Did 'YOU KNOW', well I sure didn't: Olympians are charged TAXES per Medal that they've WON?

Here’s How Much US Olympians Are Taxed for Each Medal They Earn With Their Own Blood, Sweat & Tears
By Virginia Kruta  
           
As Michael Phelps became the most decorated Olympian in history, he also achieved another distinction that no one really talked about: he’s the most taxed Olympian in history.
That title is one that’s reserved primarily for American athletes — despite the fact that many other nations pay their athletes much more to compete in the Olympics, most don’t tax their winnings. Americans for Tax Reform called it “backward” in 2014:

“The only thing colder than the slopes at Sochi is the fact that any prizes awarded by the USOC will be taxed.  The U.S. has officially ‘earned the gold’ for having one of the most backward and illogical tax codes in the world.”

Take Michael Phelps, for example. He has won 23 gold medals — 28 medals altogether. And with those medals come prize money — $25,000 per gold, $15,000 per silver, and $10,000 per bronze, making his prize money total $640,000.
Phelps was taxed not only on that but the value by weight of the medals themselves — adding an additional $13,887 to his already impressive total.
The amount each athlete is taxed varies by tax bracket, but someone whose income places them in a higher tax bracket, like Phelps, could see a tax rate as high as 39.6% — or $257,631. Athletes in the lower brackets could still owe 15% or more.
What does that translate to for each medal? Well, at the maximum 39.6% tax rate an athlete would owe…
$9,900 for winning a gold medal.
$5,940 for winning a silver medal.
$3,960 for taking home a bronze.
Athletes can offset those taxes by claiming deductions for the expense of training and competition. For example, swimmer Missy Franklin’s parents noted at the 2012 Olympics that she spent up to $100,000 per year on training and equipment.
But new federal legislation could end the need to do that. According to the Washington Post:

The Senate passed a bill in July to do just that. It was sponsored by Sen. John Thune (R-S.D.) and cosponsored by Sen. Chuck Schumer (D-N.Y.).

WaPo notes that while Congress is in recess right now, the bill is expected to get a House committee hearing once it returns in September.
It’s not like legislators haven’t been trying to address the issue for years. Texas GOP Rep. Blake Farenthold re-introduced the TEAM Act (“Tax Exemptions for American Medalists”) in 2014, saying:

“This needless tax illustrates how complicated and burdensome our tax code has become. We need a fairer system for all, and eliminating this unnecessary tax burden on our athletes is a good way to start.”

While similar legislation has been supported by Florida Senator Marco Rubio, New York Senator Chuck Schumer, and President Obama, it should be noted that Olympic prize money is not necessarily singled out. Nobel Prize winners are also taxed on their $1 million prize.
http://ijr.com/2016/08/673092-heres-how-much-us-olympians-are-taxed-for-each-medal-they-earn-with-their-own-blood-sweat-tears/?utm_source=facebook&utm_medium=owned&utm_campaign=ods&utm_term=beingmommy&utm_content=culture

Claim: U.S. Olympic medal winners have to pay taxes of up to $9,000 for each gold medal they earn.
mixture

WHAT'S TRUE: U.S. winners at the Olympic Games are required to pay taxes on their prize money and medals.
WHAT'S FALSE: All such winners are obligated to pay thousands of dollars in taxes.
http://www.snopes.com/politics/taxes/olympics.asp
Over the years, members of Congress have offered various proposals to exempt U.S. Olympic medalists from being required to pay taxes on their winnings, without success so far. But they're still trying, and on 12 July 2016 the U.S. Senate passed a bill (SB 2650) sponsored by Senator John Thune of South Dakota titled "United States Appreciation for Olympians and Paralympians Act" that seeks to exclude as taxable income prize money and medals won through competition in the Olympic Games or Paralympic Games:

Gross income shall not include the value of any medal awarded in, or any prize money received from the United States Olympic Committee on account of, competition in the Olympic Games or Paralympic Games.

The gold medal consists of just over 1 percent actual gold. The rest is made up of 92.5 percent silver and 6.16 percent copper — and is only worth about $644.
The silver medal is a modification of the gold medal. The gold is replaced with more copper, making the medal worth around $330.
The bronze medal is made of 97 percent copper, 2.5 percent zinc and 0.5 percent tin — and is only worth about $4.70.
This bill still has to be passed by the U.S. House of Representatives and signed by the President before becoming law.

WhoseYourWolfie wrote:

DON'T FORGET,  4ever...

The Olympians got to go to the the Olympics because of government backing (public monies) and corporate sponsorships..

THE US government and businesses spends $$billions$$ to get teams to Olympic games and World championships.
Taxing winnings simply means your guvm'nt is clawing back some of it's expenditure --  which will certainly be far exceeded by their continuing support of various sports next year..

Michael Phelps will have earn't $$millions$$ in endorsements over the last couple of decades, so he won't miss paying a few thou' in extra tax this year !!!
He would have stopped being a genuine "amateur" once those endorsements and scholarships began after his first world records, all those years ago..