American Olympic Athletes To Pay Taxes on Medals & Prizes Earned in London (and Other Interesting Olympic Tidbits)

August 1, 2012

I don’t know, maybe it’s because they didn’t build that Olympic Stadium or the roads leading to it, but American Olympians who win gold medals this year will face nearly $9,000 in federal income tax per medal, and silver medalists will pay a bit over $5,300. According to Americans for Tax Reform these hard-working athletes representing the United States face a top income tax rate of 35% even though I’d venture to say hardly any of them are millionaires or billionaires.

That’s a 19-medal smile!

Isn’t that beautiful?

Yes, sadly the USA is the last of the developed countries to tax income produced outside the country. Another good example of why we need comprehensive tax reform. Don’t try a do-over. It’s too screwed up. Do a flat tax a fair tax or maybe even the 9-9-9, but the current tax code stinks!

Other Interesting Olympic Tidbits:

  • The 1912 Olympic games in Sweden was the last time gold medals were made of solid gold.
  • It’s up to the host country to make the medals which are now alloys. London’s gold medals weigh just under a pound and contain gold, silver (92.5%) and copper.
  • Eight female badminton players (from China, Indonesia & S. Korea) were disqualified from the 2012 Olympics for intentionally losing early matches to draw easier opponents going forward.
  • Police recovered Tristan Gale’s 2002 gold medal from the Salt Lake City Games (skeleton-racing champion) at a local pawn shop a week after it was stolen in a burglary.
  • A gold medal from the 1980 “Miracle on Ice” hockey team was auctioned in 2012 for $310,700.
  • During the Opening Ceremony last week NBC censored out a 6-minute tribute to victims of the 2005 London subway terror attack victims cutting to a Ryan Seacrest interview with Michael Phelps.
  • Further emphasizing that Islamic terrorism does not exist, the IOC rejected repeated calls for a moment of silence at the London games for the 11 Israeli athletes & coaches murdered in 1972 in Munich (this is my first memory of Islamic terrorism 40 years ago).
  • Mitt Romney served as President of the Salt Lake City Winter Olympic committee UNPAID for 3 years and put the money-losing venture into the black.

Aloha, Mikie ~just a blogger (fightin’ like a girl)

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