Friday, February 7, 2014

Proposed Tax Break for Olympic Medalists

US President Barack H. Obama II and US Senator Marco Rubio agree on many things, one of which is that a certain group of persecuted Americans have long suffered from high tax rates -- Olympic medalists.

The United States income tax is, by definition, imposed on a person's income, derived in whatever form.  A winning Olympic athlete receives medals and cash prizes, such as $25,000 from the US Olympics Committee for winning gold, which are treated as taxable income.

Marco Rubio knew a problem when he saw it, and he proposed in 2012 the Olympic Tax Elimination Act to eliminate any taxes on "the value of any prize or award won by the taxpayer in athletic competition in the Olympic Games."

While winning Olympic medalists are undoubtedly in need of much public assistance to avoid living in poverty, it is unclear why Mr Rubio limited his athletic tax break to only the Olympic Games, and not to include the Paralympic Games, the Special Olympics, or the World Tenpin Bowling Championship.

Barack Obama instantly saw the merit in helping winning Olympic medalists, and he agreed to sign the bill if it comes across his desk.

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