DID YOU KNOW?
Oh my gosh! I just found out we tax out Olympic athletes. Does anyone else find that crazy?! They get taxed because each metal also comes with prize money (I also did not know that).
Here is some info from that article…
So how much will U.S. Olympic medal winners have to pay in taxes to the IRS?
|Medal Tax||Prize Tax||Total Tax Burden|
American gold medal winners will pay the IRS up to $8,986. Silver medal winners will pay up to $5,385. Bronze medal winners will pay up to $3,502.
It gets even worse. Not only do our Olympic athletes have to pay taxes on their medals and prizes – chances are their competitors on the field will face no such taxation when they get home.
Okay here is my rant. People are saying “its an income” but I donno about that. They don’t know how much they will make or even if they will win. So the other argument is it is something they won. I would argue this isn’t really the powerball. You have to be the best to win… Granted I’m sure we tax pro golfers…
It only happens every 2 years but just think, if we get enough Golds perhaps we could start paying off our countries debt one Olympian win at a time. I think I will be cheering a little louder this week for the USA teams to win. I kind of wonder if the 15 year old gymnasts know they will be taxed?
With our current metal count we could rake in $200,402 in tax’s!
OKAY OKAY also if they pay for training they could deduct that from their taxs however if they are unfortunate enough to have sponsor cover it, whelp time to pay up the tax’s on your earnings!