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Adam Elliott

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Paying For That Gold Medal

This doens't seem quite right.  Apparently Olympians have to shell out some significant bucks when they win an Olympic medal. 

A tax group breaks it down the costs this way:

Gold: Given the $25,000 cash award and the value of the medal itself ($675), recipients would owe the IRS up to $8,986
Silver: The cash award of $15,000 plus the medal itself ($385) equal a tax bill of up to $5,385
Bronze: The cash award of $10,000 plus the medal ($5) equal a tax bill of up to $3,502

After finding that out, Congress is working on a plan to stop taxing the athletes.  

That makes sense.  They are kind of promoting the country and it seems like they should't be run over by the tax man for it. 

 



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08/02/2012 7:44AM
Paying For That Gold Medal
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