Michael Phelps Owes A Shit-Ton Of Money To The Tax Man After His Rio 2016 Performance
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Michael Phelps has absolutely bossed Rio 2016, collecting six medals - five gold and one silver - in total, which you can only imagine must feel fucking great, right?
Well maybe not quite as great as you'd think.
According to reports, the United States Olympic Committee will pay medal winners $25,000 for each gold medal, $15,000 for each silver medal and $10,000 for each bronze medal. Meaning the 31-year-old swimmer will rake in $140,000.
But it will also live Phelps with a huge tax bill. He could reportedly owe around $55,000 for his tremendous performance at the Rio Olympics.
The IRS collects a "victory tax" of $9,900 per gold medal from #TeamUSA Olympic athletes. That's complete BS!
- Travis Akers (@travisakers) August 15, 2016
How about that then? You thrill the world at the Olympic Games only to end up owing money to the tax man.
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Congress has reportedly made attempts to keep Olympic medals and bonuses tax-free but have yet to find success in that initiative.
Speaking on those attempts, Senator Marco Rubio said: "We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it."
Of course not! But a great topic for discussion after last night's victories in the pool! #Rio2016 https://t.co/HDqCZHh3A0
- Chuck Schumer (@SenSchumer) August 11, 2016
To be fair though Michael Phelps is worth around $55 million, so paying $55,000 is probably nothing to him.
That said, still seems a bit unfair doesn't it. What do you reckon lads, should he stump up?
Words by James Dawson
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