Reasons Why You Don’t Want Olympic Gold, Courtesy of the IRS

from Kitco NEWS

Being the greatest athlete of all-time may come at a high price. Michael Phelps might be paying $55,000 in taxes for his five golds and one silver, won during this year’s Olympic Games in Brazil. According to the Americans for Tax Reform, the U.S. Olympic Committee grants its medalists with cash prizes — $25,000 for gold, $15,000 for silver, and $10,000 for bronze. But the IRS considers these amounts to be regular income, subject to taxation. Kitco News’ Daniela Cambone and TheStreet’s Scott Gamm discuss just how much the tax burden can be for America’s top athletes.

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