Winning an Olympic medal. It can be taxing.
And we're not talking about the hard work and stress that comes along with competing against the world's top athletes.
We're talking about the actual U.S. tax code, which applies to champions such as Gabby Douglas, Michael Phelps and Missy Franklin because they earn "honorariums" for finishing first, second or third in each event.
According to The Weekly Standard, the taxable income on a Gold is $8,986, a Silver is $5,385 and a Bronze is $3,500.
And we're not talking about the hard work and stress that comes along with competing against the world's top athletes.
We're talking about the actual U.S. tax code, which applies to champions such as Gabby Douglas, Michael Phelps and Missy Franklin because they earn "honorariums" for finishing first, second or third in each event.
According to The Weekly Standard, the taxable income on a Gold is $8,986, a Silver is $5,385 and a Bronze is $3,500.
For multi-millionaires such as Phelps - who
has already pocketed well into the seven figures via endorsements and
who likely be showing in commercials more often than Peyton Manning over
the next couple months - the tax is pocket change.
But for Franklin, a 17-year old yet to turn
pro, she could have a far more difficult time paying what should amount
to thousands in taxable income.
Is there a solution? Florida senator Marco
Rubio believes so, saying late last week: "Our tax code is a complicated
and burdensome mess that too often punishes success, and the tax
imposed on Olympic medal winners is a classic example of this madness."
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