By Ken SelvaggiWAVE 3 Vice President and General Manager
We all agree we are taxed for too many things, but should athletes really be taxed on the money they win at the Olympics?
Gold medal winners get a $25,000 cash reward, silver medal winners $15,000 and bronze medal winners $10,000. The federal government gets 35% of that money under current law.
That law needs to be washed away in an Olympic pool.
Olympic athletes make plenty of sacrifices to represent our country. On principal, it doesn't seem right to take more than a third of their winnings for being the best in the world in their sport.
And they even get taxed on the value of the medal itself – hundreds of dollars for a gold.
Only a handful of the more than 200 countries in the Olympics charge this tax. The United States of America should not be one of them.
We may win the medal count over China by the time the closing ceremonies begin a week from Sunday, but we surely lose the spirit of honoring our athletes by taxing them for winning those medals.
Copyright 2012 WAVE News. All rights reserved.
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