A Tax for Golden Girls & Boys?!
Go for the gold — but should you succeed, be prepared to dole out some gold of your own
The U.S. Olympic Committee awards prize money to American medal winners: $25,000 for gold, $15,000 for silver, $10,000 for bronze. That prize money is taxed at a rate of 35 percent, Americans for Tax Reform calculated. On top of that, the medals themselves are taxed: You only have to fork over $2 to the IRS for the privilege of keeping your bronze medal, but carve off $236 worth from that gold medal.
Michael Phelps should have no trouble shouldering the tax burden — he makes millions in endorsements. But fellow U.S. swimmer Allison Schmitt has won two golds, a silver and a bronze in London. That’s $75,000 in total prize money — and $26,857 owed to the United States Treasury.
They worked their entire life to earn the medals! Why can’t they just sit back and enjoy it?
You can also read more here from LA Times story:
What are Olympic Medals Made of You Ask?
Did you know Olympic Gold medals are not really made of gold?
You’re absolutely hearing me correctly! Actually, they’re not even composed of all silver! Just a hint of gold is mixed in and a thin layer covers the surface of the iconic medallion that is valued at a mere $640.
With today’s price of the precious metal, a gold medal crafted entirely of gold would run the Olympic Committee a hefty price tag of about $20,000 a pop!
In fact, the gold medal is comprised of 92.5% silver, just 1.34% (or six grams of gold) and the rest is made of copper.
Funny Fact # 2: 97% of the bronze medal is also made of copper!
Just incase you didn’t catch all of that: the gold medal is silver, the silver medal is silver and the bronze medal is copper.
Post extracted, the silver, copper and tiny smidges gold are shipped off to be pressed into their familiar circular shape to the standards of the committee.
Ironic how Olympians train their entire lives to obtain a piece of oh so precious [semi-precious] metal that was once mined from such humble beginnings. However, ask an Olympian and they’ll tell you it is priceless!
Congratulations Ryan Lochte and Team USA!!
Check out Lochte’s ultimate expression of patriotism as he represented the USA in true bling and gold fashion at the Olympic games!
Ryan Lochte proudly shows off his American Flag Grill and his Gold Medal during the Medal Ceremony for the Men’s 400m Individual Medley on Day 1 of the 2012 Summer Olympics at the Aquatics Centre on Saturday (July 28) in London, England.
The 27-year-old swimmer is famous for wearing grills on his teeth at medal ceremonies, but we are loving his American pride at the Olympic Games!
“Yes, I am wearing one in London, and I wear them because they are different and fun. That’s my personality,” Ryantold USA Today.
While Ryan still showed off the grill at the games, he wasn’t allowed to wear it during the medal ceremony.
- article from JustJared
Fitness Friday: Workout Like an Olympian!
This weekend you can work out like an olympian … in your own back yard … well kind of, maybe just not as intense!!
Try this simple exercise in the comfort of your own home with items as simple as a garden hose!
Targets abs, butt, quads, and calves
- Form a garden hose (or piece of string) into a large figure eight on ground; step right foot inside front loop and left foot inside back loop.
- Bend both knees to lower into a lunge, then jump straight up as high as you can, switching legs in midair so that you land in a lunge with left foot forward. MAKE IT EASIER: Omit the jump and quickly switch legs.
- Repeat for 1 minute, alternating sides.
On this blog I'm going to share all of my secrets for gold and life!
For the last several years, I've been helping women earn the extra money they're looking for. Right now, the price of gold is up so we can all benefit from selling old gold and throwing a party for our friends to make money too.
For more information: