<p>I know most of the gymnasts in America who become famous usually get day jobs (many become coaches and/or start their own gyms) or become stay at home parents after a while. They still are in commercials and get professional deals. Mary Lou Retton and the magnificent seven are still making money off of their gymnastics images.</p>
<p>Also, I highly recommend everyone look up “Shannon Miller and Amanda Borden Cream of Wheat Commercial” on youtube. You’ll see what gymnasts will do for money.</p>
<p>xiggi, LOL, you are being WAY too logical. We are talking about kids’ Level 4-7 meets, most of which were run by the moms of the kids at the gym that hosted the meet.</p>
<p>Well, that “treated differently than anyone” is not necessarily true. There are numerous types of earnings and awards that are currently non-taxable in the United States. </p>
<p>Also, it is still unclear if collegiate athletic scholarships are reportable or not. It would not be a scandal if the United States made the prizes earned in international competition tax-free. And if they weren’t de facto tax-free, a case could be made that the vast expenses of the athletes and family to date might offset the rather paltry income. </p>
<p>Obviously, this has little impact on the live of the true stars (look at Bolt’s income) but this could be a big help for the athletes who might have a few minutes of fame.</p>
OK … but as someone who very much is into sports it would certainly **** me off.</p>
<p>Isn’t one of the main issues at Penn State that sports had taken a too important place in the environment at Penn State. So let’s see … athletes getting a bonus from the US for an Olympic medal get a tax break … while people working at non-profit inner city health clinics do not. Or, to me the ultimate example, members of the armed forces getting shot at in Afgahnastan do not get a tax break … while a swimmer who wins a medal does? No chance athletics is overly idolized in the US.</p>
<p>I really don’t have a problem with the honorarium being taxable income. But the value of the medal? Seems so insignificant, so why take money from some of the athletes who have so little income?</p>
<p>USA basketball is beating up on Nigeria. A guy on Twitter said he had to leave because he felt like he was witnessing a crime. I guess they’ve decided to go after a scoring record.</p>
<p>She has been assured that accepting the money she receives for her medal ($25k), including the $75k bonus from USA Swimming, will not jeopardize this.</p>
<p>Please don’t assume that I am or that I noticed your objection. I was reacting to the person who is making the stink about it on the national level. He was mentioned by another poster.</p>
<p>In case you were worried, in mens’ basketball, US over Nigera 156-73, breaking the previous scoring record of 138 points in a single Olympic game.</p>
<p>I don’t know about ya’ll, but I am already starting to get sad thinking about the fact that after the 100 fly I won’t be able to watch MP swim in any more individual events. Reminds me of how I felt when I watched Jordan play for the last time. I am so glad I got to be able to see those two athletes compete live (and not on some ESPN historical clip) during my lifetime. Truly special.</p>
<p>Again, Olympic athletes would hardly be the only US citizens who’d get tax breaks. What about the expats who can exclude all or a part of their income. What about the fringe benefits that are not taxable during overseas mission. What about the Americans who work for the United Nations or UNESCO? </p>
<p>There are good reasons for giving certain people a tax break, and it seems that giving a break to athletes for the BASIC prize they collected from earning a medal in the Olympics would hardly be a scandal. Especially in a country that allows public servants to “earn” and accumulate outrageous pensions. And this does not even address the uncountable direct and ancillary revenues created by the performance of US athletes. </p>
<p>They might very well be the only ones who are not in the games for the money part. How does our “generosity” compare to the mercenary bonus paid by China to those fantastic Australian coaches?</p>
<p>Re: making money post Olympics: most can earn huge sums in endorsements. Small companies and large have advertising dollars at the ready to attach it to a name. Another familiar spot for athletes: sports announcer.</p>
<p>I didn’t realize so many didn’t know about the taxes. For the record, I hope they all earn lots of money, but I don’t think they should have to pay any tax on the medals or the money that goes with them.</p>