Go for the Gold! (Pay the IRS.)

[yellowcanine]

4. Uh - this assumes the Olympian is it the 35% tax bracket and then the tax would be on the

prize money accompanying the medal, not the medal itself. Theoretically the IRS could tax the medals themselves on their intrinsic value, but they don't. The only athletes paying the kind of taxes mentioned would be ones who are earning a lot more money elsewhere. And why shouldn't they? Prize money is considered income whether one is an Olympic athlete, Pulitzer Prize winner, Nobel Prize winner, or professional boxer. And why are we repeating right wing screeds here without doing a modicum of fact checking?

Note:Americans for Tax Reform is not a reliable source for tax information. They are a right wing lobbying group so they will naturally exaggerate and make assumptions which put any kind of tax collection in the worst light possible.

Oh and I should also note that athletes could deduct training costs, etc which they incurred in order to win the prize money. So even saying they would have to pay x amount of taxes on a $25000 prize is not necessarily accurate. That is like saying a business man pays 35% on gross income. Of course they don't.