Read this in an article...not cool, America! So does this mean you get a tax credit if you are ever stripped of your medals? -- Everyone knows that the ultimate goal of the Olympics is to return to your home country with a medal or two (or eight, if youre Michael Phelps) draped around your neck! But what you may have not known is that the highly coveted bling can actually burn quite a hole in your pocket! Thats right! The Internal Revenue Service collects a hefty bonus any time an American Olympian earns a medal! How much, you ask? Oh, just $25,000 for gold, $15,000 for silver, and $10,000 for bronze!! The buck doesnt quite stop there either, as medals are actually deemed as taxable income, meaning gold medal winning athletes could be forced to pay in the neighborhood of $7,000-$9,900!! Not surprisingly, this raised a red flag or two in the minds of a few Representatives who proposed the Tax Exemptions for American Medalists Act, which basically says Uncle Sam would have to keep his hands out of Olympians wallets! However, based on the lack of success for a similar bill after the 2012 London Olympics, it doesnt look like this one will pass anytime soon! So let this be a lesson to all of the kiddies who dream of standing on top of the podium one day, just remember that if you plan on winning a medal, you better bring your checkbook with you!
Posted on: Wed, 12 Feb 2014 15:46:48 +0000
Trending Topics
Recently Viewed Topics
© 2015