Did you know that winning an Olympic medal will cost you as much as $8986.25?
When a U.S. Athlete wins the bronze, silver or gold at the Olympics, they also earn an honorarium. For gold it's $25,000. Silver medalists get $15,000. And, there's a $10,000 payday for winning bronze. Current U.S. tax law requires those athletes to add the valley of medals and honorariums to their taxable income – just like a contestant winning prizes on a game show would have to do.
Americans medal winners would face a top income tax rate of 35 percent. If you pay attention to your precious metals report on the FOX54 Nine O'Clock News, you could estimate a gold medal is worth about $675. A silver is valued at $382. And, a bronze medal comes in just under $5.
If you do the math, winning a gold medal means about $8986.25 to Uncle Sam.
Right now, some U.S. legislators are working to change that. A bill has been introduced that would exempt American medal-winning gymnasts, rhythmic gymnasts, swimmers, divers, synchronized divers, runners, cyclists or water polo players from paying taxes on their Olympic winnings.
I think this is a no-brainer. Our Olympic athletes spend their entire lives training for this moment. The least we can do is give them a tax break for representing our country. What do you think?
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