News

Actions

Olympic medals are taxed and expensive

Posted at
and last updated

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.

Download the ABC2 News app for the iPhone, Kindle and Android.