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

Google Offers $1 Million for Chrome Hacks

Google will pay up to $1 million to those that can hack its Chrome browser and expose and exploit potential threats, Forbes has said.

Chrome is participating in an annual hackathon called Pwn2Own, held next week at the CanSecWest security conference in Vancouver. For the last three years of the competition, Chrome has been left untouched while hackers have taken down browsers including Firefox, Internet Expolorer, and Safari, Forbes said.

“While we’re proud of Chrome’s leading track record in past competitions, the fact is that not receiving exploits means that it’s harder to learn and improve,” Google explained in a blog post. “To maximize our chances of receiving exploits this year, we’ve upped the ante.”

Google isn’t just rewarding hacks in Chrome. The company will pay $20,000 for a hack exposed in Windows, Flash, device drivers, or for general bugs that could fell any browser. It will pony up $40,000 for a partial Chrome exploit and it will pay $60,000, up to the million dollar limit, for full Chrome exploits and bugs that only exist in Chrome.

It’s not a winner-takes-all competition. The prize money will be spread out across various competitors, up to $1 million. Google will also give the winners Chromebooks. Successful hackers will be required by Google to deliver full reports of their exploits.

Source: Digg

Image: Myce