- Dec 20, 2009
- Reaction score
- Political Leaning
Without the slightest bit of self-awareness or irony
“Our Olympian and Paralympic athletes should be worried about breaking world records, not breaking the bank, when they earn a medal,” said Schumer. “Most countries subsidize their athletes; the very least we can do is make sure our athletes don’t get hit with a tax bill for winning. After a successful and hard fought victory, it’s just not right for the U.S. to welcome these athletes home with a tax on that victory. We worked hard to pass a bill that would exempt athletes from these tax penalties in the Senate, and now I’m hopeful that this bill will earn strong bipartisan support in the House and quickly become law.”
According to a 2014 report by NBC News, the U.S. Olympic Committee awards cash prizes to medal winners when they place in Olympic events: $25,000 for gold, $15,000 for silver and $10,000 for bronze. However, because the money is considered “earned income abroad,” the monetary value of the Olympic medal is therefore subject to federal taxation.
Schumer said it is unfair to tax the winnings of these medalists who work hard year-round to represent their country on the world stage and achieve victory. Schumer argued that the U.S. tax system should recognize the sacrifices made by our Olympic and Paralympic athletes.