While the financial rewards that come with winning an Olympic medal is a mere drop in the bucket for some of the athletes representing the United States in Rio, others are in situations where the monetary bonuses can provide a significant boost to their wallets. The U.S. Olympic Committee pays gold medal winners a bonus of $25,000, with silver medalists getting $15,000 and bronze medalists $10,000. Those winnings are taxed, so while an athlete with many endorsements and a high salary in their chosen sport may not have much of an issue paying the taxes, others who aren’t in that position stand to lose a considerable amount of money.
Sen. Schumer asks House to make Olympic prize money tax exempt
