Mesa, Arizona,
Aug 7 -
Republican Congressman Jeff Flake, who represents Arizona’s Sixth District, today illustrated the size and scope of the growing national debt.
The Tax Man avoids almost no one – not even Olympians. According to The Weekly Standard, taxable income on the cash winnings awarded with a Gold medal is $8,986, a Silver $5,385 and a Bronze $3,500.
The U.S. is so broke that an Olympian would have to win and pay taxes on exclusively, 1.7 billion Gold medals, 2.9 billion Silver medals, or 4.5 billion Bronze medals in order to pay down our massive debt of $15.9 trillion.
“Even Michael Phelps can’t win that many medals,” said Flake.
Along with Senators McCain and Rubio, Congressman Flake introduced in the 112th Congress the Debt Buy-Down Act, which allows taxpayers to designate up to 10 percent of their federal income tax liability to reduce the national debt. The bill then requires Congress to reduce federal spending by that amount. More information on the Debt Buy-Down Act can be found
here.
