WASHINGTON (AP) " Olympic athletes who bring home the gold, silver and bronze for Team USA will no longer pay a "victory tax" for their achievement under a bill President Barack Obama signed into law Friday. The tax will still apply to high-profile athletes who earn at least $1 million a year, like swimmer Michael Phelps. For Phelps, the tax bill for the five gold and one silver he won in Rio could cost him as much as $55,000. Gymnast Simone Biles faces a possible $43,000 tax bill for landing four golds and a bronze. Team USA brought home 121 medals from Rio Games, including 46 gold medals.

Source: New Zealand Herald October 07, 2016 21:17 UTC