Newspaper article The Record (Bergen County, NJ)

Millionaire Olympians Would Pay Medals Tax

Newspaper article The Record (Bergen County, NJ)

Millionaire Olympians Would Pay Medals Tax

Article excerpt

Rep. Bill Pascrell Jr. secured a provision preventing millionaires from benefiting from a bill moving through the House this week that says no income tax can be charged on Olympic medals and the cash prizes that come with them.

"We do not want to hit our athletes with a tax bill when they return home," Pascrell, D-Paterson, said during debate on the bill in the House on Tuesday. "That's a wonderful thank-you."

At the same time, Pascrell said, swimmer Michael Phelps is worth an estimated $50 million to $60 million, and Forbes estimated that the 12 members of the United States' basketball team earned a collective $257 million.

"This legislation honors our Olympic athletes while making sure our highest-paid professional sports stars continue to pay their fair share," Pascrell said. …

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