Obama Supports Marco Rubio's "Stop Taxing Olympians" Stand

Categories: Politicks
rubiojobs.jpg
Marco Rubio introduced the the Olympic Tax Elimination Act, which aims to end the taxing the winnings and medal value of Olympians, with a bit of old fashioned, conservative anti-tax zeal.

"Our tax code is a complicated and burdensome mess that too often punishes success, and the tax imposed on Olympic medal winners is a classic example of this madness," Rubio said.

He won't be able to get much Left vs. Right play out of it though, since President Barack Obama has decided he likes Rubio's plan.

According to the AP, Obama's press secretary Jay Carney said Monday that the White House would do "everything we can to support our athletes." That includes supporting Rubio's bill.

"Athletes representing our nation overseas in the Olympics shouldn't have to worry about an extra tax bill waiting for them back home," said Carney.

Taxing Olympians was the conservative cause of the day last week when Americans for Tax Reform published an article saying that gold-medal winners could pay up to $8,986 in taxes. Gold winners receive a $25,000 honorarium, and the worth of a gold medal this year is about $675.

Rubio, ever in touch with the conservative base, jumped on it and introduced legislation to exempt Olympic winners from paying taxes on their prizes.

Follow Miami New Times on Facebook and Twitter @MiamiNewTimes.
My Voice Nation Help
2 comments
drakemallard
drakemallard topcommenter

Who are the heroes in this country? Athletes?  Celebrities?

 

What about our military who are taxed (except in a war zone). Some lower enlisted have trouble making ends meet. Let’s take care of our true, real heroes first who have no chance of big endorsements.These athletes represent our country in these games, many of these medal recipients get the opportunity to endorse consumer products that well compensate them.

drakemallard
drakemallard topcommenter

I've been paying taxes on my income since I got my first paycheck. This is not news, it's class warfare propaganda.

 

The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead.

 

 

The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not.

 

The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.

 

Now Trending

From the Vault

 

Loading...