America is one of the only countries that taxes “worldwide” prize income earned overseas. Along with the medal, Olympic medalists also win cash – So, if you win a bronze the IRS gets $3500.00 – Silver, $5385.00 & Gold $8986.00.
Doesn’t seem right. Dedicate your life to a sport, go out a win for your country and the IRS gets a payday. Reminds me of the old Ronald Reagan line – “If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
Good luck America! Win a medal for the taxman!