If you thought there wasn’t another thing under the sun you couldn’t be taxed for, prepare to be proven wrong. This year, there will be a tax on Olympic medals and bonuses. That’s right, the hard-working athletes that represent their country for little more than the glory of it will be penalized for their success.
The rationale given is that the bonuses and medals are “earned income”. Defendants of this proposal claim that most stars, be they actors or entertainers, pay Uncle Sam tribute, so why shouldn’t Olympic Athletes? After all, we really need more money to funnel to the Iranians, amiright?
Unfortunately for this crowd, the bonuses for the medals can be as little as $15,000. That might seem like a lot to you and I, but for someone who trained all year to push their body to the limits of human consumption? Chump change. They’re making pennies for their efforts, and the Man is standing there to take his cut of the glory (that he didn’t even earn).
Even more aggravating is that the medals aren’t even worth that much. In fact, some of them are worth as little as $600 (according to Forbes), and that’s a gold medal. A silver or bronze one is worth even less than that. Why on Earth is the government so desperate that it needs to soak out mere hundreds of dollars from people that bleed and sweat for it – literally?
There is a good news for these champions. One with a good accountant could write off the taxes when it comes to expenses. All the traveling, housing, and training expenses the athletes do could save them some of their dignity from the IRS. But this is par for the course now, isn’t it? Especially in America, where only those with the best accountants and lawyers get to keep what they earn while the rest of us are scraping by to pay mommy government what it wants. What a fitting analogy.