Olympic Medal? Well Done, Now Pay Your Taxes: Uncle Sam.....
American medal winners at the Sochi Winter Olympics are liable for taxes on the cash earnings they receive form the U.S. Olympic Committee.
Those medals Americans have been winning at the Winter Olympics in Sochi come with a price. Uncle Sam wants his percentage, whether it's gold, silver or bronze.
The U.S. Olympic Committee awards cash prizes to medal winners ─ $25,000 for gold, $15,000 for silver and $10,000 for bronze. But the money is considered earned income abroad and subject to IRS taxation ─ as much as 39 percent.
That's why some politicians have revived a bill introduced in Congress at the time of the Summer Games in London to exempt those Olympic winnings as earnings. The bill never even came to a vote in 2012.
Many other nations do not tax Olympians for their medal prizes and some, such as Britain, don't give their medalists cash prizes at all.....snip~
Olympic Medal? Well Done, Now Pay Your Taxes: Uncle Sam - NBC News
So what say ye? Should the Olympians be Taxed?