American Olympians taking IRS bill home in addition to medals
Not only do our Olympic athletes have to pay taxes on their medals and prizes - chances are their competitors on the field will face no such taxation when they get home. Because the U.S. is virtually the only developed nation that taxes "worldwide"income earned overseas by its taxpayers, our Olympic athletes face a competitive disadvantage that has nothing to do with sports.
...current Americans competing in London would owe the IRS $8,986 for winning a gold, $5,385 for a silver and $3,502 for a bronze according to the report.
Swimmer Michael Phelps made history on Tuesday by taking home his 19th medal to become the most decorated athlete at the games in history and has ponied up his fair share of tax money over the years. Using those tax estimates, the Maryland native has paid as much as $132,808 to Uncle Sam so far for his 14 golds and 2 bronze medals earned prior to London. Toss in the three medals he's earned in 2012 and the total bill jumps to $152,564 and counting.
Sal
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