While there a few days rest before the windup ceremony at the Summer Olympics in Rio , American athletes have earnedat least85 medals – 28 gold , 29 silver , and 28 bronze – in various events at the Games . And despite historical victories byMichael Phelps , Katie Ledecky , andSimone Biles , it search like the true American Olympian ace is none other than the damnTax Man .
That ’s correct , phratry : American Olympic athletes competing in Rio are required to paystate and Union income taxeson the hard currency incentive they receive for winning medals at the Gamesandeven on the value of the actual medals they get to bring home , allot to areportbyUSA Today . The US Olympics Committee awards the Olympians $ 25,000 for amber decoration , $ 15,000 for silver medallion , and $ 10,000 for bronze medals , but because the IRS consider the winnings as bonus , they do n’t get to keep even close to all of the cash .
Olympians in the highest income bracket – with a tax rate of 39.6 % – will pay the high " triumph " taxes on their incentive ; specifically , as much as $ 9,900 for gold laurel wreath , $ 5,940 for silver palm , and $ 3,960 for bronze decoration , per the news report . With that state , medalists in lower brackets will have to separate over less money , but it ’s a revenue enhancement on the international sports glory they earned for their land , yet . As for the actual laurel wreath , the tax is base on the value of the materials : close to $ 600 for a gold , a little over $ 300 for silver , and bronze medals are n’t worth much at all , monetarily speaking .
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Perhaps unsurprisingly , lawgiver are hoping to change this with statute law that would let off athletes in the Olympics and Paralympics from paying any tax to the federal government on " the time value of any decoration or loot money , " according to areportby CNN . The bill , introduced by New York Sen. Chuck Schumer , passed in the Senate in July and could before long be considered by the House . single nation , too , would also have to go by similar legislating in order of magnitude to bring the Olympians ' taxation greenback for their medals down to zero .
Of of course , some Olympians do n’t have to occupy much , thanks to big endorsement deals and other financial breach for their success , butas CNN explains , that ’s unfortunately not the case for most American athletes compete in Rio , many of whom struggle to finance their Olympic dreaming .
Good thing they ’re doing it for the erotic love of their respective variation , and not the money .
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