Seventeen-year-old Missy Franklin from Colorado owes the Internal Revenue Service about $14,000. Yahoo sports is reporting that her debt will probably increase to about $30,000 over the next few days. How does a seventeen year old owe so much tax? It’s easy…she is an Olympic medal winner.
Missy Franklin is a young U.S. Olympic swimmer and remarkable athlete who is performing extremely well at the 2012 London Olympics. She has already won three gold medals and one bronze medal.
The United States Olympic Committee rewards Olympic medalists with honorariums. A gold medal brings $25,000. Silver medals get you $15,000. And a bronze is worth $10,000.
But waiting in line is the IRS who wants their share of the winnings. The Weekly Standard, a conservative news magazine, ran the numbers and tabulated that the tax bill on a gold medal is about $9,000, silver is almost $5,500 and bronze is $3,500.
As we go about our business this week, let’s remember common sense and graciousness as we deal with others. Let’s take time to appreciate hard work without looking for something in return. Let’s celebrate personal accomplishments and sacrifice with generosity and a heart-felt “thank you”.