Tax Tax Tax. That’s all Democrats do (aside from smear people who disagree with them.) If you are a medal winning Olympic athlete at these 2012 London games, you will pay up the ass in taxes. If you win multiple medals, you’ll really pay for Obama’s taxes. According to the Americans for Tax Reform, medal winners will pay at least a 35% tax on each medal they win for America. For gold medal winners, the medal and ‘prize’ tax will amount to about $9,000 per gold. Silver medalists will be taxed at around $5,400 per silver medal, and bronze medalists will be taxed at about $3,500. Competitors from other countries do not face any taxation on their medals and prizes. Not even in Communist China or Russia.
American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.