President Obama signed into law Monday a bill that prevents the IRS from collecting income taxes on monetary prizes awarded by the United States Olympic Committee to athletes that have won Olympic medals—what had been referred to as the victory tax.
The USOC currently awards a $25,000 bonus to American athletes that win gold as well as $15,000 for silver medals and $10,000 for bronze. Under the new law, that money cannot be considered taxable income unless the athlete has an annual income of greater than $1 million (such as Michael Phelps).
The Senate previously approved the bill in late September on the same day the U.S. Olympic and Paralympic teams visited Obama, First Lady Michelle Obama and Vice President Joe Biden at the White House.
Read more on Obama signing the bill from the Associated Press by clicking here.
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 Swim11583)
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.