For our weekend business readers:
OLYMPIC MEDALS COULD BE COSTLY
That is if the IRS has its way despite one Republican Senator's bill to exempt U.S Olympians from paying taxes on their winnings.
The Huffington Post says “Each Olympic victory comes with a price, as medals and prize money are both subjected to income tax.”
A gold medal, which is worth $650, according to CNN, could cost athletes about $236 in taxes. While a bronze medal, which is worth $5, could only cost an athlete $2 in taxes.
If you think that's putting the squeeze on glory and performance for the USA, read the Post story to find out how much athlete's may have to ante-up to Uncle Sam from their performance bonuses.
The U.S. Olympic Organizing Committee will award London champions $25,000 for a gold medal, $15,000 for silver and $10,000 for bringing home a bronze, Reuters reports.
And the medals and bonuses are just the beginning. Every winner has a dream of being featured on a box of Wheaties, but sponsorships like that are lucrative and so are the taxes.
Click here to find out how much winning or medalling could cost U.S. athletes and what Senator has come to the defense of the team.
STAR U.S SWIMMER MAKES HIP-HOP FASHION STATEMENT
Ryan Lochte making a hip-hop fashion statement? No way. Yes, way.
After winning a gold medal, the swimmer flashed a mouthful of stars-and-stripes-shaped diamonds that had been created for him by the rapper Paul Wall and Johnny Dang, a Houston jeweler to the hip-hop stars who goes by the handle of TV Johnny.
According to the New York Times, the “grill” reportedly cost $25,000.
This is not the first time Lochte has worn grills to swim meets, but because this is the Olympics he has received some criticism for his decision to wear such an unusual item and pose in pictures while flashing his bejeweled smile.
“I was really a bit upset when I saw it,” said Robert Tateossian, a designer who has been watching the Games closely. “It is so non-harmonious with his image and with the sport that he represents. Swimming is such an elegant sport. It is all about softness, like the softness of the water.”
But there are many who have had a positive response to the patriotic grill.
Read the entire Times story for those comments and learn how the fancy mouthpiece could add to Lochte's lucrative covey of sponsors.
RETIRING OLYMPIANS COULD FACE ILLNESS SYMPTOMS
It's true that exercise is addictive and Bloomberg.com says as intense as Olympians work out, retiring could cause severe withdrawal symptoms.
Research shows intensive exercise is as addictive as heroin, putting retiring Olympians at risk of depression.
Read this how to increase vertical jump