Most U.S. Olympians don’t earn the eye-popping salaries that their counterparts in major sports leagues make. Exempting them from being taxed for their medals and prize money will enable them to enjoy more of the rewards of their labor and further their careers. Besides, they’re competing for America!
This bill tries to prove that the tax code is too complex and contains absurd loophole by creating a new exemption that adds even more complexity. U.S. Olympians should be applauded for their performance and commitment to representing America on the international stage, but they don’t need a tax break.