Olympic Tax Relief Bill Signed Into Law
by Blake Farenthold on October 14, 2016 at 5:02 PM
President Obama signed the United States Appreciation for Olympians and Paralympians Act of 2016 into law.
During this strenuous time in our country where we see a great deal of political bickering, I’m happy to see that some of our important bipartisan legislation is being passed and signed into law. This is a fist step to examining and revamping the tax code, and I look forward to further work that will be beneficial for hardworking Americans.
Under this law, Olympians who make $1 million or less a year will no longer pay taxes on the medals they earn in the Olympics and Paralympics. Many athletes of Team USA are living below poverty levels, making less than $18,000 a year, and relying on family and public assistance to get by each year.