120802 Win a Medal, Pay the Price

Win a Medal, Pay the Price

FOX Sports Kase Wickman, The Daily
Share This Story
 Updated Aug 2, 2012 10:50 AM ET
 Go for the gold — but should you succeed, be prepared to dole out some gold of your own. 

The U.S. Olympic Committee awards prize money to American medal winners: $25,000 for gold, $15,000 for silver, $10,000 for bronze. That prize money is taxed at a rate of 35 percent, Americans for Tax Reform calculated. On top of that, the medals themselves are taxed: You only have to fork over $2 to the IRS for the privilege of keeping your bronze medal, but carve off $236 worth from that gold medal.

Michael Phelps should have no trouble shouldering the tax burden — he makes millions in endorsements. But fellow U.S. swimmer Allison Schmitt has won two golds, a silver and a bronze in London. That’s $75,000 in total prize money — and $26,857 owed to the United States Treasury.

Momma’s Source: MSN News

Share This

Great Olympic Moments 1896 to 2012

Olympic Games 1896 – 1960 (Best Moments)

Paris 1900 Olympic Games

How Olympic Gymnastics Used To Be – Paris 1924 Olympic Games

credit: olympic+WashingtonPost+mooremoney92+whatthebuckshow+sportsnetwork

Momma’s Source: youtube