 80 year old mother calls me up screeching, I know it hit a nerve. She's a Dem!

If one were to do a bit of surfing, the outrage is still out there on various news comment sections, messageboards and elsewhere.

DU was the first I heard of any one debunking the story and not everyone goes to DU for news.

[JI7]

37. this is one of the worst things about the Republican Party "oh, our poor olympic heroes have to pay

and are being punished".

fucking stupid shits.

it wouldn't be so bad if i knew others would see through the crap. but just like the chick fila idiots i can see many go along with this.

meanwhile veterans are suffering and nothing is being done about that. put on a stupid sticker on your car about how you support the troops. hahahha