The Olympics are over and the medals have been distributed. Old records have been shattered while new ones have been established. Dreams, aspirations, and life long goals have been met. And blood, sweat and tears have fallen. Family’s made proud, country’s made Proud. With the conclusion of the Olympics on August 12th 2012, the USA ranked #1 receiving a total 104 medals; 46 gold, 29 bronzes and 29 silver. During the Olymipcs, the spotlight was on many USA athletes, like swimmers Michel Phelps, Missy Franklin, Dana Vollmer, and Ryan Lochte, gymnast Gabby Douglas, and runner Allyson Felix.
Each medal earned by an athlete also came with prize money. For instance, for each gold medal there is a $25,000 cash prize, $15,000 for silver, and $10,000 for bronze. For every medal and cash prize there is also a Medal tax and a Prize tax. The medal tax is $236 for gold $135 for silver and $2 for bronze while the prize tax is $8,750 for gold, $5,250 for silver, and $3,500 for bronze.
Now I understand that here in the United States of America we pay taxes in order to provide public services and whatnot, but I have a real hard time with accepting the fact the Internal Revenue Service by law requires that taxes should be imposed on individuals that not only represent our country but dedicate all of their time to win medals and title on our behalf. Take Gabby Douglas for example. She a 16 years old who had to give up her social life and free time to train for the Olympics and brought home 2 gold medals. Do they really deserve to be taxed? Not to mention Michael Phelps’ medals make him the most decorated Olympic athlete of all time.
Phelps has won 22 medals: 18 gold, two silver, and two bronzes. The 27-year-old U.S. swimmer retired after picking up six medals four gold and two silver at the 2012 London Olympics, and he bids the pool adieu having won a total of 71 medals, 57 of them gold at the three major international long-course competition. If you haven’t already got it yet by now the point I am trying to get at is lets tax the things that’s should be taxed but lets not bite the hand that feeds us. Pretty much meaning if someone’s representing us a country and making the US look good lets reward them and stead of taxing them.
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Until next time…