YOUNGSTOWN, Ohio (WYTV) – If you win a medal in the Olympic Games, do you win anything else?
If you’re an American, the United States Olympic Committee also awards you money, and the Internal Revenue Service is right behind.
Win a gold, get $25,000. Silver gets you $15,000 and bronze earns you $10,000.
The prize is considered income, and income gets taxed.
Depending on your tax bracket, for a gold medal, your taxes could be anywhere from nearly $1,000 to $3,700.
Michael Phelps has won five gold and one silver medal, winning $140,000. His tax bill is $55,440 because he’s in a high tax bracket.
Senator Marco Rubio tried to pass a bill in 2012 exempting Olympians from the IRS tax grab, but it didn’t go anywhere then. But the Senate did pass it in July and will be circulating in the House of Representatives next month.
If it passes, this year’s winners would be able to keep all of their money.
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