in the pocket book!
America’s winning Olympians are responsible to the IRS for the taxable income that gold, silver and bronze medals represent when they return from the quadrennial summer games. In fact, they are taxed at the top income rate – 35 percent – and, while the commodities price for the precious metals is less than $1,000 for each prize, the prize taxes that the athletes must pay is far greater.
The prize taxes for a gold medal honorarium of $25,000 is pegged by ATR at $,8750. Combined with the tax on the medal itself, a gold medalist will have to pay the IRS $8,986. A silver medalist must pay $5,385 on the medal and the $15,000 honorarium and a bronze medal winner must pay $3,502 on the medal and the $10,000 honorarium.
