When Olympians on Team USA bring home the gold, silver, and bronze, we should give them a salute – not a tax bill.
The gold medal itself is – monetarily – worth only about $500, and the U.S. Olympic Committee also awards a cash prize, topping out at $25,000 for a gold-medal finish. U.S. Rep. Bob Dold (R-Kenilworth) says Olympic winnings should be exempt from taxation.
“We have five Olympians in the 10th Congressional District,” says Dold. “As someone who is very proud of the work our Olympians are doing, and our Paralympians as well, this is, in essence, a tax bill.”
Now, if your athletic prowess earns you a contract to, say, appear on a Wheaties box, the tax on those earnings is indeed up to you.