Millions of Americans are tuning in to watch our nation’s young athletes break world records and win Olympic gold in Rio.
The incredible athletes have been amazing, and have made us proud. They have trained for a lifetime, and have become the best.
The U.S. Olympic Committee gives $25,000 to every athlete who wins the gold medal (Silver medalists earn $15,000 and bronze medalists earn $10,000). But now, President Barack Obama’s Internal Revenue Service (IRS) will require those athletes to pay more than 1/3rd of their earnings in taxes!
Famous swimmer Michael Phelps, for example, has won three gold medals and will earn $75,000. But he will be forced to pay at least $29,000 in taxes to the IRS.
This is called the “victory tax” which has bi-partisan opposition in Congress. However, a bill is yet to be passed to stop this outrageous tax on our athletes.