IT SOUNDS LIKE THIS GUY THINKS THAT OLYMPIC MEDALISTS’ PRIZE MONEY SHOULD BE EXCLUDED FROM TAXABLE INCOME, BUT ONLY IF THE MEDALIST MEETS A MEANS TEST
Why would the author of an article in a scholarly journal portray Olympic medal winners, including Ronda Rousey of all people, as deserving sympathy because of their lack of means, then say that the prize money should be tax-free “[e]xcept, of course, if the medal winner is already rich?” Does he mean that he would take the newly enacted Olympic prize money exclusion, which makes the tax treatment of one type of prize different from all other types of prizes, and impose a means test on it? And not a current income means test, from the sound of it, but a total wealth means test?
You can’t say I didn’t warn you that tax legislation is heading in the wrong direction.
Via TaxProf Blog.
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