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

Chestnut Hill College student found dead Wednesday morning

A 22-year-0ld Chestnut Hill College student was found dead this morning inside a college dormitory, police said.

International

Nearly 300 missing after South Korean ferry capsizes

Almost 300 people were missing after a ferry capsized off South Korea Wednesday, in what could be the country's biggest maritime disaster in over 20 years.

News

Explosions in new Boston Marathon bomb panic, 'twisted'…

A fresh Boston Marathon terror alert, which caused Bomb Squad officers to order an evacuation while two controlled explosions were carried out, was today being…

Local

D.A. Williams opens new unit to focus exclusively…

D.A. Seth Williams announced Tuesday that he has opened a new unit focused entirely on investigating wrongful conviction claims.

Television

TV watch list, Wednesday, April 16: 'The Americans,'…

'The Americans' Philip and Elizabeth face "painful turns" in their missions. Maybe next week they'll have a nice easy mission with no moral ambiguity? Probably…

Movies

Review: 'Bears' is a cute Disney doc about…

Disney's latest nature doc, "Bears," doesn't completely shy away from the fact that its subjects would devour you (or eachother) if they had the chance.

Television

'Orphan Black's' Jordan Gavaris talks Felix's Season 2…

Jordan Gavaris plays heroically helpful foster sibling Felix to main clone Sarah on "Orphan Black." We talked to him about what’s ahead for him in…

Going Out

Here's what to do in Philly this weekend

FILM 'Through a Lens Darkly'  Thursday, April 17, 6 p.m. Philadelphia Photo Arts Center 1400 N. American St. Free, RSVP required, 215-232-5678 www.philaphotoarts.org Join Philadelphia…

U.S. Soccer

Andrew Wenger has big shoes to fill on…

Lancaster County native Andrew Wenger will feel pressure to fill the shoes of departer forward Jack McInerney.

NBA

NBA Power Rankings: Are the Spurs frauds? Could…

NBA Power Rankings: Are the Spurs frauds? Could the Mavericks surprise?

NBA

Sixers, Michael Carter-Williams give fans a happy ending…

The 2013-14 season for the 76ers has nearly come to a close.

NHL

Flyers must make Rangers feel their presence

Perhaps it’s the proximity of the two biggest cities in the East, because whenever these two square off the intensity seems to rise.

Wellbeing

Could a facelift give you the edge at…

It's not just women lining up for procedures.

Home

Steal home decorating tips from Nattystyle blogger Natalie…

Despite the towering ceilings and enviable exposed brick, it’s easy to see how Natalie Decleve’s apartment could be considered a challenge. Perched above the streets…

Home

How to plant a garden in the city

Small on space but big on gardening? You can still have that welcoming oasis of fresh air with an urban garden. Peter Smith, owner of…

Style

Victoria's Secret Fashion Show moving to England

It will still broadcast on CBS this fall.