October Miracle: Our Olympians are getting a tax break
Our American team starts and ends its Olympics with a bang!
Instead of disturbing October surprises, I am delighted to bring you news of an autumn miracle.
Thanks to a new law proposed by an Illinois Republican, U.S. Olympic and Paralympic medalists will avoid paying taxes on their medals and winnings.
The Olympics were held in August, but Congress acted quickly to pass the bill and ensure that the exclusion will be in place when the 2016 Olympic winners file their taxes, meaning that the won’t have to pay taxes on the value of the medals or the bonuses they earned at the Rio de Janeiro games.
The legislation, authored by Rep. Robert Dold, R-Ill., was broadly popular among members of Congress. It cleared the House with only one “no” vote: Rep. Jim Himes, D-Conn.
…Before the legislation passed the House, however, it was amended to take the break away from athletes who earn more than $1 million annually. That provision is aimed at Olympians such as basketball player Carmelo Anthony and swimmer Michael Phelps, who are already wealthy.
It seems appropriate that this law was enacted the year that 19-year-old Ginny Thrasher won the USA’s first gold medal with her air rifle. The Olympics for our American team now ends in a bang.
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