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This Is Why American Olympians Cry On The Medal Podium


2012-olympic-medalsMany Americans love to watch the Olympics and I am among them. I admit that this year I have not viewed as much as I’d like to. I actually prefer the Winter Olympics with hockey, snowboarding and ski jumping. However, what most people are unaware of is that Olympians win those medals and yet, according to U.S. tax law they must add in the value of their medals and prize money to their taxable income. Yes, they get prize money as well.

The gold medals, which are mostly comprised of silver bring a nice commodity price of $675, while the silver is worth about $385 and the bronze brings in a whopping $5. But the prize money with each medal is a bit better: $25K for gold, $15K for silver, and $10K for bronze.

Now if an athelete picks up an endorsement, which many do, then the money can skyrocket exponentially.

While Obama is declaring, “You didn’t build that to business owners” and wants to claim infrastructure and other things, remember that these Olympians have trained most of their lives for these moments and when they win, they lose. They lose 35% of their winnings to Uncle Sam to build that infrastructure and prop up worthless welfare programs, but they are the ones doing it, not the government. These athletes are in essence their own business. They train and perform and are awarded by their performance just like any business.

According to Americans for Tax Reform, the break down the tax burden for American Olympians based on their performance, and by the way just to be clear, Yes Obama they did actually do it.

American medalists face a top income tax rate of 35%! As a result you see that a gold medalist bears a tax burden of nearly $9,000 per medal, a silver medalist bears a tax burden of almost $5,500 per medal and a bronze medalist has tax burden of $3,500.

So during the midst of the playing of the Star-Spangled Banner in the medal ceremonies, with hands placed over their hearts there is a reason for the tears that follow: It’s the weight of Uncle Sam’s tax burden hanging around their necks.




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  • Savedru

    Time for everybody to join the American Tea Party.

  • Carlos Cesena

    I train and coach my wrestler, son. I can’t tell you the expense, traveling to tournaments year round and if you want to wrestle with good wrestlers and you’re at a school that doesn’t support its program, you have to travel all week.

    He was a late starter so it started in high school but he wanted to be good so we invested outside if the school. The rest of the school wasn’t able to compete at elite tournaments so I funded them. The head coach started on day 1 of the season and went dark after my son’s last competition of the season. Once, the school paid for a very modest room for two days at the state championships.

    I hate to think of the expenses if he ever makes it to the Olympics.

  • forthegood

    This is a convoluted issue. I would bet most of the althletes training was paid for by the parent or community. Yes, the contender put in a lot of time and effort but so do most business people. The medal is a gift. If I won a car I would pay gift tax. Perhaps these people have spent so much time training that it is a shock when reality hits. Wait till they get those million dollar advertising contracts. Then they will be 1%’ers. Oh, the hard life sitting in those million dollar homes with their Beemers in the garage. Don’t get me wrong, I don’t deny them anything, they earned their reward. Just shut up and take your medicine like we all do.

  • Gringo Infidel

    A penny earned is a penny taxed!

  • Dorothy

    the medal it self should not be tax’s endorsement is another matter

  • J. F. D. Smit

    Just like those athletes would not have the money for the Ol’Barman’s taxes without getting paid for performance, same way those businesses would not have the money for his income thefts. Those customers needed to do business. If the business did not have the goods there’d be no business done. I’d say the owners pretty much built the business, the athletes pretty much worked for their money. No Human Right Equality at the olympics…

  • RangerInParadise

    What kind of freakin’ SICK mind dreamed up that kind on tax on Olympic medals? Had to be one like Obama’s – “It’s all MINE. Gimme, gimme, gimme!” Or Mooch-elle’s, “It’s OURS, we’ll just take it!”

    True, the Olympics have long ago lost the pristine pure image of amateur competition, but holy cow! Payments, taxes, yadda-yadda. What next? A 4th, 5th and 6th level for the competitor’s accountant? Passing the baton to your CPA? Winner of the 100 meter dash gets to file first?

    Tough to find anything in the works of man that isn’t disgustingly corrupted anymore. Thy Kingdom Come!!

  • billwhit1357

    This is unbelievable! They work all their lives to win, they bring Honor to America when they win, and then the disgusting Federal Government wants to Tax them! Disgusting!

  • jim

    so why do all the training at there own expence and win if they are going to be taxed on there medales.most other govermen t ‘s pay the atheleats expences

  • http://www.facebook.com/barbjeanpatton Barb Patton

    I wonder if the ayatollah barack hussein obama and his thugs will be standing waiting for the plane to land with their hands stretched out to collect those medals, hold them in the air, and yell LOOK WHAT I DID ALL BY MYSELF – the very thought that these medalist have to give it to there hard earned winnings to the likes of the ayatollah and he brags about it makes me puke – pass me the slop bucket…

    • Carlos Cesena

      “You didn’t do that! Your government made that possible!”

    • Rod Bogoyovich

      O blunder needs that tax money so that the (West side of Chicago ) Pig he’s married to can take another tax payer paid vacation

  • ellen

    I agree with Obama HE didnt get there all by himself. Many people, communists among them, along the way propped him, and molded him for a socialist takeover of our USA, and put him in the White House. He was speaking only for himself.

  • paul

    Just what we need, another revision to the 72,000 pages of tax code. How about we replace the incomes tax with a national sales tax.

  • Sarg

    I unerstand the U.S.A. is the only country that tax Olympians!!

    • Jackie

      I think it is one of only a few countries that do not support these athletes financially with the training costs.

  • Robert

    Our tax system is so screwed up that is unbelievable. Our athletes now have a far better than we did back in the 60s. In the old days if you wanted to compete you had to foot most of the bill yourself. Once you run the team that was different but getting there was usually at your own expense.
    We need to simplify the taxes in this country everyone who has an income should pay a portion of that income or no one should be anything and if you have no income then you get nothing back. We have illegal aliens getting thousands of dollars back from the IRS when the do not pay a thing .is not only illegal aliens the many more of average Americans who get money back every year even though they didn’t pay a single penny . There is something wrong with that I really don’t care the amount that people have to pay but even people on welfare ,rent assistance, any other type of public assistance should be taxed .maybe only one or 2% but they should be taxed . But as a note of Fairplay all politicians should be taxed at a rate of 95% other governmental income and 80% of their retirement income including all their perks and benefits .and any monies the professional politician receives while in office should be taxed and no less that 85% which should be directed to directly paying off the national debt.
    And how many politicians are still drawing their salary as retirement even though the no longer in office they should not receive retirement before the age of 75 .

    • har82

      The way I see it . Is if they can’t hold an office for 20 years none of them deserve this Cadillac retirement. NOT ONE ,,, OF THEM .
      If they boost the retirement age to 75 then – none – of them should be able to retire until we can by law. And we can always vote them leeches out of office 1 term – before – retirement lol. Talk about justice , with a CAPITAL – J – .

  • carl Andersen

    I think they should be able to count all the money they spent in training as investment towards the winnings. In most cases, they will be owed money by the government for the vast sums spend training as compared to the minimal payout for winning. And if you are going to tax the winners, shouldn’t the losers be able to claim investment losses?

    • har82

      Hmm, they might win that argument in court if one of them wanted to push it . Time is money right ??. Training , and time involved are tremendous. Perhaps they should get some back like you said lol. You can bet I would give it a sh ot if those b l o o d sucking leeches tried to tax mine lol.

  • JeanluvsCa

    Tax Question: If an Olympian has no other income, will they get money back because they are in a very low income bracket? I’m thinking of the teen girl swimmers who are still in high school on this.

    • hornman2

      I’m not 100% sure; but, it will probably be reported as 1099 misc. income not eligible for the earned income tax credit. They will see them as independent contractors, not employees.