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Sunday, August 5, 2012

Why are US athletes taxed on Olympic medal wins?

3 August 2012

Who, What, Why: Why are US athletes taxed on Olympic medal wins?

The sweet taste of Olympic victory for US swimmers Ryan Lochte (l)
and Michael Phelps (r) 

US medal-winning athletes at the Olympics have to pay tax on their prize money - something which is proving controversial in the US. But why are athletes from the US taxed when others are not?

The US is right up there in the medals table, and has produced some of the finest displays in the Olympics so far.

Michael Phelps has broken the record for most Olympic medals ever, and 16-year-old rising star Gabby Douglas has won the all-round gold in the gymnastics - the first African-American woman to do so.

So the US is feeling pretty proud of its athletes right now. But not everyone is happy to hear that their Olympic medal-winning athletes are being taxed on their medal prize money.

Athletes are effectively being punished for their success, argues Florida Senator Marco Rubio, a Republican, who introduced a bill earlier this week that would eliminate tax on Olympic medals and prize money. (...)

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