Image Source: Greg Thies/KING5 TV

BY JIM FLINK

ANCHOR  LAUREN ZIMA

Win gold at the Olympics?  Get ready to pay Uncle Sam.
The latest story creating a media storm centers on American Olympians and the Tax Man.
Americans for Tax Reform has the numbers.

“American gold medal winners will pay the IRS up to $8,986. Silver medal winners will pay up to $5,385. Bronze medal winners will pay up to $3,502.”

Cue the outrage.  Turns out, gold medal winners also get 25-grand in cash. Silver and Bronze, 15K and 10K a piece.  Throw in the value of the medal itself, well, you get the idea.  
The Weekly Standard says, even kid phenoms can’t evade the IRS.

“So as of this writing, swimmer Missy Franklin—who's a high school student—is already on the hook for almost $14,000. By the time she's done in the pool, her tab could be much higher. (That is, unless she has to decline the prize money to placate the NCAA—the only organization in America whose nuttiness rivals the IRS.)”

Think someone ought to do something about this injustice?  Someone else thinks so too.
Here’s HLN’s Evening Express....

"Some people say it isn't fair to tax athletes that represent the country. Marco Rubio is one of them. he's a Republican from Florida. today, he introduced the Olympic Tax Elimination Act that would change the tax code. The really good news: it could be retroactives so this year’s winners wouldn't owe tax. "
 

But some see political opportunism in Rubio's position.  Bloomberg's Josh Barro says the rules are pretty simple.  Make money, pay taxes.

“Taxes are not punishment, and Olympians shouldn't get special tax treatment just because they are Olympians ... Rubio said just last week that America needs ‘real tax reform that simplifies the tax code.’ That's true. So why is he proposing to introduce a stupid new complication into the tax code? Tax reform means removing deductions from the tax code, not adding them.”

Still, for most media members, taxes on something as awe-inspiring as Olympic medals, seems wrong.
The Moderate Voice being one of them.

“... it seems to me to be wrong to tax our Olympic athletes. Let’s not forget that many of them could be making a lot more money by going pro, but they have chosen not to do so in order to represent us … I think this is one where we could cut them a break.”

Win Olympic Gold? Get Ready to Pay The Tax Man

by Jim Flink
0
Transcript
Aug 1, 2012

Win Olympic Gold? Get Ready to Pay The Tax Man

Image Source: Greg Thies/KING5 TV

BY JIM FLINK

ANCHOR  LAUREN ZIMA

Win gold at the Olympics?  Get ready to pay Uncle Sam.
The latest story creating a media storm centers on American Olympians and the Tax Man.
Americans for Tax Reform has the numbers.

“American gold medal winners will pay the IRS up to $8,986. Silver medal winners will pay up to $5,385. Bronze medal winners will pay up to $3,502.”

Cue the outrage.  Turns out, gold medal winners also get 25-grand in cash. Silver and Bronze, 15K and 10K a piece.  Throw in the value of the medal itself, well, you get the idea.  
The Weekly Standard says, even kid phenoms can’t evade the IRS.

“So as of this writing, swimmer Missy Franklin—who's a high school student—is already on the hook for almost $14,000. By the time she's done in the pool, her tab could be much higher. (That is, unless she has to decline the prize money to placate the NCAA—the only organization in America whose nuttiness rivals the IRS.)”

Think someone ought to do something about this injustice?  Someone else thinks so too.
Here’s HLN’s Evening Express....

"Some people say it isn't fair to tax athletes that represent the country. Marco Rubio is one of them. he's a Republican from Florida. today, he introduced the Olympic Tax Elimination Act that would change the tax code. The really good news: it could be retroactives so this year’s winners wouldn't owe tax. "
 

But some see political opportunism in Rubio's position.  Bloomberg's Josh Barro says the rules are pretty simple.  Make money, pay taxes.

“Taxes are not punishment, and Olympians shouldn't get special tax treatment just because they are Olympians ... Rubio said just last week that America needs ‘real tax reform that simplifies the tax code.’ That's true. So why is he proposing to introduce a stupid new complication into the tax code? Tax reform means removing deductions from the tax code, not adding them.”

Still, for most media members, taxes on something as awe-inspiring as Olympic medals, seems wrong.
The Moderate Voice being one of them.

“... it seems to me to be wrong to tax our Olympic athletes. Let’s not forget that many of them could be making a lot more money by going pro, but they have chosen not to do so in order to represent us … I think this is one where we could cut them a break.”

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