Taxpayers first, Olympians second: A look at victory taxes

WE SEE THEIR LAST SECOND FINISHES, GRAVITY DEFYING FEATS, AND TRIPS TO THE PODIUM.

BUT IN ADDITION TO THEIR HARDWARE, OLYMPIANS ARE ALSO TAKING HOME SOME SERIOUS CASH. IN THE FORM OF SPONSORSHIP DEALS AND EVEN A PAYOUT FROM THE US OLYMPIC AND PARALYMPIC COMMITTEE.

IT’S SOMETHING A LOT OF PEOPLE DON’T REALIZE, BUT AMERICAN ATHLETES ACTUALLY GET PAID WHEN THEY PLACE AT THE GAMES.

IF THERE IS ONE THING WE KNOW FOR SURE, IT’S DEATH AND TAXES. OLYMPIANS AREN’T EXCLUDED FROM THAT. 

MAKING THE REAL WINNER OF THE OLYMPICS… PROBABLY THE IRS. 

LET ME EXPLAIN.

ATHLETES AREN’T EXCLUDED FROM PAYING INCOME TAXES…AND THEY’RE ALSO NOT *ALWAYS EXCLUDED FROM PAYING TAXES ON THEIR WINNINGS.

IT’S CALLED A VICTORY TAX. 

AND A LOT OF POLITICIANS CALL IT UNPATRIOTIC.

Senator John Thune: “We should celebrate their achievements rather than tax their success.”// “Unfortunately, one of the ways that the federal government will welcome home our Olympic and Paralympic champions is by greeting them with the new tax bill.”

WHICH IS WHY IN 2016, CONGRESS PASSED THE ‘United States Appreciation for Olympians and Paralympians Act’.

BUT HERE’S THE CAVEAT. THE EXEMPTION ONLY APPLIES TO ATHLETES WHO MAKE LESS THAN A MILLION DOLLARS.

WHICH MEANS A LOT OF OLYMPIC MEDALISTS STILL OWE UNCLE SAM.

ESPECIALLY THE ONES WHO’VE WON SEVERAL MEDALS AT THE SUMMER AND WINTER GAMES. AND IT’S NOT JUST SOME OLYMPIANS PAYING A VICTORY TAX… 

JUST LIKE LOTTERY WINNERS, MISS AMERICA, EVEN NOBEL PRIZE WINNERS HAVE TO PAY UP ON THEIR WINNINGS COME TAX DAY.

WHAT DO YOU THINK ABOUT VICTORY TAXES? AN AMERICAN’S OBLIGATION OR KIND OF UNPATRIOTIC?

LET ME KNOW YOUR THOUGHTS IN THE COMMENTS BELOW.