The United States’ medal winners at the 2016 Olympic Games in Rio de Janeiro still must answer to Uncle Sam.
Team USA’s Olympic medal winners must pay taxes on the prize money they earn by succeeding in Brazil, according to CNN’s Ahiza Garcia. Moreover, winning USA Olympians must pay taxes on the value of the actual medals.
“The U.S. Olympic Committee awards $25,000 for gold medals, $15,000 for silver and $10,000 for bronze,” Garcia writes.
“Gold and silver medals are made mostly of silver, while bronze medals are composed of mostly copper. Rio’s medals are among the largest and heaviest ever and contain about 500 grams of either silver or copper.
“The value of a gold medal is about $564; silver is worth about $305. Bronze is worth a negligible amount so it’s not taxed.”
State and federal tax rates determine how much each America medalist must pay to their local and national governments.
Michael Phelps and Katie Ledecky who have won four golds and one silver medal so far in Rio can expect a heavier tax on their Olympic earnings than, say, USA basketball’s DeMarcus Cousins will pay (assuming he wins gold).
One of the only inevitable things in life is taxes. That’s just the way it is.
Thumbnail photo via Rob Schumacher/USA TODAY Sports Images