If you thought the USA Olympic team's greatest foe was China, you're as wrong as communism. China is actually our greatest tailor. Besides, China taking our gold medals is preferable to them taking our gold reserves. The real foe is another country — USA! USA! USA!
Athletes who win a gold medal also earn a $25,000 honorarium — and with it an $8,986 tax bill to the IRS, according to Americans for Tax Reform, which crunched the numbers. That covers both the honorarium and the tax on the value of the gold in the medal itself.
The silver medal tax comes to $5,385, and the bronze medal tax is $3,502 — including $2 for the value of the bronze medal itself, and the $10,000 honorarium.
That could leave amateur athletes — in many cases still teenagers — facing stiff tax bills when they return to the U.S.
Just when all hope was lost, conservative dreamboat Marco Rubio comes to the rescue in sails made out of his own luxurious hair to achieve the impossible — making us agree with Marco Rubio on taxes…
"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," the Florida Republican said.
Rubio introduced a bill on Wednesday exempting athletes from paying taxes on their wins. Kind of hard to argue against that. But can we all agree Olympic athletes should be taxed extra for any money made convincing out-of-shape Americans that eating at Subway counts as exercise?
Photo by Adam Pretty/Getty Images News/Getty Images
Tags: Americans for Tax Reform, Marco Rubio, Olympics, Sports, Taxes