Bi-Partisan Tax Proposal: Make Olympic Awards non-taxable... [View all]

[JCMach1]

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...

Olympic athletes who bring home medals also bring home cash — $25,000 for gold, $15,000 for silver and $10,000 for bronze — paid for by the United States Olympic Committee. Like any prize winner, from a jackpot hitter to a Nobel Prize recipient, the athletes are taxed because Olympic medals and cash bonuses are considered income, said Steven Gill, associate professor of accounting at San Diego State University... http://www.usatoday.com/story/money/personalfinance/2016/08/15/olympics-victory-tax-gold-medal/88587636/