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Two Rules | Rule #1 Do Not Lose Your Principal | Rule #2 See Rule #1

Many of America’s athletes who win Olympic gold, thus receiving a $25,000 check from the U.S. Olympic Committee, will be required to pay more than a third of that straight to the Internal Revenue Service. For example, swimmer Michael Phelps has won three gold medals, and would be scheduled to receive $75,000. However, since he is most likely in the top tax bracket, the IRS will claim 39.6 percent of his winnings, or about $29,000. The so-called “victory tax” has been opposed in Congress, but so far the bill to make Olympic prizes tax free has not passed Congress.

Source: 11 Americans Win GOLD at Olympics, But All Received BAD NEWS Right After…