Sen. Coburn spokesman pans Rubio’s Olympic tax-exemption bill

[X Factor 1,112]

Sen. Coburn spokesman pans Rubio’s Olympic tax-exemption bill

A spokesman for Sen. Tom Coburn (R-Okla.) strongly criticized legislation by Sen. Marco Rubio (R-Fla.) that would exempt taxes on winners of Olympic medals.

A week earlier Rubio introduced the bill, The Olympic Tax Elimination Act, which would exempt recipients from having to pay taxes on medals they win.

"If tax code gymnastics was an Olympic sport this idea might get a medal. Like the carve outs for NASCAR, rum makers and electric motorcycles, tax earmarks are a tax increase for everyone who doesn't receive the benefit," Hart wrote in an email reported by Bloomberg View on Wednesday. "I'm not sure taxpayers want to pay higher rates to help beleaguered Olympic medalists who have to manage endorsement offers."

Gold-medal winners win honorariums of $25,000, silver-medal winners receive $15,000, and bronze-medial recipients receive $10,000. The Tax Exemption Act eliminates taxes on that money. President Obama and House Ways and Means Committee Chairman Dave Camp (R-Mich.) have both expressed support for Rubio's legislation.

http://thehill.com/blogs/blog-briefing-room/news/242829-sen-coburn-spokesman-pans-rubio-medal-tax-exemption-bill-

[X Factor 1,112]

Oops - spelling error in the heading

[kytwell 179]

They should be taxed.

[X Factor 1,112]

They should be taxed.

It is interesting that you aren't the only one who feels this way. So a gold medal winner that is worth $25,000 and is in the 25% Federal tax bracket will pay about $6,250 in taxes. Michael Phelps will be paying a load of taxes for his medals.

[Penny Lane 8,159]

It is interesting that you aren't the only one who feels this way. So a gold medal winner that is worth $25,000 and is in the 25% Federal tax bracket will pay about $6,250 in taxes. Michael Phelps will be paying a load of taxes for his medals.

Considering what he is already making and will continue to make in endorsement deals, I think he can handle it.

Unfortunately, plenty of Olympians don't make the money a Michael Phelps does.

[Lornaevo 48]

I think they should be expempt from paying taxes on these winnings. They are put there bringing home medals for our country and then when they get home we expect them to pay a butt load of money. What's the incentive to go out there and win for our country?

[^_^ 5,021]

"I'm not sure taxpayers want to pay higher rates to help beleaguered Olympic medalists who have to manage endorsement offers."

You're not sure? You're right!

[Usui Takumi 1,562]

I think they should be expempt from paying taxes on these winnings. They are put there bringing home medals for our country and then when they get home we expect them to pay a butt load of money. What's the incentive to go out there and win for our country?

Their incentive is not money.

[X Factor 1,112]

It is interesting that you aren't the only one who feels this way. So a gold medal winner that is worth $25,000 and is in the 25% Federal tax bracket will pay about $6,250 in taxes. Michael Phelps will be paying a load of taxes for his medals.

I just read a stat that the average gold medal winner pays $9,000 taxes on it.

[SMR 368]

The tax is not on the medal itself but rather on the prize money that is awarded to the medal winners (by the Olympic committee, I think). For US gold medal winners, the prize is $25,000. That isn't tied up in a medal but is cash that can be used to pay the tax. So as long as the medal winners don't go on a drunken binge before paying the tax man, it shouldn't be a problem.

The metal in the medals themselves is not worth so much. I estimate the gold medal (which is mostly silver by content) is worth about $750, the silver, $400, and the bronze, $3. I don't think that these values are taxed, but even if they are, they don't make up the brunt of the tax bill.

[X Factor 1,112]

The tax is not on the medal itself but rather on the prize money that is awarded to the medal winners (by the Olympic committee, I think). For US gold medal winners, the prize is $25,000. That isn't tied up in a medal but is cash that can be used to pay the tax. So as long as the medal winners don't go on a drunken binge before paying the tax man, it shouldn't be a problem.

The metal in the medals themselves is not worth so much. I estimate the gold medal (which is mostly silver by content) is worth about $750, the silver, $400, and the bronze, $3. I don't think that these values are taxed, but even if they are, they don't make up the brunt of the tax bill.

Their earnings are not lavish given the amount of work many of them put it. One competitor said that she trained 6 days a week for 4 years to run just for a few seconds. That is grit and determination.

[Obama 2012 1,714]

I think they should be expempt from paying taxes on these winnings. They are put there bringing home medals for our country and then when they get home we expect them to pay a butt load of money. What's the incentive to go out there and win for our country?

for the country? Please.

Oh yeah, Olympic bragging rights is a great way to save the economy.... pffft.

Please, these people do it for themselves becuse there's a feel good benefit for them.

Make them pay the damn tax just like anyone else would.

[Penny Lane 8,159]

for the country? Please.

Oh yeah, Olympic bragging rights is a great way to save the economy.... pffft.

Please, these people do it for themselves becuse there's a feel good benefit for them.

Make them pay the damn tax just like anyone else would.

How do you know what motivates an Olympian?

[Ban Hammer 13,726]

for the country? Please.

Oh yeah, Olympic bragging rights is a great way to save the economy.... pffft.

Please, these people do it for themselves becuse there's a feel good benefit for them.

Make them pay the damn tax just like anyone else would.

personally, i'd rather their award be tax free - they bring credit upon this country by their dedication. if that means i pay a few dollars more in taxes to make up for that, i'm fine with that.

[^_^ 5,021]

How do you know what motivates an Olympian?

As I've said before, I'm a student of human nature and all behaviours in life. I pay attention to things in people that 99% of the rest of the population does not, nor wants to.

personally, i'd rather their award be tax free - they bring credit upon this country by their dedication. if that means i pay a few dollars more in taxes to make up for that, i'm fine with that.

Google brings credit to this country. Everyone knows its American. Should that entire corporation be tax free too?

Edited August 9, 2012 by Habitual Offender