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Yes, all winnings and prizes are considered taxable income. If you win a new car, you pay taxes on the value of that car. If you win big at the casino, you pay taxes on those winnings. Why should their winnings be exempted?
"Why should their winnings be exempted?
Because that income was NOT EARNED in the U.S.
The Obama admin wants to tax corps that make money earned overseas as U.S. earned income also.
They receive a monetary award from the Olympic committee. 25K for a gold. So the medal is not being taxed. It is the monetary award.
Then okay, they should pay tax on that income. I thought they would be paying tax for a piece of medal. lol
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