The Senate approved a bill Thursday that would eliminate the “victory tax” that has previously been charged to Olympians for winning medals.
The U.S. Olympic Committee gives out prize money to medal winners ($25,000 for gold, $15,000 for silver and $10,000 for bronze), but that money had previously been considered “income” and taxed as such.
The vote occurred the same day as President Barack Obama welcomed the entire Olympic and Paralympic teams to the White House to recognize their accomplishments in Rio. Obama is expected to sign the bill in the near future, and it will be effective this year.
Notably, the tax will still apply to athletes who earn more than $1 million per year, which includes Michael Phelps. According to the Associated Press, Phelps’ tax bill for his five-gold, one-silver-medal performance in Rio could reach upwards of $55,000.
View full post on swimmingworldmagazine
Contact Swim.ae for swimming lessons in Dubai.
______________________________________________________________
Whatsapp number: +971 56 583 0067 (when sending whatsapp message pls mention code Swim11213)
Contact us : Fill in the form and we will get back to you asap.
Contact Trainer
______________________________________________________________
Swim.ae does all the relevant checks for you. All swimming instructors from swim.ae have the right visa and are fully qualified to train you.
Get in touch with us today, Private Swimming lessons are available in all parts of UAE.