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| Subject: Win a medal, pay the price Thu Aug 02, 2012 11:38 am | |
| Go for the gold — but should you succeed, be prepared to dole out some gold of your own.
The U.S. Olympic Committee awards prize money to American medal winners: $25,000 for gold, $15,000 for silver, $10,000 for bronze. That prize money is taxed at a rate of 35 percent, Americans for Tax Reform calculated. On top of that, the medals themselves are taxed: You only have to fork over $2 to the IRS for the privilege of keeping your bronze medal, but carve off $236 worth from that gold medal.
Michael Phelps should have no trouble shouldering the tax burden — he makes millions in endorsements. But fellow U.S. swimmer Allison Schmitt has won two golds, a silver and a bronze in London. That’s $75,000 in total prize money — and $26,857 owed to the United States Treasury.
http://msn.foxsports.com/olympics/story/US-medal-winners-pay-stiff-price-in-taxes-080212 | |
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