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Tax Break for Olympic Medal Winners Nears Finish Line
Source:
blogs.wsj.com
- Sep 30, 2016
A tax break for Olympic winners sailed through the U.S. Senate on Thursday.
The legislation, reviled by tax experts but given a perfect 10 by politicians, creates a new exemption for the bonuses that medal-winners get from the U.S. Olympic Committee. The payouts — $25,000 for gold, $15,000 for silver and $10,000 for bronze – wouldn’t count as income, and neither would the value of the medals themselves.
“I can’t think of anything more unpatriotic than the federal government profiting off of the success of Olympic athletes,” said Sen. John Thune (R., S.D.), who worked with Sen. Charles Schumer (D., N.Y.) and others to push the idea to the finish line for the first time.
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Category: General Business
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