This bill — known as the Tax Exemptions for American Medalists or TEAM Act — would allow U.S. Olympians to exclude the value of medals or prize money that they win competing at the Olympics from their gross income for tax purposes.
The U.S. Olympic Committee’s prizes for medalists are $25,000 for gold medal winners, $15,000 for silver medalists, and $10,000 for winners of a bronze medal. According to Americans for Tax Reform, that leaves medalists with a $9,900 tax bill for gold medals, $5,940 for silver, and $3,960 for bronze.
The value of the medals themselves vary based on the price of the metals that make them up, but as of July 25, 2016 Investopedia estimated the following values for this year’s Olympic medals based strictly on their composition:
Gold medals = $565.62
Silver medals = $315
Bronze medals = $2.38
If enacted, this legislation would be in effect for all prizes and rewards received after December 31, 2014.