Legislation has been introduced to both the House of Representatives and the Senate to enable any medals won by American athletes during the Olympics to be exempt from tax.
With the value of a gold medal and the prize that comes with it totalling to over $25,600 athletes could pay extra tax of up to $9,000 for competing for their country.
If enacted the law the income of athletes would not include the value of any prize or awarded issued to them in the Olympic games.
Find out what the Americans for Tax Reform said about Olympic tax on Tax News.

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