Malliotakis says, ‘Don’t tax Olympic medalists’
Assembly member wants state out of winners’ pockets
Olympic medalists who live in New York might have to contend with something much more difficult than a fierce competitor at Rio, according to state Assemblymember Nicole Malliotakis, who said that both the federal and state governments are looking to get their hands on some of the winners’ prize money.
The United States Olympic Committee (USOC) gives American athletes who win gold medals $25,000. An award of $15,000 is bestowed on athletes for winning a silver medal and $10,000 is given to bronze medalists.
Tax collectors at the federal and state levels treat the monetary awards as income, which makes them subject to taxation, Malliotakis said.