Rubio bill would make Olympic prize money tax-exempt

Athletes from most other countries receive financial help from their governments to assist with their training and equipment needs. Since we don't do that here, and since these people who represent all of us invest large amounts of time and effort and expense to make themselves good enough for the Olympic stage, I think the least we can do is not take some of their winnings when they make it to the medal stand. I don't think the suggestion is nutty at all, and I suspect the vast majority of Americans will agree that it's actually a very good idea.

 

Good for Rubio!:thumbs:

 

Ignorant conclusion, as usual. Why should these athletes pay large gift taxes for medals they won? I would think you would be against excessive taxes.

 

I am wondering if there are not two people using FAL's login.

He is constantly contradicting himself.

 

I doubt the taxes would be that large. Olympic gold medals are only 1.34% gold.

 

From the article:

The IRS also taxes the cost of the medals themselves, Rubio said, which are worth an estimated $675 for gold, $385 for silver and $5 for bronze.

 

What's that work out to in taxes about 100 bucks for a gold medal at 15%?

Big deal. If they don't want to pay "their fair share" they should come in fourth place. :smilewinkgrin:

Actually I think the income tax is an altogether illegal scam on the American people by the private banking cartel.

 

Good for Rubio. There should be no taxes paid on Olympic medals. I seriously doubt these winners get to "deduct" all of the years of training, hard work, costs paid by their parents and others for them to make these achievements.

Success should be rewarded, not punished.

Considering all of the "bums" who spend their lives sucking off the system at taxpayer's expense, it is nothing to give those who have worked hard and represent our nation a "break." This bill should pass both houses with flying colors on both sides of the aisle!!

Go Rubio, I hope you are Mitt's VP pick!! :thumbs:

 

Not so fast now. We'll be needing every penny of that tax money and more if Romney and Rubio get a chance to expand the Bush/Obama wars!

 

This is a gift tax. These athletes prepared and sacrificed to represent our country. I don't think they should be taxed in this instance.

 

You have a bad habit of taking specific instances and applying them to the whole. If you were able to read minds what you say might mean something. As it is, it's just broad misapplication on your part.

I'm still shocked to see you approve of excessive taxation.

 

I never said anything about equal taxation. I just don't think a gift tax should apply in this instance.

 

Of course you have a source for that. How about a link to your source?

 

Nearly Half of All Americans Don’t Pay Income Taxes

http://blog.heritage.org/2012/02/19...-half-of-all-americans-dont-pay-income-taxes/

 

(I was hoping that FAL would post a link...)

From an article YOU posted earlier this week:

Second fallacy: nearly 47% of Americans do not pay any income tax so they do not care about raising taxes or spending and will always vote for the Democrats. The facts: this statistic is rooted in the recessionary year 2009 and varies based on filing status -- e.g. 47% of those filing single paid no income taxes but only 38% of joint filers paid no income taxes. Further, in 2009 income tax receipts accounted for just 44% of all government revenue; payroll taxes accounted for 42% and are paid by all working citizens -- as are sales, excise and effectively corporate taxes. When factoring in payroll taxes, 86% of all Americans pay taxes. All citizens therefore need jobs and economic growth, not higher taxes, unlike the policies being pursued by Barack Obama.

Read more: http://www.americanthinker.com/2012/07/pawns_in_the_obama_re-election_campaign.html#ixzz22UuFLUKf

 

Uh...yea I will go with Heritage rather than an opinion piece.