After enduring the hardships, frustrations, trials, tribulations, setbacks, you finally succeed in making it to the Olympics to represent your country. There all the years of training and dedication finally pay off and you finish in the number 1, 2, or 3 spot, claiming a metal that shows the entire world you are indeed the best or among the best in the world. And then what...
If you are an American, the IRS comes knocking on the door with its hand out taking its "fair share" of your earnings.
Go for the Gold! (Pay the IRS.)
10:35 AM, Aug 1, 2012 • By JONATHAN V. LAST
Even by the standards of our government, the numbers are insane.
For instance: Americans who win bronze will pay a $2 tax on the medal itself. But the bronze comes with a modest prize—$10,000 as an honorarium for devoting your entire life to being the third best athlete on the planet in your chosen discipline. And the IRS will take $3,500 of that, thank you very much.
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