Contractors must use the formats provided in the below Post Award Exhibits. Contractors are required to justify their Economic Price Adjustment (Clause 552.216-70), Price Increases above 10% and 25% for paper products with letters from their suppliers or any other sources that are applicable.
Previously, the victory tax was applied to all medalists' reward money and the value of their medals. During the last Olympics, gold medalists received a sum of $25,000, silver medalists raked in $15,000, and bronze winners collect $10,000 â all of which were taxed as income. Meanwhile the value of medals were roughly $600 for gold, $300 for silver, and only $4 for bronze (which are mostly made out of copper).
Those medals Americans have been winning at the Winter Olympics in Sochi come with a price. Uncle Sam wants his percentage, whether it's gold, silver or bronze. The U.S. Olympic Committee awards cash prizes to medal winners â $25,000 for gold, $15,000 for silver and $10,000 for bronze. But the money is considered earned income abroad and subject to IRS taxation â as much as 39 percent.