They're not being taxed for the medal, they are being taxed for the prize money.
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This. If I drew a $25k lottery scratch off, I would be taxed.
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Phelps also has huge endorsement deals from Wheaties, and Subway, I'm sure he is doing fine.
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I consider this a non-story.
While the income tax codes are convoluted and ridiculous, the athletes can offset training and travel costs, etc.
You earn money, you pay taxes.
While it is a wonderful thing to represent your country in the Olympics, they still have to play by the rules and the tax code.
Giving athletes a "bye" perpetuates hero worship culture. Don't get me wrong, I like sports, I like watching the Olympics, I get teary eyed at the anthem. I still do not choose to treat them or view them as "more than equal."
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I think they should get paid more. A back-up kicker on the worst team in the NFL gets paid a ton more than these athletes that train their entire life. It doesn't make sense to me.

Found this article this morning:
http://bottomline.nbcnews.com/_news/...-win-gold?lite
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and a back up kicker on an NFL team gets FAR more than his job is worth. If someone is using that as a basis for anything, you should reconsider your values set, IMO.
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Seriously? Because, in my opinion, I feel the Olympic athletes should be paid more, you've now moved off the topic so far as to judge my values? What an ugly turn this thread has taken.

For the record - I have no problem with them paying taxes on their winnings.
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land of the free! only if you pay up! rediculous.. these people are representing our country.. grow up
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I would also suggest, since you are partaking in the conversation, that a kicker on an NFL team has most likely also been "training all his life."

As far as them "representing our country" and not paying taxes for that definition, I am all for that. As long as you put service members in the same class.
How do the perceptions of people change when looking at this same conversation when it involves professional athletes? Such as the US Olympic basketball team?

I am most certainly allowed to have my own views on whether I think athletes are paid too much or too little, am I not? Simply because I think differently, and disagree with the norm, via my own values, does not exclude me from stating those values, and my supposition that others might question their own.

By the time all is said and done, I hardly think the tax issue is a burden for many, if not any, of the medal winners, post USOC processing and guidance.
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Are members of our military tax exempt on their wages?
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I think you need to check your values :-)
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It varies from state to state, but most states have some kind of an exemption from wages earned in combat zones or while on active duty, but not wages otherwise. I'm not in the military, so if I'm incorrect someone more in the know can fix something I misstated.
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Nice review.
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Unfortunately thats our USofA.

I am gainfully employed,Taxes are taken from my earnings, I am left a Pittance to buy taxed necessity's and goods of choice. I feel it should be the same for professionals or producers.:-)
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