Michael Phelps will be paying a huge tax for all the medals he won at the 2016 Rio Olympics, according to USA Today and MSN Money. The tax man will be collecting $55,000 from the most celebrated athlete of all time. The amount is almost like a penalty for winning five gold medals and one silver despite all the hard work Phelps has put in during the games.
Understanding that it is a deplorable disincentive to winning American athletes, a bill has been recently passed by the Senate in July last year. Senators John Thune, R-S.D., and Chuck Schumer, D-N.Y., sponsored the bill to eliminate taxes levied on Olympic and Paralympic athletes. However, according to Tom Carper, U.S. Senator for Delaware, a bill doesn't become a law after passing the Senate.
The bill still has a few more hurdles to go through which is far more complicated than an obstacles race. These remaining hurdles are the following.