The Evening Post: Olympic Medal Tax

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!

From CBS News.

Plus Kristen Armstrong coming out of retirement to win gold in cycling! Congrats!

From USA Today.

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?

From Americans For Tax Reform.

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!