There’s been a bit of an uproar in the financial media about US Olympians being taxed for winning medals in their competitions.
The tax kicks in because the US Olympic Committee pays $25,000 for a gold medal, $15,000 for silver, and $10,000 for bronze. This money is considered income and is then taxed by the US government regardless of where the income is earned. Other countries do not tax their medalists and in some cases pay them even more.
Do you think it is fair to charge tax on Olympic earnings?
If you know an Olympian that needs some financial advice, here are some tips:
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