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Obama does away with 'victory tax' on Olympic athletes

Read Barack’s lips: No more “Victory Tax” for America’s finest world-class athletes. President Barack Obama eliminated the so-called “Victory Tax” for Olympic athletes on Monday, which means Olympians winning medals and other prizes during Olympic competition will no longer be taxed for their winnings by the IRS. Prior to Obama signing the bill eliminating the tax, any and all revenue earned from prize winnings was considered to be earned income for athletes.
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