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President Obama signs bill to eliminate taxes on prizes for winning Olympic medals

Athletes who earn less than $1 million annually will not have to pay taxes on their medal winnings. Any United States athlete who wins an Olympic medal receives all of the glory that comes with accomplishing such a feat. They also currently receive a tax bill with it. That will change starting in 2018 after President Barack Obama signed a bill into law that eliminates the “victory tax” on Olympic prizes.
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