USA's Missy Franklin could pay close to $30,000 in taxes when she returns from London with her medal haul.
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LONDON -- For years you've trained by pushing your body to its limits, you've eaten so healthy you dream fruits and veggies, and you've finally achieved your ultimate goal: winning an Olympic medal. Now what? Pay the tax man, of course.
When the dozens of winning American athletes return stateside after the London Olympic games, they'll be rewarded generously by the United States Olympic Committee. For their Olympic success, athletes are awarded $25,000 for each gold medal; $15,000 for each silver; and $10,000 for each bronze.
And, much like most other American successes, those earnings are taxed. Heavily. Uncle Sam collects from medalists at a top income rate of 35%. That means 17-year-old swimmer, Missy Franklin, is now on the hook for over $20,000 in taxes after stroking her way to two golds and a bronze medal in the pool. By the time the games are over, Franklin could add to her medals haul and owe more than $30,000.
Winning a gold medal costs an athlete around $8,900 in taxes. A silver medal's tax would amount to about $5,400, while the bronze medal tax is $3,500. It all amounts to a hefty tab for Olympians, many of whom are still teenagers, when they return from Olympic competition.
Not without controversy, US Senator Marco Rubio introduced a bill on Wednesday that would eliminate the federal government's tax on Olympic medals. Rubio says the tax amounts to the government punishing people for their successes. “We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it,” Rubio has said.
The U.S. is one of the only nations that imposes tax on income earned abroad.
Northwest Ohio native, Jacob Wukie, will bring home a silver medal when he returns from the London Olympics. The Fremont Ross High School graduate and his archery team won the United States' first medal of the games on Saturday, July 28. Toledo's Erik Kynard will go for gold in the high jump when track and field competition gets underway Friday.
What do you think: Should Olympic athletes be taxed for making it to the medal stand? Should any successes by any Americans be subject to the same taxation? Share your thoughts below or on our Facebook page.