Health, wellness & sport

'Hero Tax' for the Olympians Who Won Medals

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gary-williams
gary-williamsHost

Expired
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Phelps alone is estimated to pay around $55,000 in taxes for his victories in Rio.
3 y
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It's not right for IRS to penalize and tax these Athletes. What IRS should do is take out the tax loop holes for the politicians in the capital hill. Instead of going after, Olympic Athletes
3 y
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They're not taxing the gold value of their medals. They're taxing the $ 25,000.00 they receive from the U.S. Olympic Committee for each gold medal they win. They earn $ 15,000.00 for each silver medal and $ 10,000.00 for each bronze medal. So, technically, it's income-ergo-subject to Federal income tax.
3 y
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Our government lets people like Al Sharpton who owes millions of dollars in taxes run around free but these young athletes who represent our country get taxed to death just another way for Obama to screw us over
3 y
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They earned their medals out of country which means the US government has no jurisdiction or authority to tax them. The feds don't even tax imports and here they are throwing their weight around bullying only American citizens.
3 y
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Screw the irs, and screw the government. What about the 400 million dollars you just gave to iran? Did they pay taxes on that? Hell no.
3 y
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They generate an income for winning a medal. It should be subject to tax just like lottery winning are.
3 y
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They already don't get an actual check and now they get taxed for representing their country. SMH This world is really money hungry.
3 y
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The medals themselves are taxed, too, but they're not as valuable as their shiny goodness may appear. Based on the commodity prices of the metals involved, gold is worth in the neighborhood of $600, silver about $300 and bronze next to nothing.
3 y