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File #: 16-5204    Version: 1 Name:
Type: Resolution Status: Approved
File created: 9/7/2016 In control: Board of Commissioners
On agenda: 9/14/2016 Final action: 9/14/2016
Title: PROPOSED RESOLUTION URGING THE UNITED STATES HOUSE OF REPRESENTATIVES TO PASS LEGISLATION EXEMPTING TEAM USA MEMBERS FROM FEDERAL TAXATION ON THEIR OLYMPIC WINNINGS WHEREAS, Olympic winners receive $25,000 for a gold medal, $15,000 for a silver medal, and $10,000 for a bronze medal, and the gold and silver medals themselves are valued anywhere from $564 to $300; and WHEREAS, the Internal Revenue Service considers those winnings fully taxable achievement awards; and WHEREAS, there is a great disparity of income level among Olympic athletes; most do not receive lucrative endorsement contracts, and some maintain amateur status and are college students who rely on family support and scholarships; and WHEREAS, Olympic athletes can pay an income tax of anywhere from 10% to 39.6% depending on their income; those in the highest bracket can expect to pay tax of approximately $9,900 for one gold medal; and WHEREAS, support for exempting Olympians from being taxed on medal earnings has cro...
Sponsors: PETER N. SILVESTRI, JOHN P. DALEY, GREGG GOSLIN, SEAN M. MORRISON, TIMOTHY O. SCHNEIDER, LUIS ARROYO JR, RICHARD R. BOYKIN, BRIDGET GAINER, JESÚS G. GARCÍA, STANLEY MOORE, TONI PRECKWINKLE (President), DEBORAH SIMS, LARRY SUFFREDIN, JEFFREY R. TOBOLSKI

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PROPOSED RESOLUTION

 

URGING THE UNITED STATES HOUSE OF REPRESENTATIVES TO PASS LEGISLATION EXEMPTING TEAM USA MEMBERS FROM FEDERAL TAXATION ON THEIR OLYMPIC WINNINGS

 

WHEREAS, Olympic winners receive $25,000 for a gold medal, $15,000 for a silver medal, and $10,000 for a bronze medal, and the gold and silver medals themselves are valued anywhere from $564 to $300; and

 

WHEREAS, the Internal Revenue Service considers those winnings fully taxable achievement awards; and

 

WHEREAS, there is a great disparity of income level among Olympic athletes; most do not receive lucrative endorsement contracts, and some maintain amateur status and are college students who rely on family support and scholarships; and

 

WHEREAS, Olympic athletes can pay an income tax of anywhere from 10% to 39.6% depending on their income; those in the highest bracket can expect to pay tax of approximately $9,900 for one gold medal; and

 

WHEREAS, support for exempting Olympians from being taxed on medal earnings has crossed party lines, is supported by President Obama, and is gaining momentum given the record-breaking 121 medals won by athletes representing the United States in Brazil; and

 

WHEREAS, in July of 2016, the Senate passed the United States Appreciation for Olympians and Paralympians Act, which would exempt Team USA members from federal taxation on their Olympic wins; and

 

WHEREAS, House of Representative leaders have pledged to vote this September on a bill identical to the one passed by the Senate that would retroactively apply to the 2016 games in Rio De Janeiro; and

 

WHEREAS, this legislation would have no impact on federal taxes on athletes’ sponsorship or endorsement income.

 

NOW, THEREFORE, BE IT RESOLVED, that the Cook County Board of Commissioners urge the United States House of Representatives to pass the United States Appreciation for Olympians and Paralympians Act; and

 

BE IT FURTHER RESOLVED, that a suitable copy of this resolution be distributed to the United States House of Representatives.

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