Are Taxes Charged on Olympic Medals?
As we are fondly looking back on the 2016 Olympics in Rio de Janiero, I was kind of shocked to find out not only how much the Olympic gold, silver, and bronze medals are worth, but how how much in taxes is being charged to the winners!
Each medal winner also gets a cash prize - $25,000 for gold, $15,000 for silver, and $10,000 for bronze, and they are paid for by the United States Olympic Committee. So, to put that into perspective for the Summer Olympics in Rio - American swimmer Michael Phelps now owes the US government a total of $55,000. Ummmm, am I the only one who doesn't think this is right?? I personally would be willing to have some of my hard earned tax dollars cover the costs of these American athletes who have made us so proud!
Not only is the income for winning a medal taxed, but the actual medals are too - $600 for gold, $300 for silver, and almost nothing for bronze, even though on the open market those very same medals would fetch up to $10,000 each.
A bill was introduced in 2012 by Florida Senator Marco Rubio to defer the taxes for Olympians, and give them a tax break, but it died before getting passed. Wow - some really patriotic folks there in the senate....just sayin' (sarcastically).
Geaux Team USA!!!