Originally posted on FOX Sports  |  Last updated 8/2/12
Go for the gold -- but should you succeed, be prepared to dole out some gold of your own. 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 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.
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