Do olympians win money for medals

America's Olympic medalists must pay state and federal taxes on the prize money they get for winning. Olympians also have to pay tax on the value of the medals themselves.

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Gold and silver medals are made mostly of silver, while bronze medals are composed of mostly copper. Rio's medals are among the largest and heaviest ever and contain about grams of either silver or copper. Bronze is worth a negligible amount so it's not taxed.

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Taxes are yet another burden for Olympians -- the majority of whom are already struggling to get by. A handful of lucky athletes land lucrative endorsement deals. But most of them rely on small stipends from the USOC, support from local businesses or supplemental income from a day job.

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Olympic athletes sure aren't paid like champions. Proposed federal legislation would make "the value of any medal or prize money" awarded during the Olympics or Paralympics exempt from income taxes.

The bill was passed by the Senate last month and is being considered by the House. It would apply to earnings from January 1, to January 1, California is reviewing a similar proposal. Olympic ads to watch. Steven Gill, a tax professor at San Diego State University, isn't convinced an exception for Olympians and Paralympians would change anything.

Do Olympians win prize money? - BT

He added that even tax free, American athletes get a fraction of the financial support that athletes in other countries get. Gill also noted that other individuals who win prestigious awards are taxed on their winnings. Most stock quote data provided by BATS.

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