{"id":224716,"date":"2016-10-10T10:11:02","date_gmt":"2016-10-10T17:11:02","guid":{"rendered":"https:\/\/www.swimmingworldmagazine.com\/news\/?p=224716"},"modified":"2016-10-10T10:11:02","modified_gmt":"2016-10-10T17:11:02","slug":"president-obama-signs-bill-outlawing-victory-tax","status":"publish","type":"post","link":"https:\/\/www.swimmingworldmagazine.com\/news\/president-obama-signs-bill-outlawing-victory-tax\/","title":{"rendered":"President Obama Signs Bill Outlawing Victory Tax"},"content":{"rendered":"<p>President Obama signed into law Monday a bill that prevents the IRS from collecting income taxes on monetary prizes awarded by the United States Olympic Committee to athletes that have won Olympic medals\u2014what had been referred to as the victory tax.<\/p>\n<p>The USOC currently awards a\u00a0$25,000 bonus to American athletes that win gold as well as $15,000 for silver medals and $10,000 for bronze. Under the new law, that money cannot be considered taxable income unless the athlete has an annual income\u00a0of greater than $1 million (such as\u00a0<strong>Michael Phelps<\/strong>).<\/p>\n<p>The Senate previously <a href=\"https:\/\/www.swimmingworldmagazine.com\/news\/congress-approves-elimination-of-olympic-victory-tax\/\" target=\"_blank\">approved the bill<\/a> in late September on the same day the U.S. Olympic and Paralympic teams visited Obama, First Lady\u00a0<strong>Michelle Obama<\/strong> and Vice President\u00a0<strong>Joe Biden<\/strong> at the White House.<\/p>\n<p><em>Read more on Obama signing the bill from the Associated Press by clicking <a href=\"http:\/\/olympics.nbcsports.com\/2016\/10\/10\/president-obama-ends-olympic-victory-tax\/\" target=\"_blank\">here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Obama signed into law Monday a bill that prevents the IRS from collecting income taxes on monetary prizes awarded by the United States Olympic Committee to athletes that have<\/p>\n","protected":false},"author":11,"featured_media":224717,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"dois","enabled":false},"version":2}},"categories":[3,7],"tags":[58915,58732],"class_list":["post-224716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-usa","tag-president-barack-obama","tag-victory-tax"],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin 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