US competition with China is in economics, not Olympics: Lieberman
Former Connecticut Senator Joe Lieberman provides insight into calls for Gov. Andrew Cuomo to step down, as well as U.S.-China relations, trade and competition.
Olympic gold medalist swimmer Katie Ledecky will be leaving Tokyo with two gold medals and two silvers, and reportedly a large tax bill.
The swimmer has won a total of 10 Olympic medals since London 2012, making her the most decorated female swimmer in Olympic history and helping her get lucrative endorsement deals totaling more than $1 million, according to Bloomberg.
While all Olympic medalists win money along with their hardware — $37,500 for gold, $22,500 for silver and $15,000 for bronze – the Internal Revenue Service exempts athletes making less than $1 million in income from paying taxes on their winnings.
"The men’s basketball team isn’t going to be excluded, but a good majority of Olympians will be," John Karaffa, president of ProSport CPA PLLC, a law firm that represents more than two dozen Olympians, told the news site.