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

Woman dies when run over by bus at…

A woman at the Burning Man arts and culture festival in the Nevada desert died on Thursday when she was run over by a bus carrying participants.

National

Texas parents sue day care center for duct…

By Marice RichterDALLAS (Reuters) - A Texas couple has filed a lawsuit against the owners of a Fort Worth-area day care center seeking $1 million…

National

Santa Fe city council votes to decriminalize marijuana

By Joseph KolbALBUQUERQUE N.M. (Reuters) - Santa Fe on Wednesday became the latest U.S. city to decriminalize small amounts of marijuana, with lawmakers in the…

International

Egypt queries Mursi over documents "leaked" to Al…

CAIRO (Reuters) - Egypt is investigating jailed ex-president Mohamed Mursi in connection with documents that judicial investigators say were leaked to the Qatar-based Al Jazeera…

Going Out

'Friends' coffeehouse Central Perk coming to NYC —…

"Friends" is coming back for a one-off special: "The One with the Free Coffee." Warner Bros. is bringing a pop-up replica of Central Perk, the…

Movies

Interview: 'As Above, So Below' directors: 5 ways…

The fraternal directors of the found footage horror "As Above, So Below" dish on the best ways to frighten the bejesus out of audiences.

Movies

Criterion's new Jacques Demy box mixes the light…

Jacques Demy, the most effervescent of French New Wave filmmakers, gets a Criterion box all to himself, with classics like "The Umbrellas of Cherbourg."

Entertainment

Comedian Joan Rivers, 81, rushed to New York…

NEW YORK (Reuters) - Acerbic comedian and fashion critic Joan Rivers was rushed to Mount Sinai Hospital in New York on Thursday after she reportedly…

NFL

3 things we learned in the Giants preseason…

The final score didn’t matter — a 16-13 win by the Giants — but it would’ve been nice to finally see Big Blue’s new-look offense get on track.

NFL

NFL Power Rankings: Seahawks, Broncos, Patriots, 49ers start…

NFL Power Rankings: Seahawks, Broncos, Patriots start at top

U.S. Soccer

5 facts about new England captain Wayne Rooney

Manchester United striker Wayne Rooney was named as the new England captain by coach Roy Hodgson on Thursday.

NFL

Jets vs. Eagles: 3 things to watch

A win on Thursday night at the Eagles would give the Jets a 3-1 record and just their second winning preseason under head coach Rex Ryan.

Style

Trend: White hot on the 2014 Emmy's red…

White was one of the big trends on the Emmy's red carpet.

Food

Recipe: Samuel Adams beer-marinated grilled shrimp

Summer calls for two things: a cold beer and light food. Sam Adams' Latitude 48 IPA fairly bursts with citrus notes, making it an ideal marinade…

Wellbeing

4 healthy ingredient swaps to make your meals…

When it comes to eating well, everyone knows they could be doing better. But cooking in an apartment on a busy schedule is a recipe…

Wellbeing

Heart trumps brain when it comes to movies…

When you need a good cry, do you reach for the movie that’s “based on a true story”? Science says you’re giving your brain far…