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Win a gold medal, get taxed $9,000

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    U.S. Olympians owe IRS for hardware earned overseas

  • Duration 2:05
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So it turns out there's a downside to winning Olympic gold that metal comes with a Olympic sized tax bill.

So reports the National Taxpayers Union which describes itself as a nonpartisan advocate of tax -- It reports that American -- to bring home the gold could be on the hook for up to 9000 dollars depending on their tax bracket even a -- carries a 3500 dollar tax bill.

It means the start for Michael Phelps is not now just the most decorated Olympian in history.

If he paid the -- to the current rate is nineteen -- would add up to more than 150000.

Dollars for Uncle Sam.

However we're not sure which bracket he falls into let's bring in Peter Schrager national senior writer for -- -- -- sports dot com -- been this way for long time.

Jasmine and he never thinks about obviously Phelps and some of the bigger high profile athletes like -- T.

The other swimmer but look at Kimberly road she's at skeet shooter she got gold medal announced on the hook for 9000 dollars Uncle Sam it's pretty interesting yeah.

It's a US specific thing that.

Other worldwide events you know the US is one of eight different countries that actually has taxes on this and it's not many countries -- several.

Come competition obviously but United States is one of them attacks -- -- for worldwide Olympic of you you mentioned Kimberly the skeet shooter it's not like she.

I don't know -- a lot of endorsements coming in and I how many skeet shooting endorsements are there so I have no idea what she's making an on an annual salary but I would assume.

The 25000 dollars she gets as a winner of a gold medal so nice chunk of that salary that's pretty nice but she will be tax and.

Obviously the alternative -- outside of this and you could say.

Let's and you go on Oprah get a free car you're going to be -- when a -- -- you're you're going to be attacks these people are American citizens that are being -- I guess the argument is these people have worked part of that represented the country and in fact just a few minutes ago like since this newscast -- Senator Marco Rubio introduce legislation to get rid of these taxes for olympians.

And we'll see how that works out he's he's like we need to reform the -- tax code is is is is larger point.

I don't think that's the isn't a major issue of his entire argument but I think you get started right here especially with the Olympics this to high profile and.

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