(ATR) President Obama recently passed a bill allowing some U.S. athletes to be excluded from paying the Olympic "victory tax".
The new bill will prevent most Olympic gold, silver and bronze medalists from being taxed on their earnings. The money they have been awardedis usually subject to taxing as it is considered earned income by the IRS.
Medalists in Rio were awarded $25,000 for gold, $15,000 for silver and $10,000 for bronze by the U.S. Olympic Committee.
A majority of U.S. medalists are at or below the poverty line and the passing of this new bill may be a major change for these athletes.
However, taxes would be permitted on athletes receiving over one million dollars such as 23 gold medal winner Michael Phelps.
The bill was passed by the House 415-1 and by the Senate unanimously and will be applied to athletes who have competed in Rio.
Homepage photo: Getty Images
Written by Courtney Colquitt
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