President Obama supports tax exemption for Olympic medal winners

The American way?

Will the tax man make an exception for U.S. Olympians who won gold, silver or bronze medals for their country?

If the White House has its way, then maybe so.

After a firestorm of controversy following a report that revealed the income taxes on medal winners’ earnings (up to $8,986 for gold medal winners), Florida Senator Marco Rubio proposed the Olympic Tax Elimination Act last week. Olympians who rank in the top three of their event are also awarded cash prizes, which are subject to tax, which could get pretty pricey for athletes like, say, Michael Phelps. The proposed plan would eliminate the tax burden on U.S. medal winners.

“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.

Now the senator has at least one heavy-hitting supporter: President Barack Obama. According to the Atlantic Wire, the president said he would throw his support behind Rubio’s proposal. However, as noted by the Atlantic Wire, the idea has not come without criticism. Bloomberg’s Josh Barro pointed out a few discrepancies in Rubio’s position:

Rubio said just last week that America needs “real tax reform that simplifies the tax code.” That’s true. So why is he proposing to introduce a stupid new complication into the tax code? Tax reform means removing deductions from the tax code, not adding them.

What do you think? Should Olympians be exempt from taxes on their medals and cash prizes?



News
Entertainment
Sports
Lifestyle
National

Bloomberg: Going green will grant you longer life…

Former NYC mayor Michael Bloomberg tells Metro that cities are where fighting global warming can make a difference, and increase people’s lifespan.

International

Ban Ki Moon: "Climate change is an issue…

My message to you is: make your voice heard and your actions count. Change is in the air. Solutions exist. The race is on. It’s time to lead.

Local

Earth Day New York food toolkits to help…

Hundreds of classrooms across New York City already have indoor container gardens that allow students to grow food right where they learn. But Earth Day…

Local

NYPD announces street closures for United Nations General…

The United Nations representatives are in town, and multiple city streets will be closed to traffic through Saturday, Sept. 26. The NYPD is urging those…

Television

10 Facts you won’t learn about Frankie Grande…

Frankie Grande is the worst and/or the best. Whether or not you're a fan, you'll want to know these facts about the polarizing player from "Big Brother 16."

Movies

Antoine Fuqua can kill someone with just a…

It's amazing what you can get done with the right tools. In designing the climactic battle in "the Equalizer," in which Denzel Washington's retired special…

Movies

Guess Ben Kingsley's worst filmmaking experience

Here's a fun game: Sir Ben Kingsley has made a lot of films since "Gandhi" in 1982, but at least one of them was a…

Books

Does Lena Dunham have any secrets left?

Get a sneak peek at her new book to determine if it’s worth the read.

NFL

3 things that went wrong in Jets loss…

The Jets have very little room for error with a far-from-explosive offense.

NFL

Eli Manning finally feeling good in West Coast…

The Giants have very little time before their next game, but they still took a moment to relish the team’s biggest offensive outburst since Week 1 of 2013.

College

College football top 25 poll: Oregon, Alabama close…

College football top 25 poll: Oregon, Alabama close in on FSU

NFL

Jay Cutler takes Marc Trestman's coaching to heart

While Jay Cutler turned to an autobiography on the man who would be his head coach, Trestman had personal experience with the player.

Wellbeing

Exercising leads to more drinking — and we…

  We’re rewarding ourselves with more than dessert on days we exercise, according to a new study. On days when people exercise more, typically Thursday…

Wellbeing

5 gadgets to protect you from sharks, concussions,…

The medical industry is inundated with devices looking after all aspects of your wellbeing, from monitoring your sleep patterns to warding off shark attacks. We…

Wellbeing

Narcissism and the ugly side of vanity

I have a friend who constantly talks about herself and rarely asks any questions about my life. She is constantly preening, obsessed with her body,…

Wellbeing

Lacking new ideas, Apple Watch disappoints health experts

Technology pundits were quick to predict the demise of most fitness wristbands and smartwatches when the Apple Watch was announced. But health care professionals and…