N.Y. Sen. Chuck Schumer thinks federal taxes are an onerous burden on those who work hard and excel and thus should not be levied on them. Has the liberal Democrat taken a sudden conservative turn? Not exactly. Schumer is just pandering to fans of the Olympic Games.
“Our Olympian and Paralympic athletes should be worried about breaking world records, not breaking the bank, when they earn a medal,” said Schumer. “Most countries subsidize their athletes; the very least we can do is make sure our athletes don’t get hit with a tax bill for winning. After a successful and hard fought victory, it’s just not right for the U.S. to welcome these athletes home with a tax on that victory.
Schumer is proposing that Olympians’ cash prizes should not be taxed. While it’s nice to see a liberal acknowledging the drag that excessive taxation causes on those who wish to excel, I wish he would see that the same principle applied to middle-class laborers and white-collar workers, and even to upper-class business owners who create jobs and capital.