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In the News: Go for the Gold! (Pay the IRS)
The IRS is deeply interested in how well American athletes perform in the Olympics, but not solely out of patriotism or national pride. Why then? Because, as Jonathan V. Last writes in a blog post for the Weekly Standard, the IRS taxes Olympic medalists … and at a pretty steep rate too!
“The bronze comes with a modest prize—$10,000 as an honorarium for devoting your entire life to being the third best athlete on the planet in your chosen discipline. And the IRS will take $3,500 of that, thank you very much.”
Read the rest of the post here.