US Olympic Gold Medalists Taxed Nearly $9,000 on Winnings
America’s victorious athletes aren’t only being given the gold, but they’re also getting a visit from Uncle Sam! Our Olympic athletes will be forced to pay thousands of dollars in taxes on their winnings once they return from the games.
Rep. Blake Farenthold is fighting to put an end to this practice. Farenthold told the Fox and Friends crew, “We need to say thank you to our athletes who do so much for our country, and we need to highlight the fact that we’re one of the few countries in the world that taxes income worldwide.”
The maximum taxes due are $3,502 for a bronze medal, $5,385 for a silver, and $8,986 for a gold.
Farenthold said, “Every time you see somebody getting a medal, just think cha-ching – we need tax reform!”