Bill to eliminate Olympic medal tax stalls
SACRAMENTO (KGO) -- A bill exempting Olympic athletes from paying taxes on their medals and prize money is stalled in the state Assembly. U.S. athletes owe taxes every time they win a medal. It's similar to a game show, where contestants have to pay taxes on any prize they take home.
"And the reality is that these Olympians make a lot of personal sacrifices through the years, and they ought to, you know, get some kind of recognition from all of us and this is a small, small token of that particular acknowledgement," St. Sen. Leland Yee, D-San Francisco, said.
Critics point out that Nobel Prize winners aren't exempt, and neither are professional athletes. An Olympic gold medal earns the winner $25,000.
leland yee, laws, california news
- 1 dead, 2 injured in Redwood City boating accident
- Mother, child killed in San Francisco fire
- San Francisco officials plan to crack down on "420"
- SF Chinese community faces fallout from Yee arrest
- Fatal accident on Almaden Expressway in San Jose 16 min ago
- Possible explosive prompts evacuations in Solvang
- Firetruck rams California eatery; 15 injured
- BART unveils new train car design in SF
- Man accused of killing Sierra LaMar appears in court
- VIDEO: Man kicked in head taking selfie in...
- Angels beat A's 5-4 on Iannetta's HR in 12th
- Photos: The 10 worst jobs for 2014
- weather: Bay Area weather forecast for Thursday
- roundup: Hammer beating; SF "420" crackdown 57 min ago
- Bay Area weather forecast for Thursday
48 min ago