New Jersey lawmaker wants the taxman to stay away from Olympians’ winnings
(The Center Square) – Athletes who win gold, silver or bronze in the Olympics shouldn’t have to fork over the green, according to New Jersey Assemblyman Ron Dancer, R-Ocean, who is renewing his push for A-4109 to eliminate state income taxes on Olympians’ winnings.
During this year’s Tokyo Olympics, nine New Jersey athletes won a combined 11 medals – five gold, four silver and two bronze. According to a news release, U.S. Olympians who medal receive $37,500 for every gold medal, $22,500 for silver and $15,000 for bronze.
“Our Olympic medalists have made tremendous sacrifices to represent our nation. We should be encouraging their efforts, supporting individualism and celebrating their accomplishments, not imposing a tax for winning,” Dancer said in an announcement.
“New Jersey track stars and gold medalists Sydney McLaughlin and Athing Mu broke world and U.S. records respectively, and Toms River’s own Todd Frazier won a silver in baseball,” Dancer added. “I want to honor our Olympians for their success, for reaching the pinnacle of their sport, and for showing the world the talent and athleticism bred in New Jersey.”
According to a news release, Congress removed the so-called “victory tax” in 2016, and Olympians with gross incomes of less than $1 million per year do not pay federal taxes on their medal winnings.
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