U.S. Athletes To Face Huge Tax Bill After Olympics

When Olympic medalists return to the United States, they’re in high demand. Everyone, from Michael Phelps to a bronze medalist in judo will be sitting for television interviews, talking to newspapers, going to assemblies at local schools and celebrating with friends, family and young athletes. They’ll also draw some unwanted interest from everyone’s favorite bureaucrats: the IRS.

Medalists will have to pay hefty taxes for standing on the podium in London. It’s not the value of the medal itself that will require a separate line on this years tax returns, it’s the tax on the prize money that comes with a gold, silver or bronze. The United States Olympic Committee rewards Olympic medalists with honorariums. A gold medal brings $25,000. Silver medals get you $15,000. And a bronze is worth $10,000.


The Weekly Standard, a conservative news magazine, ran the numbers and tabulated that the tax bill on a gold is $8,986, silver is $5,385 and bronze is $3,500. They note that Missy Franklin, an amateur who has yet to cash in on her fame with endorsements, already owes $14,000 in taxes from her gold and silver medal. By the time the Games are finished, Franklin’s tax bill could reach $30,000.

Come on, government. I know you’re as inflexible as the IOC and couldn’t decide on pizza toppings unless a bipartisan commission deliberated for 13 days, but you can’t make an exception to athletes representing our country in the biggest event in the world? It’s not unheard of: Military members are exempt from taxes when they’re deployed in a combat zone.

What can you say about the tax code that governs U.S. Olympians? Does it warrant revision? Share your thoughts with us!

Source: Yahoo News

Image: CBS News

British Athletes Warned Against Shaking Hands at the Olympics

The British Olympic Association has warned its athletes not to shake hands with other athletes, visitors and dignitaries during the upcoming Summer Olympics due to fears of spreading illnesses. It is feared that sickness could affect the British medal count.

Oh, you cheeky Brits, it’s cute that you think the reason you won’t be winning medals will be because of infectious disease. (Joking. Great Britain was fourth overall with 47 medals at the last Olympics and figures to improve on that total in 2012.)

The BOA later backed off from the severity of the statement, tweeting that athletes should use common sense. Common sense and hand sanitizer.


How is thing going to work, exactly? What is a British runner supposed to do if a foreign counterpart offers a congratulatory handshake? Smother herself in Purell before accepting? When a British diver wins a medal, how does he accept it from the elderly gentleman handing it to him? With a celebratory chest bump? Is it cool to wear gloves during events, thus avoiding post-event hand-to-hand contact? All these questions really should have been covered in the etiquette guide.

Shoot, it’s a good thing protocol dictates that subjects bow to the Queen rather than shake hands. It could have been a little awkward for athletes to fist bump her during the Opening Ceremony.

Source: Yahoo News

Image: The Telegraph