Editorial: "Medal Tax" - WSFA.com Montgomery Alabama news.

Editorial: "Medal Tax"

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MONTGOMERY, AL (WSFA) -

Senator Marco Rubio says American Olympians shouldn't be subject to IRS penalties for their accomplishments while representing our country in the Olympics. The Florida Republican introduced legislation in the Senate that would exempt medal winners from taxes. If Rubio's bill is taken up and passed in Congress, it would apply to medals won in this year's games.

The United States awards gold medal winners with a $25,000 "honorarium" cash award, silver medal winners get $15,000 and bronze medal winners receive $10,000.  This money, as well as the value of the medals themselves, is considered taxable income by the IRS and depending on the athletes' income they could owe as much as $8,750 for each gold medal they win.

While it's hard to feel sorry for the multi-millionaire athletes or the mega endorsed Olympic swimmers who have to pay the taxes it should be stated that millionaire Olympic athletes are in the minority.  The majority of athletes and their families have undoubtedly sacrificed vast quantities of time and money to achieve greatness. 

Let's reward the athletes and their families for their years of sacrifice. Let's reward them with honor, pride, and gratitude, and not with an additional tax burden. 

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