Tags: IRS | Money | Olympics | Medals | Taxes

Lawmakers to IRS: Stop Taxing Olympic Medals

Image: Lawmakers to IRS: Stop Taxing Olympic Medals
 (AP)

Tuesday, 05 Jul 2016 10:34 AM

American Olympians have to pay taxes on every medal they bring home — an "unfair" practice two lawmakers say they want to end.

Rep. Blake Farenthold, a Texas Republican, and Rep. G.K. Butterfield, a North Carolina Democrat, have proposed the "Tax Exemptions for American Medalists Act," the Washington Examiner reported.

"These guys work for years representing the United States, and then we tag them with a tax on the physical value of the medal that they win," Farenthold told the Examiner. "Not only is it bad for the Olympic athletes, it indicates an overall problem with our overly complicated tax system that taxes earnings worldwide.

The U.S. Olympic Committee is behind the effort, telling The Examiner in a statement: "This bill could assist many athletes as they train to compete for the United States,"

The next Olympic Games are set to kick off next month in Rio de Janeiro, Brazil.

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American Olympians have to pay taxes on every medal they bring home - an "unfair" practice two lawmakers say they want to end. Rep. Blake Farenthold, a Texas Republican, and Rep. G.K. Butterfield, a North Carolina Democrat, have proposed the "Tax Exemptions for American...
Olympics, Medals, Taxes
149
2016-34-05
Tuesday, 05 Jul 2016 10:34 AM
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