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发帖数: 1670 | 1 U.S. Olympic medal winners will owe up to $9,000 to the IRS.
WASHINGTON, D.C. — While 529 hardworking athletes proudly represent the
United States in the 2012 Olympics, any medals and money they earn wearing
red, white and blue will be taxed by the IRS. According to research done by
the Americans for Tax Reform Foundation, U.S. Olympic athletes are liable to
pay income tax on medals earned and prizes received at the London games.
American medalists face a top income tax rate of 35 percent. Under U.S. tax
law, they must add the value of their Olympic medals and prizes to their
taxable income. It is therefore easy to calculate the tax bite on Olympic
glory.At today’s commodity prices, the value of a gold medal is about $675.
A silver medal is worth about $385 while a bronze medal is worth under $5.
There are also prizes that accompany each medal: $25,000 for gold, $15,000
for silver, and $10,000 for bronze.So how much will U.S. Olympic medal
winners have to pay in taxes to the IRS?
Medal Tax Prize Tax Total Tax Burden
Gold $236 $8,750 $8,986
Silver $135 $5,250 $5,385
Bronze $2 $3,500 $3,502
American gold medal winners will pay the IRS up to $8,986. Silver medal
winners will pay up to $5,385. Bronze medal winners will pay up to $3,502.
It gets even worse. Not only do our Olympic athletes have to pay taxes on
their medals and prizes – chances are their competitors on the field will
face no such taxation when they get home. Because the U.S. is virtually the
only developed nation that taxes “worldwide” income earned overseas by its
taxpayers, our Olympic athletes face a competitive disadvantage that has
nothing to do with sports. |
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