SwimmingWorldMagazine
The USA is one of the few countries which taxes citizens on internationally earned income, and that means that our Olympic Medal Winners will be taxed for their Olympic success. Not only are our athletes NOT funded by the government – they are funded by donations, family money and sponsorships – their medals come with cash awards which are considered “earnings” on which they must, pay, pay, pay. The USOC says a gold medalist gets $25,000, a silver medalist $15,000 and a bronze winner $10,000. At the 35% tax rate, athletes will pay $3,502 per bronze medal, $5,385 per silver medal and a whopping $8,986 per gold medal. Holy cow! That’s a lot of money! Sure – some athletes like Michael Phelps and Ryan Lochte have sponsorship money coming out the yin-yang. I get it. But just think about our fencers, divers and other virtually unknown athletes who struggle and sacrifice to get to the games. This tax is one heck of a “welcome home” for those who’ve worked so hard to represent our country well. Your thoughts?
