Gee, this is a shocker: Olympic medal winners will owe LOADS of taxes on their winnings,. Gold medalists, for example, will be socked for $8,986, the result of taxes “owed” on both the honorarium they receive ($25,000) and the value of the &%#@ing gold medal ($650). Isn’t that disgusting?
The Internal Revenue Service, thanks to members of congress intent on making the rich “pay their fair share”, has been, for years, charged with going after all income earned by US citizens, no matter where it is earned. And naturally, New York’s Senator Chuck Schumer and cohorts have recently made sure the IRS stepped up enforcement of this century old tax provision.
According to Americans For Tax Reform, the United States of America is “virually the only developed nation that taxes ‘worldwide’ income earned overseas by its taxpayers.” The other country is some place called “Eritrea”, just north of Ethiopia (Yes, this will be on the test).
Florida’s Senator Mark Rubio has introduced a bill to eliminate the tax on Olympic medals. Ain’t gonna happen, not this year, anyway.