U.S. taxes Olympians for medaling; GOP lawmakers trying to change policy

Olympics enthusiasts aren’t the only ones watching U.S. athletes when they win medals. So too is the Internal Revenue Service, according to a Washington Post report.

U.S. Olympian and gold medalist Jamie Anderson. (Joe Scarnici/Getty Images for USOC).
U.S. Olympian and gold medalist Jamie Anderson. (Joe Scarnici/Getty Images for USOC).

The U.S. Olympic Committee awards cash bonuses for each medal: $25,000 for gold, $15,000 for silver and $10,000 for bronze. The IRS considers that as taxable income, with the rates depending on annual earnings.

Last week, Reps. Blake Farenthold (R-Texas), Walter Jones (R-N.C.) and Pete Sessions (R-Texas) took action to change that policy, proposing a bill that would exempt medalist earnings from the Olympic Committee starting this year. The House Ways and Means Committee is considering the measure.

For more coverage of the 2014 Winter Olympics, visit the Post’s Sochi 2014 page.

Follow Josh Hicks on TwitterFacebook or Google+. Connect by e-mail at  josh.hicks@washpost.comVisit The Federal Eye, The Fed Page and Post Politics for more federal news. E-mail federalworker@washpost.com with news tips and other suggestions.

Josh Hicks covers the federal government and anchors the Federal Eye blog. He reported for newspapers in the Detroit and Seattle suburbs before joining the Post as a contributor to Glenn Kessler’s Fact Checker blog in 2011.
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