Thursday, August 2, 2012

Olympic Gold and Taxes

A young athlete trains for a decade or for some many decades to make an appearance in the Olympics. They suffer pains, strains and even breaks. I am sure they miss vacations, birthdays and anniversaries. After the years of training, they get to make an appearance on the worldwide stage, the Olympics.

For United States Olympic athletes, there is a draw back for winning. Winning is everything for an athlete, but only if you pay your taxes. A gold medalist must pay a tax on the gold in the medal. Yep! After the decades of hard work, a gold medal winner must pay income tax (the same for silver). If there is any money awarded, they must pay taxes on that, as well. If they live in a State that has an state income tax, they have to pay again. Why?

Winning a gold medal in an Olympic sport is a personal victory. It is also a victory for the nation that sponsors the athlete. Pride is not a singular achievement but an achievement for every American. There is no reason why taxes should be paid to the government! The government of the United States should make a tax exemption for Olympic athletes who will gold or silver. As a show of pride, the taxes should be marked 'paid' as a thank you for your victory.

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