IRS will impose a nearly 40% “victory” tax on athletes who take home gold, silver, and bronze

"40%? What?!!!"
“40%? You’ve got to be kidding me!”

Seems reasonable. Nothing odd about the government just taking almost half of one’s earnings for basically no reason.

Thing is, some people actually DO think it’s reasonable for the government to confiscate such wealth – which is basically insane.

(From FEE)

American Olympians earn $25,000 for gold medals, $15,000 for silver, and $10,000 for bronze, paid for by the U.S. Olympic Committee. But according to the non-profit advocacy group Americans for Tax Reform, “a gold medalist from Team USA could end up facing a tax bill of $9,900 per gold medal, $5,940 per silver medal, and $3,960 per bronze medal.”

Though “these are the maximum possible tax amounts, and vary widely based on an individual’s tax circumstances and available deductions,” even the potential amounts of money owed are staggering.

Click here for the article.