“Three House Republicans have revived the idea of exempting from taxes all prize money won by U.S. athletes at the Olympic Games.
Rep. Blake Farenthold (R-Texas) on Tuesday proposed the Tax Exemptions for American Medalists (TEAM) Act, H.R. 3987. If enacted into law, it would allow U.S. athletes to return from this month’s Winter Olympics in Sochi, Russia, without having to pay taxes on the thousands of dollars they’d earn from winning a gold, silver or bronze medal.
The United States Olympic Committee awards U.S. athletes $25,000 for winning gold, $15,000 for silver and $10,000 for bronze, amounts that the committee has not increased for several years. These amounts, plus the value of the medals themselves, are taxable winnings under current law.
Farenthold’s bill says, “Gross income shall not include the value of any medal awarded in, or any prize money received from the United States Olympic Committee on account of, competition in the Olympic Games.” That tax change would take effect starting this year.”* The Young Turks hosts Ana Kasparian and John Iadarola break it down.
*Read more here from Pete Kasperowicz / The Hill:
http://thehill.com/blogs/floor-action/government-oversight/197498-lawmakers-propose-tax-exemption-for-olympic-athletes
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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. Young person who rebels against authority or societal expectations. (American Heritage Dictionary)
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