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Posted by on Aug 1, 2012 in At TMV, Economy, Education, Society | 18 comments

Taxing Olympians ?

This story has been making the rounds today.

It seems that in addition to getting the medal you also receive a cash payment and those payments (and the value of the medal) are taxable income.

Now there certainly is space for debate on the actual amount of taxes owed. A some on the Huff Po have pointed out, the claimed figure of $ 9,000 in taxes on a gold medal presumes the person in the top bracket, which is unlikely for many Olympians.

Nonetheless it seems to me to be wrong to tax our Olympic athletes. Let’s not forget that many of them could be making a lot more money by going pro, but they have chosen not to do so in order to represent us.

In addition they’ve dedicated years to this effort.

Sure, you can make the same argument for a lot of professions, but I think this is one where we could cut them a break.