For how vaunted Olympic athletes are during the Games, the concept of a “victory tax” on on medals and cash winnings seems in poor taste. But in actuality, most American Olympic medalists take home everything they earn after a 2016 bill changed the tax law.
Thanks Obama. But seriously, thanks. He signed the bill.
What do Olympic athletes actually win?
Turns out it’s kind of a lot. Starting this year and continuing through the 2020 games in Tokyo, the US Olympic Committee awards athletes who win a gold medal $37,500, silver medalists receive $22,500, and $15,000 for bronze earners. This is a 50% increase from the Sochi Games in 2014, which saw athletes receiving $25,000, $15,000, and $10,000, respectively.
This amount is a lot when you consider that many countries, like the United Kingdom, don’t award medal recipients any cash prize whatsoever.