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U.S. Athletes Who Win Medals in The Olympics Will Pay Taxes on Them When They Get Back Home
Just in case you thought American pride would exempt these athletes from answering to Uncle Sam, think again. Any United States athlete in Rio de Janeiro that wins a medal during the Olympics will have to pay taxes for it when they get back home.
According to CNN’s Ahiza Garcia, winning USA Olympians must pay taxes on the value of the actual medals.
“The U.S. Olympic Committee awards $25,000 for gold medals, $15,000 for silver and $10,000 for bronze,” Garcia writes.
“Gold and silver medals are made mostly of silver, while bronze medals are composed of mostly copper. Rio’s medals are among the largest and heaviest ever and contain about 500 grams of either silver or copper.
“The value of a gold medal is about $564; silver is worth about $305. Bronze is worth a negligible amount so it’s not taxed.”
“State and federal tax rates determine how much each America medalist must pay to their local and national governments.”
To put that in perspective, Italy pays their gold medal winners $182,000 while America pays $25,000, then taxes bring it down to $10,000.
For mega athletes like Michael Phelps, who currently has 22 Gold Medals in his career, it won’t hurt as much as his net worth is $55 million. For others just starting, it’s a big hit in the pockets.