Here is the updated Olympic Medal Count. China is in first place again. (as of 8/1 10pm central)
Today’s Olympic moment is Nathan Adrian’s very close finish to win gold! Congrats!
Plus Kristen Armstrong coming out of retirement to win gold in cycling! Congrats!
I saw this story today and I needed to talk about it. According to Americans For Tax Reform. If an Olympic athlete wins a medal at the London 2012 Olympic Games; they will have a tax bill when they get back to America. American medalists face a top income tax rate of 35 percent and they must add the value of their Olympic medals and prizes to their taxable income. The value of a gold medal is about $675; A silver medal is worth about $385; while a bronze medal is worth under $5. And the prize money for winning a medal is $25,000 for gold, $15,000 for silver, and $10,000 for bronze.
So how much will an Olympic athlete pay if they win a medal?
This is a huge disgrace to the entire world! America is the only developed nation that taxes anyone who earns income worldwide. Thankfully someone is trying to do something about it. Sen. Marco Rubio, R-Fla introduced a bill that will exempt Olympic Athlete medal winners from paying taxes on their winnings. Let’s hope this passes in Congress!
- Olympic Medal Winners Face Hefty Tax Bills Back Home (outsidethebeltway.com)
- Rubio bill outlaws taxes on gold medals (thehill.com)
- America’s Olympic Winners Must Pay IRS Nearly $9,000 For Every Gold Medal (mediaite.com)
- ATR Calculates Hefty Tax Burden That American Medal-winning Olympians Bear; Will NBC Report? (papundits.wordpress.com)
- How Much Are Olympic Medals Actually Worth? [Olympic Medals] (deadspin.com)