Congrats, Olympic medalists — you just won a giant bill from the IRS!8/2/2012
Winning an Olympic gold medal earns you a hometown parade and a ton of friend requests from people who ignored you in high school. That achievement also gets the attention of the IRS, which will congratulate our athletes by sticking them with hefty tax bills. Based on the $25,000 cash prize and the $675 value of its metal, gold medal winners will owe $8,986 in taxes (silver and bronze winners must pay $5,385 and $3,502, respectively).
Sen. Marco Rubio of Florida introduced a bill Wednesday that would exempt medalists from paying taxes on their winnings. "These Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it," the Republican senator said. [Source]
Should Olympians have to pay taxes on their winnings?