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Patch Poll: Should Olympians Be Taxed for Winning?

Do you think Olympic champions should be taxed on their medals and prize earnings?

The Olympics are a celebration of athleticism and pride for your country. But when those Olympians return home to the U.S. with their medals, they can expect a little more than a congratulations from the IRS.

According to the Huffington Post, Olympians' medals and prize money are both subject to income tax.

A gold medal, which is worth $650, according to CNN, could cost athletes about $236 in taxes. While a bronze metal, which is worth $5, could only cost an athlete $2 in taxes

In addition, the U.S. Olympic Organizing Committee will award London champions $25,000 for a gold medal, $15,000 for silver and $10,000 for bringing home a bronze, Reuters reports.

Huffington Post reported that at a 35 percent income tax rate, bronze medalists will owe the IRS a total of $3,500, silver medalists will owe $5,250 and top finishers will be liable for $$8,750.

Do you think Olympians should be taxed on their medals and prize money? Vote in the poll below to let us know what you think! Patch will reveal the winner Friday afternoon.

Faydeen Sateriale August 09, 2012 at 01:00 PM
Don't tax them at all for those precious metals!!! The Olympic Games generate more revenue for every country participating in two weeks than taxing the young, dedicated athletes that have given up A LOT to get to that Olympic Moment!! Just my 2-cents!!!
Rose Johnson August 09, 2012 at 02:48 PM
I totally agree. Are they going to tax the air we breathe next?

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