Taxes on Olympic Medals

A new bill has been introduced in the Senate in an attempt to exempt U.S. Olympic medal winners from paying federal taxes on their Olympic winnings.  At this time U.S. Olympic winners are required to include the value of their medals and prize money in their taxable income, and are taxed at 35%. This means that a gold medal winner taxable income would increase by $236 for their medal and another $8,750 for their prize money.  If this bill is passed it would amend the Internal Revenue Code of 1986 and eliminate federal taxes on Olympic medals and prize money. Read Full Article.

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