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The IRS to Michael Phelps: "You Didn’t Win That"
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Deer wanders into YMCA in downtown Louisville
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“You didn’t win that” might as well be the U.S. government’s official congratulatory platitude to American Olympians who succeed in Rio this summer.
This year, the IRS will impose a nearly 40% “victory” tax on athletes who take home gold, silver, and bronze medals for the United States.
American Olympians earn $25,000 for gold medals, $15,000 for silver, and $10,000 for bronze, paid for by the U.S. Olympic Committee. But according to the non-profit advocacy group Americans for Tax Reform, “a gold medalist from Team USA could end up facing a tax bill of $9,900 per gold medal, $5,940 per silver medal, and $3,960 per bronze medal.”
Though “these are the maximum possible tax amounts, and vary widely based on an individual’s tax circumstances and available deductions,” even the potential amounts of money owed are staggering.
