The Internal Revenue Service (IRS) forces Olympians to pay their "fair share," by levying a nearly nine thousand dollar tax on gold medalists.
Granted, many Olympians, like Michael Phelps and Ryan Lochte, earn millions in sponsorships, so this is basically chump change for them.
But, athletes in lesser sports like fencing and archery, get hardly any endorsement deals, yet they still have to fork over the money. Some of these competitors are still in high school, yet they're already in debt to the government!
This policy is absurd. Why is the United States one of the few countries which makes athletes pay taxes on their Olympic prizes? If a person devotes their entire life to becoming a top athlete, and representing America on the world stage, he or she should be rewarded, and not taxed by the IRS.
When someone wins a gold medal, they receive a $25,000 gift from the government. Of that amount, they have to pay an income tax of $8,986. Silver and bronze medalists also have to pay the IRS taxes on their honorariums.