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Should Olympians Be Taxed for Winning?

Do you think Olympic champions should be taxed on their medals and prize earnings?

The Olympics are a celebration of athleticism and pride for your country. But when those Olympians return home to the U.S. with their medals, they can expect a little more than a congratulations from the IRS.

According to the Huffington Post, Olympians' medals and prize money are both subject to income tax.

A gold medal, which is worth $650, according to CNN, could cost athletes about $236 in taxes. While a bronze metal, which is worth $5, could only cost an athlete $2 in taxes.

In addition, the U.S. Olympic Organizing Committee will award London champions $25,000 for a gold medal, $15,000 for silver and $10,000 for bringing home a bronze, Reuters reports.

Huffington Post reported that at a 35 percent income tax rate, bronze medalists will owe the IRS a total of $3,500, silver medalists will owe $5,250 and top finishers will be liable for $$8,750.

Do you think Olympians should be taxed on their medals and prize money? Tell us what you think in the comments.

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