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

Norwegian Swimming Champ Alexander Dale Oen Dies At 26

Norwegian swimming champion Alexander Dale Oen has died in the US, aged 26, Norway’s swimming federation says. He was found collapsed in a shower late on Monday after training in Flagstaff, Arizona, Norwegian media say. Officials said he had suffered a cardiac arrest. Emergency services arrived at the scene within minutes but were unable to revive him.

Dale Oen won gold in the 100m breaststroke at the World Championships in Shanghai in July 2011. His triumph came just days after the attack in Norway by Anders Behring Breivik which killed 77 people.

Per Rune Eknes told national broadcaster NRK that it was the blackest day in the history of Norwegian swimming. Norway’s Prime Minister Jens Stoltenberg expressed his sorrow at the death of the swimmer.


Dale Oen’s last tweet on Monday, as he was coming to the end of training in the US, said: “2 days left of our camp up here in Flagstaff, then it’s back to the most beautiful city in Norway #Bergen”.

Dale Oen was born in Bergen, Norway’s second largest city, and began swimming at the age of four. He got his international breakthrough in 2005 when he came seventh in the 100m breaststroke during the World Aquatics Championships in Montreal, Canada. He won silver at the 2008 Olympics in Beijing, Norway’s first Olympic swimming medal, and was considered a strong hope for this summer’s London Games.

Could the champion swimmer’s death have a large bearing on the Olympics? Share your thoughts with us!

Source: BBC News

Image: Tributes