The ‘Victory Tax’ on Olympic athletes

Denver, Colorado —Yesterday, August 19, 2016, Advancing Colorado released their position on the so-called “Victory Tax” – the 40 percent tax on gold, silver and bronze medals won by Olympians.

Men's and Women's Olympic Swimming.  National Aquatics Center

Men’s and Women’s Olympic Swimming. National Aquatics Center

According to FEE, the Foundation for Economic Education, “American Olympians earn $25,000 for gold medals, $15,000 for silver, and $10,000 for bronze, paid for by the U.S. Olympic Committee.” And according to the non-profit Americans for Tax Reform, “a gold medalist from Team USA could end up facing a tax bill of $9,900 per gold medal, $5,940 per silver medal, and $3,960 per bronze medal.” Michael Phelps’ tax bill could be as high as $55,000.

Advancing Colorado Executive Director Jonathan Lockwood released the following statement of disapproval:

“Even an Olympian cannot aim, box, canoe, bike, dive, ride a horse, fence, hit, row, tackle, run, swim, smack, jump, lift, or wrestle their way out of gangster government’s greedy, sharp claws. Lawmakers should cut our Olympians a break and allow them to keep the prize reward of all their hard work. It’s a total shame to have our nation’s representatives plundered by Uncle Sam as soon as they return from victory.”

 

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Categories: Celebrity, Government

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1 reply

  1. Is this sufficient prima facie acknowledgement, then, that ALL expenses athletes incur leading up to the receipt of such awards are defacto business expenses?

    And do their newly-assigned statuses jeopardize their ability to compete in the future given that they are now compensated professionals, not amateurs?

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