Team USA brought home 25 medals from the 2022 Olympic Winter Games. But in addition to the hardware, medalists also receive a payout per medal from the United States Olympic and Paralympic Committee.
A gold medal comes with a $37,500 check. A silver medals comes with $22,500 and a bronze earns $15,000.
Until 2016, athletes had to pay taxes on each of those winnings from the committee. This ‘victory tax’ garnered criticism from lawmakers like Senator John Thune (R-SD).
“We should celebrate their achievements rather than tax their success,” Thune said.
He helped pass the United States Appreciation for Olympians and Paralympians Act. It eliminated the tax that Olympians and Paralympians have to pay on their winnings at the Games.
But the Act comes with a caveat. The exemption only applies to athletes who make less than a million dollars in income that year, meaning multi-medal winners over the years, like Simone Biles and Michael Phelps, still owe Uncle Sam come tax day.
