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 |
Report: Blinken Sitting On Staff Recommendations to Sanction Israeli Military Units Linked to Killings or Rapes
America Last: House Bill Provides $26B for Israel, $61B for Ukraine and Zero to Secure U.S. Border
Bari Weiss' Free Speech Martyr Uri Berliner Wants FBI and Police to Spy on Pro-Palestine Activists
'Woke' Google Fires 28 Employees Who Protested Gaza Genocide
John Hagee Cheers Israel-Iran Battle as 'Gog and Magog War,' Will Lobby Congress Not to Deescalate
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. Read More |