Win an Olympic medal and get taxed!
By veromar
@veromar (1453)
Argentina
August 3, 2012 5:43pm CST
My father first told me about this on the phone yesterday and I just couldn't believe it! So, I did a little looking around and it's true! U.S. atheletes have to pay taxes for winning Olympic medals! Here's just one of the links I found:
http://www.bbc.co.uk/news/magazine-19101429
And there are several others. Do a Google search for yourself if this one citation isn't enough proof. I was never aware that medalists also receive cash prizes.....$25k for gold, $15K for silver and $10k for bronze. That's amazing! I can.....kinda..... understand the taxing of the "income". What really gets me is that there's talk that, not only do atheletes have to pay tax on their cash awards, they might also be subject to tax on the actual MEDAL! What is THAT about?!?!? Personally, I find it appalling that they should have to pay any tax at all. After all, they are representing the country. Providing a source of national pride in accomplishment.....something near and dear to every American's heart. It's disturbing to say the least. MHO. What's yours?
2 responses
@ReViewMeMedia (3785)
• United States
4 Aug 12
I will never understand being taxed for the actual medal, the cash, I can understand, but this is ridiculous.
@veromar (1453)
• Argentina
7 Aug 12
I agree a thousand percent Stary. In most cases these atheletes have been preparing for the Olympics their entire lives. In their formative years, I'm sure at a great financial expense to themselves and their families (until they find sponsorship at least). Taxation on this "income" is simply ludicrous.
