Even representing America with an Olympic victory comes with a price. In this case, it’s the taxes America’s victorious athletes can expect to pay when they return from the games. Medals and prize money are both subject to income tax, according to the Americans for Tax Reform.
For example lets take Allison Schmitt, who swam the final leg to lead the U.S. to a gold medal in the 4×200 freestyle relay. She now owes the IRS $26,679. That’s what she gets for winning two golds, a silver and a bronze medal at the Olympics.
And if that is not enough the actual worth of a gold medal in todays market is only $650, since it is only about %2 gold the rest is made of mainly silver and copper. In comparison the silver medal is worth $335 and the bronze medal a whopping $5!