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Congrats for Winning Gold…Now We Want You to Pay Up

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With the US winning 53 medals so far in the 2012 London Olympics, taxes are the last thing one would associate with the games. To many, its no surprise that the medal winners receive a money prize in addition to the round medallion hanging around their neck, something that could be taxed once they arrive home to the US. But the recent outrage of medalists being taxed for their medals won is under fire. With gold medalists like the Fab Five and Michael Phelps facing about $9000 per gold medal, it seems a bit unfair to “punish” these Olympians for simply bringing a victory home to their country.

Marco Rubio began pushing for a bill to eliminate the tax on medals and medal money prizes. Many have shown their support for this measure, since the Olympics stand as a testament to the dedication, hard work, and successes of talented athletes all around the world.

What are your thoughts about this recent hot topic?

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