MSU Red Cedar Message Board

Should they be paid for medals in the first place? Doesn't that go beyond the Olympic spirit?

If they are being paid cash prizes for winning, then I don't see a problem with them being taxed. So the 20,000 Gold Medal prize is only 12,000 actually...that's still 12,000 more than the guy who trained all his life for 4th place.

If I get a $25k bonus for doing something awesome at my job, it's taxed so I don't think they should be any different than me.

They should absolutely be taxed on a cash bonus. They are representing our country but so do our soldiers and they also risk their lives for us and get taxed on their income.

should be the end of thread

The outrage comes because of an analysis that ignores the fact that many of the winners are not in the top tax bracket (the 35% tax only applies on income above $380,000). Many are struggling and would pay very little in taxes. Besides, Olympic medalists can write off their training costs as business expenses and reduce their tax liability that way.

Just to be clear, they pay taxes on earnings now... just like everyone else does.
Marco Rubio has introduced a bill that would make the medals and prize money awarded to U.S. athletes at the London games exempt from taxes.

I think Marco Rubio needs a new hobby. This is clearly nothing more than political pandering.

By the way, many countries don't tax prize money at all and most countries don't tax prize money earned outside the country, so most medalists don't pay any taxes on their prize money, but it's not due to a specific Olympic exemption. If we want to eliminate taxes on prize money, then lets do that. Let's not carve Olympic winners out as a special exemption.

Many other countries much higher taxes on earned income too.

That's the extraordinarily flawed and biased analysis that started this whole ridiculous debate.

My opinion: If they are still students and otherwise tax exempt, then they should not have to pay taxes. Once they turn pro, in any sport, or are adults making a living in the world, tax them.

Oddball questions:

Should an American citizen who wins a medal for a different county be taxed on those winnings?

Should a Parolympic athlete be given the same tax considerations?

is Rubio on the short list of VP candidates or the list of short VP candidates?