Did you know that every Olympian who wins a medal also gets a cash award? You can be sure the budget bandits in Washington know, because they take a huge chunk of that award — almost 40 percent.
Americans who win bronze will pay a $2 tax on the medal itself. But the bronze comes with a modest prize—$10,000 as an honorarium for devoting your entire life to being the third best athlete on the planet in your chosen discipline. And the IRS will take $3,500 of that, thank you very much.
There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.
Silver medalists will owe $5,385. You win a gold? Timothy Geithner will be standing there with his hand out for $8,986.
When politicians in Washington say they want a “moderate” solution that involves higher taxes along with paltry spending cuts, what they’re really saying is that they want to take even more from our hard-working, thoroughly-dedicated amateur athletes, most of whom already work full-time jobs and have families of their own. The reward for their years of hard work is a bill from Washington.
But it’s not just our Olympic athletes who suffer because our representatives in Washington can’t find the courage to make real budget cuts. We all spend more of our time each working for the budget bandits than they do working for us. The so-called balanced solutions we’ve seen proposed by both Democrats and Republicans are little more than code for “we can’t make real cuts so we’ll just take more from you and your children”. I find them insufficient in the face of a $16 trillion debt and trillion dollar deficits from now until the heat death of the universe. How about you? Are you satisfied with political solutions that demand 40 percent of an Olympian’s prize or a big chunk from that part-time job you might take to help make ends meet? You shouldn’t be. You should demand better.