[Congressional Record (Bound Edition), Volume 158 (2012), Part 10]
[House]
[Page 13244]
[From the U.S. Government Publishing Office, www.gpo.gov]




                 TAXMAN GRABS A PIECE OF THE GOLD MEDAL

  (Mr. POE of Texas asked and was given permission to address the House 
for 1 minute.)
  Mr. POE of Texas. Mr. Speaker, Team USA's Fierce Five became the 
second American women's gymnastics team ever to win the gold medal. 
These teenagers will also be awarded $25,000 each for being the best in 
the Olympic world--but what they've earned they're not going to be able 
to keep because part of the medal and the prize will be confiscated by 
our government, so sayeth Uncle Sam.
  That's right, Mr. Speaker. Each one of the Fierce Five has to pay a 
medal tax of up to $236. Then they also have to pay a prize tax on 
their cash award that could be up to $8,750. So that brings the total 
up to about $9,000 that they could owe the taxman. Leave it to our 
government to punish Team USA for their success on behalf of all 
Americans.
  Yesterday, Senator Rubio introduced a bill to exempt Olympic 
medalists from paying taxes on their medals and their prizes. I am a 
cosponsor of a similar bill in this House. The long arm of the internal 
taxman reaches far across the seas to grab a piece of the gold from 
kids that it neither earned nor deserves.
  And that's just the way it is.

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