There has been a long-standing debate on whether Olympic athletes should be taxed on their medal earnings or not with bills circulating through Congress every quadrennial.
The most recent attempt to make Olympic athletes exempt from what is referred to as the “victory tax” was proposed by Senators John Thune (R- S.D.) and Chuck Schumer (D- N.Y.). The S.2650 bill, also known as the “United States Appreciation for Olympians and Paralympians Act,” was first proposed in March 2016 before reaching the Senate floor in mid-July where it passed without amendment by unanimous consent. The bill has experienced recent success with an approval of 415-1 from the House and will now go back to the Senate.
Currently when a U.S. Olympic athlete wins an Olympic medal they earn cash prizes from the United States Olympic Committee for the following amounts: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. Since the money received is considered to be earned income, it is taxed.
While the Senate bill would make the winnings tax-free, the House bill would only allow the Olympic taxes on high-profile athletes, such as Michael Phelps, who earn more than $1 million a year. Additionally, the bill would be retroactively apply to those medals won during the 2016 Rio Olympics.
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