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.
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.”