DearColleague.us

Letter

 

From: The Honorable Blake Farenthold
Sent By: Blake.Adami@mail.house.gov
Bill: H.R. 2628
Date: 5/31/2016

Tax Exemptions for American Medalists (TEAM) Act

Dear Colleague,

As our 2016 Olympic athletes prepare to represent the United States on the world stage this summer in Brazil, please join Congressman Blake Farenthold (TX-27) and Congressman G. K. Butterfield (NC-01) as a cosponsor of H.R. 2628, Tax Exemptions for American Medalists (TEAM) Act.

The TEAM Act will exempt U.S. Olympic athletes from paying taxes as high as $9,000 on the medals and awards they win competing on behalf of the United States in the Olympics. Additionally, the TEAM Act will eliminate both the tax on the medal and the prizes
that accompany each medal awarded by the Olympic Committee.

“The current tax code is broken,” said Congressman Farenthold. “This needless tax illustrates how complicated and burdensome our tax code has become. Olympians competing on behalf of America should focus on training rather than trying to navigate our tax code. This is just one step in the long path to tax reform that America needs.”

“It’s just wrong to tax Olympic athletes on their winnings,” said Congressman Butterfield.  “These athletes sacrifice for years to proudly represent the United States of America in the Olympic Games.  The best way to show our gratitude to our Olympic medalists is to eliminate this unsportsmanlike tax.”

“We appreciate Congressmen Farenthold and Butterfield’s leadership on introducing the ‘Team Act,’ said the US Olympic Committee.  “This bill could assist many athletes as they train to compete for the United States.”

To become a cosponsor of H.R. 2628, the TEAM ACT, please email
Calvin.Frauenfelder@mail.house.gov
or call 5-7742.