United States Olympic Winners Gouged by the IRS!

The IRS Shakes Down Olympic Winners.
The IRS Shakes Down Olympic Winners.
Every two years, our nation supports athletes from throughout our country as they compete in the Summer or Winter Olympics. These athletes spend years training to compete and represent the United States of America to the best of their abilities. Unfortunately, should an athlete medal in an Olympic event, they are subjected to a tax by the Internal Revenue Service (IRS) on the medals and cash prizes awarded through the United States Olympic Committee. This means our current tax code punishes the success of our nation’s Olympic and Paralympic athletes.
In order to ensure that our nation’s tax code no longer unfairly penalizes athletes for their outstanding performances during the Olympics and Paralympics, Senator John Thune of South Dakota introduced bipartisan legislation (S. 2026) that would exempt Olympic and Paralympic medalists from being taxed by the IRS on the medals and cash prizes they win. If enacted, the bill would have a negligible effect on revenue and would not affect taxes on endorsement and sponsorship income earned by a minority of successful Olympians. Senator Thune’s legislation would ensure that the federal government celebrates the achievement of these athletes rather than tax their success.

 

 

 

 

We Endorse Mia Love for United States Congresswoman.

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Nathan and Tim are very impressed with Mia Love’s credentials and conservative political philosophy.  She brings a vibrant new passion to the political scene in Utah, and we endorse her in her bid for a seat in Congress.  We will be following her campaign closely, and we hope you will too!  We quote from her website at:  http://love4utah.com/issues/  

My goal as your Representative in Congress will be to give a voice to the issues that are important to you. I will work tirelessly to advance policies that will improve the overall well-being of all Utahns. As the mayor of my city I fought for fiscal discipline, limited government, and personal responsibility, and those are the same principles I will bring with me to Washington, D.C.

  • The federal tax code is too cumbersome and complex to navigate. Moreover, the federal government needs to reduce its spending rather than take more hard-earned money from American workers. That’s why I propose a simpler tax code, lower tax rates, and eliminating tax loopholes that pick winners and losers. Americans should be rewarded for their hard work, particularly during these tough economic times. Higher taxes slow economic growth, discourage personal savings, and make us less competitive in the global market. I favor lowering taxes for the purposes of encouraging greater innovation, business productivity, job creation, and international competitiveness.

    These are my proposals to fix the broken tax system:

    Vote against all net tax increases
    Support a simpler tax system that reduces the tax burden for working Americans
    Eliminate the federal death tax (also known as the estate tax)
    Work to reduce payroll tax rates to pre-2013 levels
    Lower America’s corporate tax rate, which is currently the highest in the world, so that we can encourage companies to keep jobs in America
    Oppose increases in capital gains and dividend taxes
    Work to simplify the tax code and reduce the need to hire a tax expert when preparing one’s tax return