Earlier this month, we wrote that Senator Marco Rubio of Florida was fighting to exempt Olympic winners from paying federal taxes on their medals and prize money.
He introduced a bill to Congress on August 1, and since then California has followed suit, with a similar bill being introduced into the State Assembly that would make winnings exempt from state taxes. But now ABC 7 is reporting that the California bill has stalled.
Critics to the bill have argued that if Noble Prize winners and professional athletes are taxed on their income from winnings, so should Olympians.
What do you think about the debate? Do you believe Olympians’ winnings should be exempt from taxes, or should they fork over to the IRS as others do?