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Obama outlaws ”victory tax” on Olympic medals

America’s Olympic athletes will no longer pay a so-called ‘victory tax’ under a bill President Barack Obama has signed into law.

The Internal Revenue Service will now be prohibited from taxing most medals or other prizes awarded to U.S. Olympians.

The U.S. Olympic Committee awards cash prizes to medallists, ranging from $25,000 for gold to $10,000 for bronze.

The money has been considered earned income, thus making it subject to what some lawmakers have called the “victory tax”

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