{"bills":[{"photos":{"featured":"https://assets.causes.com/bill/photo/hr2628-114/featured_tax-exemptions-for-american-medalists-act-of-2015-1470407149.jpg","featured_large":"https://assets.causes.com/bill/photo/hr2628-114/featured_large_tax-exemptions-for-american-medalists-act-of-2015-1470407149.jpg","shareable":"https://n.causes.com/share-images/bills/hr2628-114.png"},"introduced_on":"2015-06-03","title_override":"Should American Olympians Get a Tax Exemption for Medals and Prizes They Win?","summary_override":"

This bill — known as the Tax Exemptions for American Medalists or TEAM Act — would allow U.S. Olympians to exclude the value of medals or prize money that they win competing at the Olympics from their gross income for tax purposes.

The U.S. Olympic Committee’s prizes for medalists are $25,000 for gold medal winners, $15,000 for silver medalists, and $10,000 for winners of a bronze medal. According to Americans for Tax Reform, that leaves medalists with a $9,900 tax bill for gold medals, $5,940 for silver, and $3,960 for bronze.

The value of the medals themselves vary based on the price of the metals that make them up, but as of July 25, 2016 Investopedia estimated the following values for this year’s Olympic medals based strictly on their composition:

Gold medals = $565.62
Silver medals = $315
Bronze medals = $2.38

If enacted, this legislation would be in effect for all prizes and rewards received after December 31, 2014.

","official_title":"To amend the Internal Revenue Code of 1986 to exclude from gross income any prizes or awards won in competition in the Olympic Games.","short_title":"Tax Exemptions for American Medalists Act of 2015","popular_title":null,"short_summary":"Tax Exemptions for American Medalists Act of 2015 or the TEAM Act\n\n Amends the Internal Revenue Code to exclude from gross income, for income tax purposes, the value of any medal or prize money received on account of competition in the Olympic Games.","summarized":true,"cost":null,"cost_commentary":"A CBO cost estimate is unavailable.","impact":"U.S. Olympians; and the tax code.","argument_for":"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!","argument_against":"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.","bill_type":"hr","published":true,"type":"FederalBill","id":"hr2628-114","bill_id":"hr2628-114","formal_id":"H.R. 2628","chamber":"house","congress":114,"last_action_at":"2015-06-03T00:00:00.000Z","active":false,"enacted":false,"enacted_at":null,"vetoed":false,"last_vote_at":null,"debated_on":null,"congress_url":"https://www.congress.gov/bill/114th/house-bill/2628","plain_text_url":"http://www.gpo.gov/fdsys/pkg/BILLS-114hr2628ih/html/BILLS-114hr2628ih.htm","shareable_image_url":"https://n.causes.com/share-images/bills/hr2628-114.png","congress_full_text_url":"https://www.congress.gov/bill/114th/house-bill/2628/text","is_current_congress":false,"last_version_on":"2015-06-03","related_bill_ids":["s2650-114","hr5946-114"],"progress":"Introduced","house_passage_result":false,"senate_passage_result":false,"position_count":417,"committees":[{"name":"Committee on Ways and Means","chamber":"house","committee_id":"HSWM","subcommittee":false}],"links":{"rollCalls":"/api/roll_calls?bill_id=hr2628-114","details":"/api/bills/hr2628-114/details","sharingMessage":"/api/sharing_messages/hr2628-114","positionsFor":"/api/bills/hr2628-114/positions/for","positionsAgainst":"/api/bills/hr2628-114/positions/against"},"upcoming":false,"cosponsors_count":12,"slug":"hr2628-114-tax-exemptions-for-american-medalists-act-of-2015","latest_chamber_votes_id":null,"official_url":null,"target_video":true,"following":false,"vote_count":3825,"yea_vote_count":2593,"nay_vote_count":1220,"passed_house":false,"passed_senate":false,"vote_id":null,"my_position_id":null,"topic_ids":["taxes"],"issue_ids":["taxes"],"sponsor_id":424}],"votes":[],"issues":[{"id":"taxes","name":"Taxes","slug":"taxes","description":"US Congressional Legislation related to all types of Taxation: Income Tax, Sales Tax, Property Tax, Capital Gains Tax, Employment Taxes, and the Administration and collection of taxes (including regulating the IRS).","page_title":"Tax Related Federal Legislation including: Income and Sales Tax, Regulating the IRS - Vote on Bills, Stay informed, Hold Your Reps Accountable","icons":{"black":"https://assets.causes.com/issue/icon/taxes/black_taxes-1429042039.svg","grey":"https://assets.causes.com/issue/icon/taxes/grey_taxes-1429042039.svg","white":"https://assets.causes.com/issue/icon/taxes/white_taxes-1429042039.svg"},"cover_image_url":null,"is_following":false}],"users":[{"name":"crazed8s","vote_count":5,"photos":{"large":"https://assets.causes.com/user/avatar/default-with-flags.png","small":"https://assets.causes.com/user/avatar/default-with-flags.png","tiny":"https://assets.causes.com/user/avatar/default-with-flags.png"},"links":{"following":"/api/users/QZOkL6dZ/following","followers":"/api/users/QZOkL6dZ/followers"},"about_me":"Been in Debate infir several years in highschool. As I move on, politics and my views change as the facts show.","twitter_id":null,"facebook_id":null,"youtube_id":null,"google_plus_id":"","website":null,"slug":"crazed8s","issue_count":55,"is_following":null,"influence_score":0,"influence_level":0,"follower_count":0,"following_count":1,"position_count":4,"id":"QZOkL6dZ","partner_id":null},{"name":"bart","vote_count":666,"photos":{"large":"https://assets.causes.com/user/avatar/0emQpZxM/large_0emqpzxm-1424728285.jpg","small":"https://assets.causes.com/user/avatar/0emQpZxM/small_0emqpzxm-1424728285.jpg","tiny":"https://assets.causes.com/user/avatar/0emQpZxM/tiny_0emqpzxm-1424728285.jpg","facebook":"https://graph.facebook.com/548826295/picture"},"links":{"following":"/api/users/0emQpZxM/following","followers":"/api/users/0emQpZxM/followers"},"about_me":"\"You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time\" Abraham Lincoln / Bob Marley. Believer in the power of an informed populace using smart tools at the right time. @Countable founder.","twitter_id":"bartolah","facebook_id":"bartmyers","youtube_id":null,"google_plus_id":"","website":"","slug":"bart","issue_count":59,"is_following":null,"influence_score":76185,"influence_level":40,"follower_count":1997,"following_count":948,"position_count":55,"id":"0emQpZxM","partner_id":null}],"bill_position":{"flagged":false,"id":"6f8a7d57-94d7-4009-a77c-f18ef8ffccc0","argument_for":"These men and women work their butts off for these medals. These take lifetime commitment and require giving up so much of their free time for the sake of a dream. To tax them for this expenditure is a effect only concluding to dissway from use.","argument_against":null,"show_argument_for":true,"show_argument_against":false,"upvote_count":1,"upvotes_for_count":1,"upvotes_against_count":null,"has_upvoted":false,"endorsement_count":1,"links":{"self":"https://www.causes.com/positions/6f8a7d57-94d7-4009-a77c-f18ef8ffccc0"},"body":"These men and women work their butts off for these medals. These take lifetime commitment and require giving up so much of their free time for the sake of a dream. To tax them for this expenditure is a effect only concluding to dissway from use.","stance":"yea","created_at":"2017-02-14T01:37:01.151Z","shareable_image_url":"https://n.causes.com/share-images/positions/6f8a7d57-94d7-4009-a77c-f18ef8ffccc0.png","note_color":null,"note_text":null,"bill_id":"hr2628-114","user_id":"QZOkL6dZ","endorser_ids":["0emQpZxM"]}}

Like Causes?

crazed8s

Should American Olympians Get a Tax Exemption for Medals and Prizes They Win?