US Olympians who medal in London get to share some of their glory with the IRS. The group Americans for Tax Reform (a Grover Norquist production) breaks it down this way:
- Gold: Given the $25,000 cash award and the value of the medal itself ($675), recipients would owe the IRS up to $8,986
- Silver: The cash award of $15,000 plus the medal itself ($385) equal a tax bill of up to $5,385
- Bronze: The cash award of $10,000 plus the medal ($5) equal a tax bill of up to $3,502
On the heels of that report, Marco Rubio introduced a measure in the Senate today to immediately stop the practice of taxing successful Olympians, reports ABC News. “We need a fundamental overhaul of our tax code, but we shouldn’t wait any time we have a chance to aggressively fix ridiculous tax laws like this tax on Olympians’ medals and prize money,” he said. His measure would apply to awards won after 2011.