We are probably the only country in the world who taxes the medals and winnings of our Olympic athletes. Those winnings, the medals and any prize monies, are taxed as ordinary income by our illustrious IRS. How fair is that? These athletes and their families have spent years and years in intensive training, spending huge amounts of money for trainers, gym & pool & ice rink access, uniforms and equipment, travel, and medical expenses. None of those expenses are considered job related, so none are tax deductible. They have also passed up opportunities for income producing regular jobs, that the rest of us take for granted as part of life. The winners will ultimately get earnings from endorsement contracts with suppliers of sports equipment and such. Let the IRS tax that for their pound of flesh, but never the prize winnings. Urge your senators and representatives to stop the IRS from taxing those prizes!
