New Jersey Senator Samuel Thompson is looking to introduce a bill to eliminate taxes on Olympic Medals for athletes from New Jersey.

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I have no idea why this is even a law!

Like most people, I did not know that Olympic Medal winners receive a monetary reward for winning a medal. $25,000 for a gold, $15,000 for a silver and $10,000 for a bronze is what athletes EARN for winning their event.

Well, the government (Federal and State) considers that taxable income. Athletes are responsible for the monetary reward AND the value of the medal itself! For instance, in the case of a gold medal, it is worth around $560, silver about $300, so that amount is taxable, too.

So if you are a multiple medal winner, you could be paying some big boy money at tax time.

If this proposed bill becomes a law, it would be retro-active for Olympians who won medals back to 2012.

This story originated from The Press of Atlantic City

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