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Rubio bill would make Olympic prize money tax-exempt

Discussion in 'Political Debate & Discussion' started by freeatlast, Aug 1, 2012.

  1. mandym

    mandym New Member

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    Its not pay it is an award.
     
  2. freeatlast

    freeatlast New Member

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    It is considered pay by the IRS. It is just like a bonus from a company if you do above and beyond it is also taxable. They also get paid other then just for metals, about 8000 on average plus free training if really good, which the 8000 is also taxable. They are working a job and getting money and some get a bonus if they win. That is taxable. The reason that the congressman is trying to get them exempt is because they are being paid. No exemption is needed unless they are making a wage. It is a wage and currently taxable.
     
  3. mandym

    mandym New Member

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    You may believe that an award should be taxed. But an award is not a wage And kudo's to Rubio for addressing this.
     
  4. freeatlast

    freeatlast New Member

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    What if the award was 1 million dollars would you feel the same? It is no different then a boxer. Calling it an award is the liberal coming out in you. It is a wage The IRS is correct it is a wage. If it was not a wage there would be no need to call for an exemption. They are receiving compensation for their sport. They need to pay the taxes. If the award was a 10 dollar gift certificate to eat at McDonalds it would be different, but 25,000 is a wage and taxes need to be paid.
     
  5. mandym

    mandym New Member

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    I see you cannot behave as usual. Shame on me for thinking otherwise.
     
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