Winning A Gold Medal At The 2012 London Olympics Could Cost You $8,900

Winning a medal in the 2012 London Olympics is the highest honor, but did you know if you win you gotta pay? US Olympians who medal in London get to share some of their glory with the IRS.

Here’s how it breaks down:

Gold: Given the $25,000 cash award and the value of the medal itself ($675), recipients would owe the IRS up to $8,986

Silver: The cash award of $15,000 plus the medal itself ($385) equal a tax bill of up to $5,385

Bronze: The cash award of $10,000 plus the medal ($5) equal a tax bill of up to $3,502

Yesterday they introduced a measure in the Senate to immediately stop the practice of taxing successful Olympians. The measure would apply to awards won after 2011. Do you think the best athletes in the world should have to pay?

More from Slacker
Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From 98.7 AMP Radio - More Hit Music Every Hour

AMP Live 2017Tickets on sale NOW. Click here to get yours!
MusicTown Will Celebrate Detroit's Music And CultureMusicTown will consist of a new broadcast studio, recording studio and performance space, in addition to national and local artist performances inside the intimate City Theatre adjacent to Hockeytown Café.

Listen Live