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

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from The Washington Post,

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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