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Bummer: Olympian Medalists Owe Major Taxes on Winnings

Tad6 Wrote: Aug 03, 2012 12:10 PM
There taxes are on the money they are rewarded, which is taxed as ordinary income

If you're anything like me, you've spent the last few days absorbing every Olympic event in which the United States has competitors (so, yeah, sorry handball), and cheering on the amazing American men and women who are winning medal after medal. They represent our country with grace, and win with honor, all while providing us an opportunity to revel in the fact that we live in the greatest country on earth.

Thus, I found it absolutely galling to learn that the US government congratulates the medalists with a big, fat tax bill when they return stateside. Oh yes: Olympic...