How does the U.S. government thank their returning Olympic winners for bringing glory to their country? It turns out they hand them a tax bill for their efforts.
Thus far during the London Games Team USA owes a combined $350,000 to the IRS for winning 36 gold, 18 silver and 19 bronze medals.
For each gold medal won, the USOC pays the athlete $25,000. Silver medalists get $15,000 and bronze winners are paid $10,000. Uncle Sam taxes the money at a rate of 35 percent, plus the value of the medal based on the current commodities price; gold $675, silver $385 and bronze $5.
A bill was introduced by Senator Marco Rubio on Wednesday that would eliminate the tax American athletes must pay for their work in London.
He told reporters, “Our tax code is a complicated and burdensome mess that too often punishes success. And the tax imposed on Olympic medal winners is a classic example of this madness.”
Photos: Twitter-Ryan Lochte, Twitter-Missy Franklin, Twitter-Gabby Douglas, Twitter-Michael Phelps