[Taltarzac725]

snopes.com: U.S. Gold Medal Winners Pay $9,000 in Taxes?

[blueash]

Mr Rubio who is vigorously opposed to our complex tax regulations with its myriad exemptions for special circumstances.. now proposed to exempt the cash income paid to these athletes. Why not then exempt all awards, Nobel prize winners are certainly rarer than Olympic winners, and how about Pulitzer prizes? Contrary to the rumor that the winners are taxed on the value of the metal in the medal, they are taxed on cash given them for winning. Of course as regular income it is then only taxed at their regular income rate. Labron will pay more for his $25000, while a rower may pay nothing as her income may be too low.

Suggest Mr. Rubio rethink this additional complication to our tax code, and Mr Obama should show a little political courage and not agree that we need this tax correction.

It may be worth noting that this furor began with Grover Norquist's organization which constantly complains about our complex tax system, Americans for tax reform.

[justjim]

Blueash: You explained it well. LeBron James should get a tax break. You got to be kidding me!