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.

Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: http://www.kitco.com/newsletter

Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: http://kitcomm.com — Or join the conversation on social media: @KitcoNewsNOW on Twitter: http://twitter.com/kitconews — Kitco News on Facebook: http://facebook.com/kitconews — Kitco News on Google+: http://google.com/+kitco — Kitco News on StockTwits: http://stocktwits.com/kitconews