Being An Olympian Can Be Taxing
Posted by Martin C. Fox on August 28, 2016
Especially for US athletes.
The win is declared, the medal is awarded, the US IRS is waiting with a red-hot poker instructing the poor soul to grab his/her ankles.
This from Americans For Tax Reform. Crazy ol’ Grover Norquist and his gang.
|Medal Tax||Prize Tax||Total Tax Burden|
It gets even worse. Not only do our Olympic athletes have to pay taxes on their medals and prizes – chances are their competitors on the field will face no such taxation when they get home. Because the U.S. is virtually the only developed nation that taxes “worldwide” income earned overseas by its taxpayers, our Olympic athletes face a competitive disadvantage that has nothing to do with sports.
Like with most Americans this how the US government rewards hard work and success.
Be seeing you