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
Germany: Syrian Hairdresser Hailed As 'Model of Integration' Slits His Female Employer's Throat
Evergreen Student Told She's 'Not Allowed to Speak Because She's White,' Ordered to 'Stand in the Back'
Lindsey Graham: If You Don't Support Giving Illegals Citizenship, 'I Don't Want You to Vote for Me'
Report: Fusion GPS Founder To Plead The Fifth
NY Times Reporter Accuses White Women of Having 'Racist' Walking Habits
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.