And the GOLD goes to....the IRS?

Posted by Burnzy on
 IRS: CONGRATULATIONS ON WINNING A GOLD MEDAL... YOU OWE US $8,900

US Olympians who medal in London get to share some of their glory with the IRS.

Here's how it breaks down:

Gold: Given the $25,000 cash award and the value of the medal itself ($675), recipients would owe the IRS up to $8,986

Silver: The cash award of $15,000 plus the medal itself ($385) equal a tax bill of up to $5,385

Bronze: The cash award of $10,000 plus the medal ($5) equal a tax bill of up to $3,502

Yesterday, Marco Rubio introduced a measure in the Senate to immediately stop the practice of taxing successful Olympians. His measure would apply to awards won after 2011.

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