Minister of Culture & Sport (Likud) Miri Regev has announced that Israel will be adding to the earnings of Olympic medalists, citing one who has earned a gold medal will receive NIS 500,000, a silver medal NIS 400,000 and bronze NIS 300,000. The additional prize money will be paid to the athletes by the end of December 2016. This will also apply to medalists in the Paralympics.
She made her decision after probing if it is possible to eliminate income tax on their Olympic winnings, but learned the process is too complicated, deciding instead to grant another prize to compensate for taxes that have to be paid. She feels it is important to permit the athletes to keep their winnings as it serves as an incentive for the nation’s young.
(YWN – Israel Desk, Jerusalem)
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The proposal for the Israeli government/taxpayers to make substantial awards to Israeli athletes is almost as stupid as any American state or local government’s decision to build or subsidize the building of a stadium for professional athletes, e.g., the generally sensible former Mayor Bloomberg’s proposal (fortunately defeated) to build a stadium for the New York Jets. Running is circles, swimming back and forth, and jumping up and down at the risk of breaking your neck, even if you are the best in the world at doing it, is not something taxpayers should pay for.
One BIG JOKE!!! Tax 101. Tax is generated from money earned from your “Income”. Now to eliminate income tax on their Olympic winnings,should be easy. The Government will not get their share of what they earned. A Loss, but not really. The Government didn’t have that money to loose. So instead, these Brains has announced that Israel will be adding to the earnings of Olympic medalists. Now that is EASY. That means, taking money from the State coffers (Our Tax money) and give it to them. WHY!!Because it so easy to take from Hard Working People, than tightening the Belt of Government spending!!! One Big Joke!!!!