IRS wants tax on your olympic medal

WHAT GUMMINT DOES          The taxman cometh... for all the precious metals in your Olympic medals -- “ \ The taxman cometh... for all the precious metals in your Olympic medals -- Leave it to the IRS to figure out a way to raid the wallets of the few triumphant Olympians the U.S. is fielding this year. And even if they don't -- and some say they won't -- leave it to the IRS to have a plan to ruin our party just in case they want to. We have to admit, our favorite part is that the bronze is only worth five bucks. "According to ATR, accepted winnings will be applied on top of an athlete’s taxable income and could be taxed up to a rate of 35 percent. Based on their assumptions, gold medal winners could pay the IRS up to $8,750, silver medalists could pay up to $5,250, and bronze up to $3,500 on their winnings. Not only could the awards be taxed, but the value of the medals are also taxable, ATR says. The low-tax advocacy group pins the value of a gold medal at $675, a silver medal at $385 and a bronze at under $5. ATR’s tax assumptions render gold, silver and bronze medal winners further on the hook for up to $236, $135 and $2 respectively." Take that, bronze.  [DC] ”