The Olympics…..you compete for the love of sport, competition and the pride of representing your countyry. Many countries pledge money to athletes who win medals. In the United States a gold medal brings $25,000, silver – $15,000 and $10,000 for a bronze medal. The medalists have to pay tax of course on their winnings/earnings, even if they were earned out of the country. Representative Blake Farenthold of Texas has introduced the Tax Exemptions for American Medalists, which wouold waive taxes for Olympic medalists. Similar proposals were endorsed by President Obama and Mitt Romney during the 2012 election.
