It doesn’t apply to gross income that exceeds $1 million. The Olympics tax break isn’t without limitation. Although the Olympics tax break is widely supported, some question why other prizes awarded for socially beneficial pursuits, such as prizes for scientific achievements and teaching excellence, remain subject to taxes. Many also play sports that lack established pro leagues or other commercial opportunities. Many have forgone or postponed careers and earnings opportunities to hone their athletic skills and talents-and the country has reaped the benefit. Olympians and Paralympians are representing the United States in a form of service to their country. The logic of the Olympics tax break is straightforward.
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