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
Local

VIDEO: Police seek suspect in molotov cocktail attack…

Police released surveillance video on Wednesday in hopes of tracking down a man who threw a molotov cocktail inside a Brooklyn corner store.

Local

City Council budget asks for 1,000 additional NYPD…

Speaker Melissa Mark-Viverito unveiled the City Council's budget priorities on Wednesday, including the extra cops for the NYPD at a cost of $94.3 million.

Local

Behind the costumes at the Brooklyn Cosplay Fashion…

Echo Chronum, 17, is a quiet and reserved Brooklyn high school student who often buries herself in her homework. But there is another side to…

Local

Reddit helps man locate missing mother in New…

The Reddit community helped Josh Goldberg find his missing mother on Tuesday.

Television

TV watch list, Wednesday, April 23: 'Suburgatory,' 'Modern…

'Suburgatory' The men of "Suburgatory" go camping and Tessa mentors a social outcast in a Miss Chatswin contest, which brings her, once again, into conflict…

The Word

The best lines from Oprah's ex-stepmother's Daily Mail…

Oprah’s ex-stepmother, Barbara Winfrey, is out for revenge.

Books

A debut novel about fate, love and moving…

Pia Padukone talks about her debut novel, "Where Earth Meets Water."

Movies

Review: 'The Railway Man' is a literal-minded look…

In "The Railway Man," Colin Firth plays a WWII vet suffering from massive trauma acquired from his days as a beaten POW.

NBA

Phil Jackson talked to Steve Kerr, pushes for…

Knicks president Phil Jackson spoke to the media for the first time since firing head coach Mike Woodson on Monday.

MLB

Fantasy baseball: Searching for early season prospects

It’s relatively rare for a mediocre 30-year-old hitter to suddenly go nuts offensively for 162 games. That’s why minor league prospects are so exciting.

U.S. Soccer

NYCFC 'targeting' US international Mix Diskerud

Metro New York has learned Mix Diskerud has drawn “interest” from the expansion MLS side, NYCFC.

NFL

Jets announce they will return to Cortland for…

The tradition of holding camp in Cortland began in 2009 when Rex Ryan wanted to get his Jets away from the distractions of New York City.

Style

Pippa Middleton's Etsy pick: Golden Thread Jewelry

Get a look at the jewelry Pippa Middleton loves and find out how you can buy it too.

Parenting

What every parent needs to know to get…

Mom and author of "Small Talk," Tracey Blake, shares her five practical tips to help you develop your children's language skills.

Sex

Subway crush: Meet your soulmate on your commute

Read about a couple who has been 40 years after meeting on the train.

Tech

Happy birthday, Game Boy! The handheld console turns…

Nintendo's Game Boy turns 25 this week. To commemorate, we look at some of its better games, like "Tetris" and "The Legend of Zelda: Link’s Awakening."