U.S. taxes Olympians for medaling; GOP lawmakers trying to change policy

2/11/14
 
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from The Washington Post,
2/11/14:

U.S. Olympian and gold medalist Jamie Anderson.

Olympics enthusiasts aren’t the only ones watching U.S. athletes when they win medals. So too is the Internal Revenue Service, according to a Washington Post report.

The U.S. Olympic Committee awards cash bonuses for each medal: $25,000 for gold, $15,000 for silver and $10,000 for bronze. The IRS considers that as taxable income, with the rates depending on annual earnings.

Last week, Reps. Blake Farenthold (R-Texas), Walter Jones (R-N.C.) and Pete Sessions (R-Texas) took action to change that policy, proposing a bill that would exempt medalist earnings from the Olympic Committee starting this year. The House Ways and Means Committee is considering the measure.

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