Win an Olympic Medal, Pay the IRS

What better way for the U.S. government to "thank" our Olympic athletes for all the years of hard work, enormous efforts, and many personal and financial sacrifices in pursuit of excellence than to compel them to pay taxes on their Olympic medals and prize money?  Yes, my fellow Americans, U.S. Olympians must pay income taxes on both the medals and the prize money granted for gold, silver, and bronze. Besides the actual gold, silver, and bronze medals awarded for the top three Olympians in each event, prizes are also awarded.  For the London Olympics, athletes receive $25,000 for gold, $15,000 for silver, and $10,000 for bronze. According to the IRS, American medalists must report as income not only their prize money, but also the market value of the actual metal in each medal they win.  As Americans for Tax Reform explains, based on current commodity prices, a gold medal is worth approximately $675, a silver medal is worth about $385, and a bronze medal is worth under...(Read Full Post)