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  1. #11
    Posting Addict KimPossible's Avatar
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    Quote Originally Posted by GloriaInTX View Post
    The difference is that Olympic athletes aren't allowed to earn any money at their sport so they can compete representing the U.S. So they are essentially giving up income they could be earning so they can represent their country. I think based on that sacrifice they should be allowed to keep the medal awards tax free. Other countries fully support their athletes, since we don't I think that is a small price to pay.

    How Olympic Athletes Fund their Dream
    I could see doing it as a 'nice thing to do' for olympians. But at that point its just a feel good thing and preferential treatment for hardworking individuals who have high visibility. Thats really what sets Olympians apart, they are highly visible.

    So sure if we want to reward "hardworking individuals who are also highly visible" as a 'feel good' type of thing, then yeah, make their prize tax exempt. But I don't think there is a "should be" involved in that decision.

  2. #12
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    Quote Originally Posted by KimPossible View Post
    There are already laws about children and earned income....and if its over a certain amount, its legally supposed to be taxed. 500 dollars does not fall into that amount. But if it was large enough to meet the requirements? Yes taxes are supposed to be filed and I don't have any problem with that. I'm not going to say they shouldn't be taxed because they "Worked so hard"
    Does this vary State by State? I am pretty sure you have to file taxes here for any income over $250 per year. I could be wrong, but that is what I think it is. I disagree that a prize is the same as income earned from a job.

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    Posting Addict GloriaInTX's Avatar
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    I don't have a problem with it being a 'feel good' thing. I think our Olympic athletes give us a sense of pride in our nation and also promote unity with the world, and I think letting them keep that money is a small token of our appreciation. We waste billions on other things surely we can afford the $178,200 or less that this would cost every 2 years.
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    Posting Addict KimPossible's Avatar
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    Quote Originally Posted by AlyssaEimers View Post
    Does this vary State by State? I am pretty sure you have to file taxes here for any income over $250 per year. I could be wrong, but that is what I think it is. I disagree that a prize is the same as income earned from a job.
    State taxes will vary by state and federal taxes will not.

    While you disagree that prizes earned shouldn't be taxable, this has never been true legally...that has nothing to do with olympians or spelling bees.

  5. #15
    Posting Addict KimPossible's Avatar
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    Quote Originally Posted by GloriaInTX View Post
    I don't have a problem with it being a 'feel good' thing. I think our Olympic athletes give us a sense of pride in our nation and also promote unity with the world, and I think letting them keep that money is a small token of our appreciation. We waste billions on other things surely we can afford the $178,200 or less that this would cost every 2 years.
    Yeah i think if it passed i wouldn't be up in arms. I just don't think the reason why we would do it can be distilled down to hard work and a passionate love for something...thats just not enough. Appreciation for the country pride Olympians instill? Yeah sure, i could see us subjectively agreeing thats worth special treatment others don't get.

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    Posting Addict Spacers's Avatar
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    The Olympics are no longer an amateur event. Olympic athletes can and do earn money at their sport, and they are also allowed to have corporate sponsorships and endorsement deals. There is no reason why other contest earnings should be taxable, and Olympics should not.

    Olympic athletes have natural talent, dedication, and drive. They devote their lives to their sport in hopes of being the best in the world. No matter how talented or driven an athlete, however, they must train hours a day to perfect their skills and maintain their phenomenal level of physical shape. An aspiring Olympic athlete spends an average of eight hours a day, seven days a week training their body and mind—more time than a full-time job, which raises the question: how do Olympians earn money to pay for coaches, housing, food, and other living expenses?
    Sponsorship

    Sponsorship is a form of survival for most athletes, especially those who compete in non-paying events such as the Olympic Games. Sponsorship can cover the cost of living and training for amateur athletes in several different forms including private, corporate, and team ownership.
    Amateurism in the modern Olympic Games

    Until the 1970s, Olympic athletes could not accept endorsements or prizes, and professionals were not allowed to compete in the Games. Athletes who practiced professionally were considered to have an unfair advantage over those who played sports as a hobby. Amateur athletes relied on private sponsorship, such as family members and wealthy fans, to fund their training and pay living expenses.
    Professionals in the Games

    The International Olympic Committee eliminated the necessity of amateurism in 1971, allowing athletes to receive compensation for time away from work during training and competition. In addition, athletes were permitted to receive sponsorship from national organizations, sports organizations, and private businesses for the first time. In 1986, professional athletes were given permission by the International Federation to compete in each sport of the Olympic Games. For instance, in the 1992 Olympic Games, the United States was allowed to field a basketball team comprised of well-paid NBA stars, called "The Dream Team."
    Ted Stevens Olympic and Amateur Sports Act

    Although the IOC allowed for athlete compensation in 1971, all U.S. athletes still had to be of amateur status to compete on the United States Olympic team until 1978. Athletes from the United States found it difficult to compete at the Olympic Games against athletes from eastern nations who were sponsored by their governments and able to train full-time. In 1978, the United States adopted the Ted Stevens Olympic and Amateur Sports Act, allowing athletes on the U.S. Olympic team to receive financial awards, sponsorship, and payments for the first time. A revision of the Ted Stevens Olympic and Amateur Sports Act in 1998 expanded athletic eligibility and representation further to include the Paralympics Games and increased athlete representation.
    Corporate Sponsors

    Since the elimination of amateurism in the Olympic Games, athletes are often funded to train through corporate sponsors and endorsement deals. With both types of sponsorship, athletes receive money, and in return the company receives publicity. Tiger Woods has become the face of Nike, Titleist, and Gatorade, among many others. It is considered more prestigious for an athlete to receive an endorsement deal than a sponsor since a company may sponsor many athletes, but will only choose one or two to represent their company.
    A corporation sometimes spends millions of dollars a year to sponsor a team. This is probably the most expensive type of sponsorship. For instance, companies will often sponsor an entire cycling team instead of an individual cyclist. Teams compete wearing the company logo in exchange for money, closely resembling an employer-employee relationship.
    Olympic Athletes | Infoplease.com
    Last edited by Spacers; 02-26-2014 at 02:08 PM.
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