Michael Phelps, Simone Biles and more of the U.S.A.'s medaling Olympians paid their dues to achieve greatness in Rio - and they may not owe anything more than that. Congress has agreed to consider a new measure that would exempt Olympians from paying taxes on their Rio winnings, according to Politico. In addition to their medals, athletes are also awarded prize money from the U.S. Olympic Committee: $25,000 for gold, $15,000 for silver and $10,000 for bronze. These awards are taxable by the IRS - just like a lottery jackpot or game show winnings. The fees have been dubbed the "victory tax.
- 8/24/2016
- by Lindsay Kimble, @lekimble
- PEOPLE.com
Michael Phelps, Simone Biles and more of the U.S.A.'s medaling Olympians paid their dues to achieve greatness in Rio - and they may not owe anything more than that. Congress has agreed to consider a new measure that would exempt Olympians from paying taxes on their Rio winnings, according to Politico. In addition to their medals, athletes are also awarded prize money from the U.S. Olympic Committee: $25,000 for gold, $15,000 for silver and $10,000 for bronze. These awards are taxable by the IRS - just like a lottery jackpot or game show winnings. The fees have been dubbed the "victory tax.
- 8/24/2016
- by Lindsay Kimble, @lekimble
- PEOPLE.com
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