Should Olympic Athletes Be Exempt From Taxes on Medal Winnings?
Florida Sen. Marco Rubio has introduced a bill to exempt the winnings of American athletes from taxes while competing in the Summer Olympics. Do you agree with this measure?
If an athlete representing the USA in the Summer Olympics wins big, we all get to share in that win — not just in the national honor, but also financially. Taxes are levied on the winnings, not just on the money that is won, but also on the value of the medal that goes along with it.
Some members of Congress, however, are trying to change that.
According to a story on the Huffington Post, Florida Sen. Marco Rubio introduced a bill Wednesday that would exempt the winnings of Olympians from taxes. A gold medalist reportedly wins $25,000, a silver medalist $15,000 and a bronze winner gets $10,000 — and that isn’t including the value of the medal.
Do you think that this money, earned overseas representing the USA, should be taxed? And if so, what of other star athletes? Are the earnings from the Olympics any different to the earnings of a top athlete on the local circuit such as the NFL or NBA?