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Olympic medals are taxed and expensive

Posted at 5:10 PM, Aug 16, 2016
and last updated 2016-08-16 18:59:24-04

Olympic medals are beautiful and hold a lot of meaning. There's a bonus; with each one, the winner gets money. But the medals are also really expensive.

The U.S. Olympic Committee awards Olympic winners money depending on how they placed. Gold winners get $25,000, silver winners get $15,000 and bronze gets $10,000.

Not bad for being the best in the world at a sport.

However, like most things in America, there's a tax. Winning gold costs Olympians $9,900. Silver costs $5,940, and bronze costs $3,960.

There's currently a bill in the works that would make medals and prize money tax exempt. At this point, it has passed the Senate and it's in the House.

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