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Winning at a Cost

Medal Winners Being Taxed on Medals

Usain+Bolt+was+one+of+many+Olympians+that+will+have+to+pay+taxes+on+multiple+medals.
Usain Bolt was one of many Olympians that will have to pay taxes on multiple medals.

Usain Bolt was one of many Olympians that will have to pay taxes on multiple medals.

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Usain Bolt was one of many Olympians that will have to pay taxes on multiple medals.

Max Boone and Ethan Pocci, Journalist

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The idea that Olympic athletes pay a price for all their hard work in preparing for their events every four years, has taken on new meaning as reported by USA Today.
The Rio Olympics have come and gone and while the United States ran away with the overall medal count, it wasn’t all coming up gold. This year, after the 2016 Olympics, many Olympians went home victorious but little did we know with every medal comes a cash prize. Although this cash prize isn’t what it seems, Olympians earn cash depending on what medal they earn, but the money they receive isn’t all for their keeping.
USA Today, has recently said that the I.R.S.(International Revenue Service) has been taxing the Olympians for the money they make. Olympians receive $25,000 for winning gold, $15,000 for silver, and $10,000 for bronze, but gold medalists are taxed up to $9,900, silver are taxed $5,940, and bronze $3,960. Olympians such as Michael Phelps have been taxed up to $55,000 from this year’s Olympics.
People may say that this is not right, but it is legal because the government makes these taxes as home income. Movements are being made to stop these taxes. “This year, Sens. John Thune, R-S.D., and Chuck Schumer, D-N.Y., sponsored a similar bill to eliminate taxes on Olympic and Paralympic athletes. The bill passed the Senate in July.”-USAToday.
People such as Usain Bolt are worth over 60 million dollars but they still do not think that they deserve to be taxed for winning a medal. In the 2012 London Olympics, Usain Bolt refused to run in the UK until the tax laws were changed.

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Winning at a Cost