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.


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »