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?