Becoming an Olympic caliber athlete is, by most accounts, taxing beyond comprehension. It is conversely incomprehensible that the IRS lays claim to not the effort but the outcome if it results in an Olympic medal.
For representing the United States on sports biggest stage, the U.S. Olympic Commission awards cash prizes to medal winners. Gold earns you $25,000, silver $15,000 and $10 grand for bronze. However that payout is viewed not as a token of a grateful nation’s appreciation but as income by the IRS and hence subject to taxation.
And according to numbers provided by the group Americans for Tax Reform, we’re not talking chump change.
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