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this post was submitted on 09 Aug 2024
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The US Olympians used to have to pay tax on their earnings from winnings until 2016 when Obama changed that by preventing the IRS from collecting taxes on those awards.
thanks obama
Maybe unpopular opinion, but they should still. Why should it be tax exempt? At the end of the day, it's not enough money to worry about so it doesn't really matter. They aren't doing charity or anything though, just work that happens to be a sport and at a very high level. If we tax the rich just a tiny bit more it brings in far more tax money though, so I'd focus on that instead.
Maybe they should tax it if they sell the award. Else the athletes need to pay to put their prize in their prize closet.