Olympic medalists should not be taxed

GO USA! Congratulations on your Olympic victory. Your tax bill is now in the mail. Most of us were likely surprised to learn that when Americans earn medals at the Olympic games, Uncle Sam wants his cut. Olympic medal winners are taxed not only on the prize money they receive, but also the value of the medal they earn. Those who earn gold medals can be taxed up to $9900 depending on their tax brackets. Some lawmakers are now said to be considering repealing this so-called “victory tax.” Members of Congress are drawing up legislation, as are our state lawmakers in Madison. They argue that our athletes should not be penalized for their Olympic success. Some point out that if we are going to waive the tax on earnings for our Olympic athletes, then we should do the same for other athletes. They argue that Aaron Rodgers then shouldn’t be taxed on what he makes for his athletic accomplishments. But Olympic athletes depend on private donations and sponsorships to make their way to the games. We should celebrate the success of our Olympic athletes. But we shouldn’t be sending them a bill after they reach the highest pinnacle of their sport.