There really “ought to be a law” for this
Let me start with the “did you know” part … Did you know that Olympic athletes have to pay income tax on the medals they win?
Winning an Olympic medal. It can be taxing.
And we’re not talking about the hard work and stress that comes along with competing against the world’s top athletes.
We’re talking about the actual U.S. tax code, which applies to champions such as Gabby Douglas, Michael Phelps and Missy Franklin because they earn “honorariums” for finishing first, second or third in each event ($25,000, $15,000 and $10,000, respectively).
According to The Weekly Standard, the estimated taxable income on a Gold is $8,986, a Silver is $5,385 and a Bronze is $3,500.
Not bad for some of the rich ones who can afford it, but how about the ones who can’t (and most really can’t). So I think we actually require a bipartisan and bicameral “one issue” piece that protects all of them (let’s include those who could afford it – aren’t they heroes to all). No tax on the medal, no tax on any honorarium, no tax on equipment provided, no tax on expenses covered – let’s get some of our elected officials to turn my wish list into a real piece of legislation and make it work, not just appear to work.
All of the great athletes who represent our country have already given big. They’ve spent days, weeks, months and years working on their talent and practicing their events and they ALL deserve a break from the IRS. Most of them are amateurs and not professionals and so they only get a stipend or minimal support from sponsors – and to set that limit in place it could be a factor of “product or company endorsement” that determines the difference between a “pass” and a “pay” …
Spread the word far and wide and let’s see what we can do.