Stupidity at an Olympic level

Marco Rubio is embarrassing our state right now with this ridiculous grandstanding on the "Olympic tax" and I am a little angry that so many national news outlets are giving this story such attention without offering the obvious counter to his argument.

It turns out that when athletes earn money, they have to pay taxes on it. Shocking, I know.

Here is part of what Yahoo Sports! considers a news story on this item:
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The United States Olympic Committee rewards Olympic medalists with honorariums. A gold medal brings $25,000. Silver medals get you $15,000. And a bronze is worth $10,000.

The Weekly Standard, a conservative news magazine, ran the numbers and tabulated that the tax bill on a gold is $8,986, silver is $5,385 and bronze is $3,500.

They note that Missy Franklin, an amateur who has yet to cash in on her fame with endorsements, already owes $14,000 in taxes from her gold and silver medal. By the time the Games are finished, Franklin's tax bill could reach $30,000.

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Well of course she does! I would note that this 17-year-old just earned $40,000 for two swims! Do you know anybody earning that much money who doesn't pay at least $14,000 in taxes on that? There is no special tax rate on the winnings. It is the same as if you earned a bonus at work. You would then have to pay out funding.

Understand, I feel wonderful for Missy Franklin's successes at the Olympics so far and hope she has more. I also feel great she has earned this much money, and also will congratulate her on any endorsements she gets after the Olympics or whenever she gives up her amateur status.

To suggest, though, that she hasn't cashed in on her fame is ludicrous. It took me years in my chosen profession to earn that much money each year. She could cash in more, for sure. But this more than pays the rent (especially considering she doesn't pay any rent). A 17-year-old who pulls in a professional salary should be commended, but she should also be taxed. It's that simple.

Consider the extreme of this philosophy. Since I took a probably unwarranted shot at LeBron James yesterday, let me today praise the Miamian's efforts both in the Olympic games and in his day job. The man is, after all, quite likely to bring back to Florida both an NBA Championship ring and an Olympic gold medal in a single year.

In addition to his salary, that means LeBron will earn $25,000 for his medal and get a cut of some $1.7 million the Heat will get for winning the championship this year. And I say good for him. But should he get a break in his taxes? No, that's nuts. And if there is one thing I think liberals and conservatives can agree on in this country, it's that basketball stars make too much money as is.

Maybe Rubio, as a Miami man, feels differently. But if so, that's ridiculous. This is cheap political points. Income is income. Taxes are taxes. And if we are to take Rubio seriously on his interest in reducing the deficit, giving tax breaks to professional athletes makes that task tougher than completing a 400-meter medley.