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Olympian tax break?

posted August 23, 2016
With the Games closing, it’s a good time to write about Rio!
Phelps’ gold may come with a bonus. A bill to exempt the prize money that Olympians win for earning a place at Rio’s (and future) podiums passed the U.S. Senate in July. A similar bill was introduced in the House on Aug. 15 and should get a hearing when lawmakers return to Washington, D.C. after Labor Day.
Just out of curiosity, here are the numbers:
Gold medalist – $25,000
Silver medalist – $15,000
Bronze medalist – $10,000
With Phelps and Biles clearly tipping the scale, this totals $1.15 million for 2016 gold winnings, $550,000 for silver winners, and $380,000 for the bronze medals.
What is your opinion on the Olympian’s tax break?… Share it here!

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