IRS goes for Olympic gold

Olympics
Olympics

Since August 5th, the best athletes of the word have reunited to compete against each other at the Olympics and Paralympic Games in Rio, Brazil. People at home watch expectantly the performance of their countrymen since these athletes also represent their country and each award brings honor to the country.

The Internal Revenue Service is also very interested in the medals that each athlete receives, and not because they’re bringing honor to America’s name. It cares because, thanks to the “victory tax” it collects 39.6% of the money that the US Olympic Committee grants each awarded American athletes.

Although Congress disproves of this tax, the bill that would prevent the IRS from taking a cut of the Olympic prizes has not being passed.

“Our Olympian and Paralympic athletes should be worried about breaking world records, not breaking the bank, when they earn a medal,” said ‎Sen. Chuck Schumer, D-N.Y.

Sen. John Thune, R-S.D., commented that:

“These Olympians, who often become role models for younger athletes across the country, dedicate years of their life and own money representing the United States on the world stage. The least we can do in return for these athletes’ commitment and patriotism is to allow them to keep what they’ve earned during the Olympic Games,” Thune said

The US Olympic Committee awards $25,000 for those athletes who win a gold medal, $15,000 for those who win silver, and $10,000 who win bronze.

For example, gymnasts Simone Biles won 4 gold and 1 bronze medal. She will receive $110,000 and must pay the IRS $43,560.

Olympians and Paralympians are full time athletes. This is their job. They dedicate a lot to improve their craft and deserve the monetary awards granted by the US Olympic Committee.

“In no way do we think we are under-appreciated, but it goes a long way for us,” said Andrew Weibrecht, who won a silver medal at the 2014 Sochi Games. “A lot of us have families, and this is our living.”

Read more at The Western Journalism

Photo Credit to US Army