TECH AND MONEY

Win a medal, pay the price

The Daily Kase Wickman
Share This Story

   
 

Go for the gold — but should you succeed, be prepared to dole out some gold of your own.

Venus and Serena Williams

USA! USA! USA!

See who contributed to the United States winning the Olympic medal race. GALLERY: US gold-medal winners.

The U.S. Olympic Committee awards prize money to American medal winners: $25,000 for gold, $15,000 for silver, $10,000 for bronze. That prize money is taxed at a rate of as much as 35 percent, Americans for Tax Reform calculated. On top of that, the medals themselves are taxed: You only have to fork over $2 to the IRS for the privilege of keeping your bronze medal, but carve off $236 worth from that gold medal.

Michael Phelps should have no trouble shouldering the tax burden — he makes millions in endorsements. But fellow U.S. swimmer Allison Schmitt has won two golds, a silver and a bronze in London. That’s $75,000 in total prize money — and $26,857 owed to the United States Treasury.

Related Stories

Member Comments

Please note by clicking on "Post comment" you acknowledge that you have read the Terms of Use and the comment you are posting is in compliance with such terms. Be Polite. Inappropriate posts may be removed by the moderator.

powered by


OLYMPIC VIDEOS

Olympian Van Dyken injured in ATV accident

Posted: Jun 09, 2014
America's Pregame provides an update on the condition of former Olympic swimmer ...

Phelps clocks fastest qualifying time in return

Posted: Apr 24, 2014
Michael Phelps clocks the fastest qualifying time in 100-meter butterfly at the ...

Clark claims 7th US Open halfpipe crown

Posted: Mar 09, 2014
Watch Kelly Clark land the first-ever cab 1080 en route to claiming her 7th win ...

Gold wins US Open halfpipe

Posted: Mar 09, 2014
Watch Taylor Gold's US Open-clinching run in the halfpipe, featuring an epic Fro...

Blind skier prepares for 2014 Paralympic Games

Posted: Mar 07, 2014
Blind skier Staci Mannella pushes the limits as she prepares for the 2014 Paraly...

Fox Sports Store

MORE THAN SPORTS on MSN