Did you know Olympic athletes have to pay taxes for the medals they bring home to the United States? It is not due to the actual value of the medal itself, but it is attached to the prize money that accompanies the gold, silver, or bronze medal the Olympian wins.
The United States Olympic Committee rewards our Olympic athletes with cash prizes. For gold, a medalist receives $25,000. A silver medalist receives $15,000 and finally a bronze medal is worth $10,000. It is estimated that a gold medalist will pay approximately $9,000 in taxes for each gold medal won. Silver medal winners will pay just under $5,400 in taxes and the bronze medal recipients will pay the I.R.S. around $3,500 in taxes. American medalists face income tax rate of 35%. They
…