If you are an Olympic athlete, you’re striving for that moment you can stand on the podium, bow over and get a medal placed around your neck. This is THE greatest sign of success in your athletic career. It’s the day every kid dreams of. This medal signifies your athletic success at the highest level possible, for the entire world to see.
Imagine that high. Getting that gold medal and realizing YOU DID IT. YOU EARNED IT. You go celebrate for days and can’t wipe that smile off your face…
The smile suddenly gets wiped off your face when you realize YOU have to PAY for your medal.
Did you know that the Internal Revenue Services collects a HUGE amount on the bling you bring back to the US?
If you win a bronze medal, it’s worth around $10,000, a silver is worth around $15,000 and a gold is worth around $25,000!!! The IRS considers these rewards as income and are deemed taxable.
What does this mean for successful athletes who bring home the gold? This could mean that someone like Shaun White could end up paying over a third of the “money” they won back to the IRS. If a US athlete wins a gold, they could end up paying in the neighborhood of $7,000-$9,000 for earning that gold medal.
This just does NOT seem right!!
If you win a bronze medal, you could be taxed $10,000!
If you win a silver medal, you could be taxed $15,000!!
If you win a gold medal, you could be taxed $25,000!!!!!
The Tax Exemptions for American Medalists Act was created to try to keep Uncle Sam out of the olympians’ wallets. Unfortunately, based on the lack of success for a similar bill after the 2012 London Olympics, it doesn’t look like this bill will pass anytime soon! The Olympians will continue being taxed until something is done about this screwed up process.
I personally think this is just flat out messed up. Even though President Obama agreed he would support and sign an exemption into law regarding this issue, it could take a lot of time to pass.
Why does our country seem to punish success? These athletes are representing our nation overseas and shouldn’t have to worry about bringing their checkbook with them, if they do succeed!
What do you think about the cost of winning an Olympic medal? Do you think Olympians should get taxed on their medals or not? (Leave a comment below).