All this time I have been training to compete in the Olympics (in my head) in pretty much every event cause I’m pretty awesome at everything I do. But NOW, I’m giving all that up and will just go back to eating cheeseburgers everyday and never exercising. Or should I say…continue doing those things with a good reason! Why you ask? Why would I give up my dreams to wear that gold medal around my neck? First reason, I like TV and Cake (usually at the same time) and the second reason is although you win a bunch of money for getting a gold medal the government taxes you on the money AND the precious metal! Rude right? Check out the break down:

Americans who win golds get a bonus of $25,000 from the U.S. Olympic Committee. Silver gets you $15,000, bronze $10,000. After taxes, Gold medal winners end up owing $8,750 in taxes for EACH of their gold medal wins. A silver medal means $5,250 in taxes. A bronze means $3,500.

Then you get taxed on the medal itself!

A gold medal brings an extra $236, taking the total you pay in tax up to $8,986. A silver brings an extra $135, for a total of $5,385. A bronze costs an extra $2 in taxes, for a total of $3,502.

This means in 2008, after Michael Phelps won a record eight gold medals, he owed the U.S. government $71,888 in taxes. After this information started spreading online yesterday, Marco Rubio, a Republican senator from Florida, introduced a bill that would make Olympic medals and bonuses tax exempt.

The U.S. is one of the ONLY countries that taxes its own Olympians. Most countries don’t tax income earned entirely overseas.