US Olympians have to pay taxes on their medal winnings
@AbbyGreenhill (45494)
United States
August 17, 2016 12:53pm CST
For every medal won by a member of the US Olympic Team they receive
money. The US Olympic Committee pays a goodly amount of money to each recipient as follows:
Gold medal recipients receive $25,000 for each one.
Silver medal recipients receives $15,000 for each one.
Bronze medal recipients receive $10,000 for each one.
Then Uncle Sam sticks his hand out for his share.
When I read this I almost fell out of my chair. You give them money for doing an outstanding job and winning for the USA then the IRS says it wants its cut ...something is wrong with this picture. I read someplace that some will be paying 40%, that's a lot of money.
Maybe the new President, whoever that turns out to be, can look into this and treat our athletes more fairly. Participating in the Olympics is costly to begin with and I am sure many of them have a hard time financially - then they have to pay a tax - come on USA, we can do better than that.
Photo: pixabay.com/en/taxes-tax-office-usa-america-flag-646509/
http://thedailyvoicenews.com/2016/08/16/the-taxman-cometh-for-your-olympic-medals/
Do you think it is fair that the Olympians have to pay taxes on their winnings?
13 people like this
13 responses
@Asylum (47893)
• Manchester, England
17 Aug 16
I was not aware that any monetary award was given, but if it is then I would expect most countries to tax it. Let us be honest, this is income.
The Olympics used to be for amateurs only, but these days professionals are allowed to participate. Professional footballer, golfers and tennis players make excellent incomes throughout the year, so why should they receive tax free earnings while you and I pay income tax?
1 person likes this
@AbbyGreenhill (45494)
• United States
17 Aug 16
To that argument, then the non pros should not pay taxes.
1 person likes this
@Asylum (47893)
• Manchester, England
17 Aug 16
@AbbyGreenhill That I would be tempted to agree with.
1 person likes this
@AbbyGreenhill (45494)
• United States
17 Aug 16
@Asylum We meet in the middle - my exclamation mark isn't working so pretend I put one there and here
1 person likes this
@AbbyGreenhill (45494)
• United States
18 Aug 16
I heard on the news that President Obama is trying to have it changed.
1 person likes this
@AbbyGreenhill (45494)
• United States
18 Aug 16
@JudyEv That's right and it's the families who are probably paying those taxes.
1 person likes this
@JudyEv (340255)
• Rockingham, Australia
18 Aug 16
@AbbyGreenhill I hope it does get changed. It's not always just the athletes who make a lot of sacrifices but the families as well.
1 person likes this
@LeaPea2417 (37355)
• Toccoa, Georgia
17 Aug 16
Are you serious? The thought of taxes on the medal winnings never entered my mind. But, then I should have thought it because around a year ago, I was shocked to learn that golfers who play overseas in Golf Tournaments, those American golfers who win, have to pay taxes on their winnings. The famous golfer , Phil Mickelson was in one of those overseas tournaments and won first place. He won a big sum of money, but had to pay taxes on it.
I think it is very unfair. I wonder if the Olympians from other countries who won medals have to pay taxes on their winnings to their countries. I am going to have to research this.
1 person likes this
@LeaPea2417 (37355)
• Toccoa, Georgia
18 Aug 16
@AbbyGreenhill That is what I am wondering. I need to research it.
@AbbyGreenhill (45494)
• United States
18 Aug 16
I think some have been checking on other countries to find out if they do...But do all countries pay taxes at all?
1 person likes this
@Jessicalynnt (50523)
• Centralia, Missouri
17 Aug 16
I honestly dont know, it is just a sporting thing, so this would fall under income, on the other hand it's representing america, so....I dont know
1 person likes this
@AbbyGreenhill (45494)
• United States
17 Aug 16
Its not all black and white is it?
1 person likes this
@Jessicalynnt (50523)
• Centralia, Missouri
17 Aug 16
@AbbyGreenhill pretty much, I see both sides there
@just4him (317089)
• Green Bay, Wisconsin
21 Aug 16
No I do not believe they should pay taxes on their winnings. That is horrible, especially since the NFL is nonprofit. Now that doesn't make sense to me at all. It should be the other way around. The Olympics should be nonprofit and the NFL should be taxed.
1 person likes this
@AbbyGreenhill (45494)
• United States
21 Aug 16
Football players sure make a lot more money than $25K for a gold medal.
@JohnRoberts (109846)
• Los Angeles, California
17 Aug 16
It's news to me that money was received for winning medals? Isn't that in violation of amateur status?
1 person likes this
@AbbyGreenhill (45494)
• United States
17 Aug 16
I guess you'd have to ask the committee about that. I have no clue - I read about the taxes in several different articles online.
1 person likes this
@AbbyGreenhill (45494)
• United States
17 Aug 16
@JohnRoberts I wonder how the athletes feel about it?
@LadyDuck (471456)
• Switzerland
18 Aug 16
@AbbyGreenhill May be in the United States the Law will be changed. For what I have found searching, it's not changing in the European countries. I can find nothing about Switzerland, but I have found that Italy pays 150,000$ for a gold medal 
while the United Kingdom, Norway and Sweden pay nothing. Thailand and Malaysia give a prime during 20 years for a total of 500.000$, that are of course taxed. France only pays 50,000$ and Germany 20,000 (both less taxes). I am sure that I am going to find out more. I cannot understand why some countries are so generous, but I have a suspect.
while the United Kingdom, Norway and Sweden pay nothing. Thailand and Malaysia give a prime during 20 years for a total of 500.000$, that are of course taxed. France only pays 50,000$ and Germany 20,000 (both less taxes). I am sure that I am going to find out more. I cannot understand why some countries are so generous, but I have a suspect.@AbbyGreenhill (45494)
• United States
18 Aug 16
I didn't know they received money, had no clue all these years! I don't think it should be considered income and they are trying to get that law changed.
1 person likes this
@amadeo (111938)
• United States
17 Aug 16
not sure what is fair.But that is the government for you.You win I take
@Marilynda1225 (82789)
• United States
18 Aug 16
I didn't know that the Olympians have to pay tax but now that you posted it I'm not surprised. Uncle Sam taxes everything.
1 person likes this
@Tiah101 (206)
•
17 Aug 16
It requires a lot of input to win the medals,they are also representative of their country a true meaning of patriotism.A deduction of 40% to pay taxes is liking reaping off their efforts.I think the win should be considered as a reward and not any other form of taxable values.
@AbbyGreenhill (45494)
• United States
18 Aug 16
@Tiah101 You're fine, you 'type' English very well.
1 person likes this
@AbbyGreenhill (45494)
• United States
18 Aug 16
I am sure our athletes would agree with you!
1 person likes this
@Tiah101 (206)
•
18 Aug 16
@AbbyGreenhill True that..forgive my typing error.liking for like.
1 person likes this
@Yadah04 (3363)
• Philippines
18 Aug 16
That is quite a hefty amount of share. I mean taxes? who likes them anyway? These medalists should be compensated fairly. They are very determined, dedicated and invested their time, effort, and hardwork just to be able to get a place in the olympics. 10percent tax is fair enough, methinks.
1 person likes this
@AbbyGreenhill (45494)
• United States
18 Aug 16
We will see if any of these taxes are done away with as the President is pushing for.
@Happy2BeMe (99380)
• Canada
17 Aug 16
That is a bit crazy. They earned that money and then they have to give almost half of it back. It doesnt seem fair.
1 person likes this
@AbbyGreenhill (45494)
• United States
17 Aug 16
It certainly do not sound fair.
1 person likes this
@xela_r24a (119)
• Quezon City, Philippines
17 Aug 16
You're right, we should treat our athletes fairly, maybe atleast on the taxes we can show them our gratitude for the pride and honor they are bringing with them from the tournament. This really demotivates some athletes :(
1 person likes this
