Tax On U.S. Olympic Medals Makes IRS Biggest Winner
Tax On U.S. Olympic Medals Makes IRS Biggest Winner
Who gets a piece of every U.S. medal? The IRS of course, since the U.S. tax system taxes prizes and awards, even Olympic ones if the recipient makes $1M a year or more. Most awards don’t have this threshold, so in that sense, Olympians get a better tax deal. After the 2021 Tokyo Games, the U.S. collected a total of 2,941 total medals from the winter and summer games, of which 1,166 were gold…