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Congress is considering a that would exempt U.S. Olympic medal winners from paying taxes on their medals or on the cash bonuses they receive.
Olympic medalists receive $25,000 for winning gold, $15,000 for silver and $10,000 for bronze. The IRS considers that taxable income, and those athletes in the highest income bracket pay as much as 39.6 percent taxes on their Olympic winnings.
The bill in Congress would mean that athletes would no longer have to pay taxes on their winnings or on the value of their medals.
What do you think? Should Olympic winnings be considered tax-exempt by the IRS? Vote in our poll at right.
