I have as much interest in sports as I do in the
process to make head cheese. (FYI- head cheese is not a cheese but a terrine made with
flesh from the head of a calf, pig or sheep that is set in aspic. The parts of
the head that are sued vary, but the brain, eyes, and ears are usually removed.
The tongue, and sometimes even the feet and heart, may be included.) I know that head cheese exists, but I would
rather not think about it. I know sports exist, but except for the importance
of the exercise factor, I find competition boring and overrated. Especially The Olympics.
A big deal is made about the sacrifices that Olympic athletes make to
represent our country in the quad annual games. I am more impressed when sacrifices are made by
young people to get a good education because once an athletic hits their late
20’s their “career” is over. Exercising
the brain is what I respect.
I learned recently that American Olympic medal winners get an honorarium
for winning. The levels are:
Gold─$25,000, Silver─$15,000, Bronze─$10,000. Both state and federal tax codes
require that athletes add the honorariums to their regular income. Since the winner of cash for a Nobel prize
has to pay taxes, why shouldn’t Olympic athletes?
Recently, U.S.
Representatives Mary Bono Mack (CA-45) and G. K. Butterfield (NC-1), who serve respectively
as Chairman and Ranking Member of the House Subcommittee on Commerce,
Manufacturing and Trade, introduced legislation exempting U.S. Olympic
medalists from paying income taxes on these honorariums.
Bono Mack and
Butterfield issued a joint statement that said, “Taxing the Olympic medals of
U.S. athletes is like Scrooge putting a tax on Christmas presents. It’s just
wrong. Our athletes work and sacrifice for years to reach the pinnacle of their
sports and to proudly represent the United States of America in the Olympic
Games. Only the U.S. tax code can turn the ‘thrill of victory’ into the agony
of victory. We strongly urge our colleagues in Congress to join us in this
effort to salute our U.S. Olympians. When they’re standing on the podium, they
should be savoring the moment – not calculating their taxes. This is just one
small way to say thank you to our Olympic medalists for their efforts and
achievements.”
The Nobel Prize in
Physiology or Medicine 2011 was divided, one half jointly to Bruce A. Beutler
and Jules A. Hoffmann "for their discoveries concerning the activation of
innate immunity" and the other half to Ralph M. Steinman "for his
discovery of the dendritic cell and its role in adaptive immunity". I don’t know what that means, but I guarantee
that is a lot more important to humanity as a whole than whatever American won
a swimming gold medal. These gentlemen
had to pay taxes on their Nobel Prize, so athletes should pay taxes on their
medals.
The Illinois
Department of Revenue has said that they will follow the federal government’s
lead on whether or not to tax Olympians.
Under legislation filed last week by Illinois House
Minority Leader Tom Cross (HB 6208), Olympic medal winners who pay taxes in
Illinois would be allowed to deduct any money they receive for winning a gold,
silver or bronz. .Cross spokeswoman Sara Wocjicki Jimenez said, “The Olympians
do the country a great service when they perform well and the world is able to
see what our American athletes are capable of and in return we tax them for it.”
House
Bill 6208-Synopsis
As Introduced
Amends the Illinois Income Tax Act.
Creates a deduction in amount equal to any amount received by the taxpayer
during the taxable year as an honorarium associated with competing in the
Olympic or Paralympic Games. Effective immediately.
Talk about special interest legislation! When education costs become tax deductible, then maybe it won’t
bother me as much that athletes are treated as heroes when they have done nothing
more than swim or run faster than someone else.
They have discovered nothing new that will affect the world; athletes are basically meaningless to the continuation of life on the planet.