Win Olympic Gold, Pay the IRSU.S. Olympic medal winners will owe up to $9,000 to the IRS.
Americans for Tax Reform
Aug. 01, 2012
NY Times Reporter Accuses White Women of Having 'Racist' Walking Habits
Antifa Activist Yvette Felarca Charged With Assault, Rioting For Role In 2016 Sacramento Capitol Brawl
Assange: 'CIA Not Only Armed Syria's Insurgents--It Paid Their Salaries'
FBI 'Seized Smashed Hard Drives' From Wasserman Schultz's Pakistani IT Guy's Home
Germany: Syrian Hairdresser Hailed As 'Model of Integration' Slits His Female Employer's Throat
WASHINGTON, D.C. — While 529 hardworking athletes proudly represent the United States in the 2012 Olympics, any medals and money they earn wearing red, white and blue will be taxed by the IRS. According to research done by the Americans for Tax Reform Foundation, U.S. Olympic athletes are liable to pay income tax on medals earned and prizes received at the London games.
American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.