Taxes fair or too much for Team USA?

Should the world's best athletes who have achieved medals representing America be taxed on their medals or cash? (Photo Source: NBC)
Should the world's best athletes who have achieved medals representing America be taxed on their medals or cash? (Photo Source: NBC)

LONDON, ENGLAND (WMBF) - The Olympic medal winners get a cash prize along with their gold, silver or bronze medals, and there is a heated debate as to whether the athletes should pay taxes on their earnings.

If a Team USA athlete earns a gold medal, she receives $25,000. For silver, there's a cash prize of $15,000, and bronze medal recipients earn $10,000.

Currently, the IRS takes a cut on both the money and the value of the athlete's medal.

There is a new push to eliminate those taxes, and the U.S. senator who introduced the bill, argues Olympians shouldn't be punished for achieving excellence.

The other side of the argument is that taxes are just that, taxes. And no one group should get out of having to pay them.

Of course, we want to know what you think. Should the world's best athletes who have achieved medals representing America be taxed on their medals or cash? Give us your feedback in the webpoll question to the left.

Copyright 2012 WMBF News. All rights reserved.