WHAT! You're Taxing My Medal?

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by Brian Hoffmeier

Our Olympians travel the world representing our great country on their own dime most of the time, and what do we do when they succeed? Make them pay of course.

It came out in the news yesterday that each medal they would win could cost them up to $9000.

The United States Olympic Committee rewards Olympic medalists with honorariums. A gold medal brings $25,000. Silver medals get you $15,000. And a bronze is worth $10,000.

That being said the tax bill on a gold is $8,986, silver is $5,385 and bronze is $3,500.

The medal count as of 4pm 8-2-2012 is as follows:


 

Doing the math on that so far our athletes are going to be on the hook for approximately $245,213. This is going off the Medal total by country and is not considering all the medals awarded to athletes who are part of teams. If you take that into consideration we are talking many millions of dollars.

How would you like to be Michael Phelps now?

I know taxes are the American way and rules are rules but is this going to far? Should we make a exception for those representing our country? Sure many of these athletes are going to get huge endorsement deals when they are done and make plenty of money to pay their taxes but a lot won't.

Kayla Harrison won a Gold Medal in Judo or Brady Ellison silver medalist in Archery, they are not going to be celebrities when they come home. Is it fair to them?

Legislation to exempt U.S. Olympic athletes from having to pay tax on prize money won at the games was proposed on Wednesday in the U.S. Congress by Senator Marco Rubio. But knowing how our government works that could be years down the road.

What do you think the answer is? Is this even a problem? Should they pay up like everyone else who wins something? Does Olympic glory have a price?

 

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