Legal News

Senator Rubio Introduces Legislation to Waive Tax on Olympic Winnings
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

As we discussed yesterday, United States Olympic medal winners face income taxes for not only their award winnings from the Olympic Committee but also for the medals they won. A new bill has been introduced by Senator Marco Rubio, a Republican from Florida. The bill would waive the taxes that would cost the athletes a large portion of money they receive from winning gold, silver and bronze medals.

The athletes are awarded $25,000 when they win a gold medal, $15,000 when they win a silver medal and $10,000 when they win a bronze medal. If taxed, a gold medal winner would have to pay $8,936, which is $8,750 for the award and $236 for the medal itself. Some experts have said that this money awarded to the athletes should be considered winnings. If they are considered winnings then they should be taxed like lottery winnings. Rubio has been linked to the possibility of running mate for GOP candidate Mitt Romney.

  
What
Where


“We need a fundamental overhaul of our tax code, but we shouldn’t wait any time we have a chance to aggressively fix ridiculous tax laws like this tax on Olympians’ medals and prize money,” Rubio said in a statement. His statement was used to announce the legislation, which is called The Olympic Tax Elimination Act (TEAM Act). “We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it.”



 

RELEVANT JOBS

Litigation Attorney

USA-FL-Fort Lauderdale

Seeking a qualified Transactional Attorney with experience in litigation, covenant enforcement and c...

Apply now

Consumer Defense Litigation Attorney

USA-PA-Philadelphia

SESSIONS, FISHMAN, NATHAN & ISRAEL seeks an experienced attorney to join its commercial litigation /...

Apply now

Bankruptcy and Restructuring Partner / Associate

USA-OH-Cleveland

Buckley King is seeking both a partner and a mid-level associate to represent both creditors and deb...

Apply now

Patent Attorney Burlington, VT / Lebanon, NH

USA-VT-Burlington

DRM is seeking an experienced patent attorney having a portable book of business and a strong b...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Litigation Associate Attorney

USA-PA-Pittsburgh

Pittsburgh office of a BCG Attorney Search Top Ranked Law Firm seeks associate attorney with 3+ year...

Apply Now

Junior Antitrust Associate Attorney

USA-DC-Washington

Washington, D.C. office of a BCG Attorney Search Top Ranked Law Firm seeks junior antitrust associat...

Apply Now

Civil Litigation (Insurance Defense) Associate Attorney

USA-CA-San Diego

San Diego office of our client seeks civil litigation (insurance defense) associate attorney with ex...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top