At the current medal count, the US will be collecting
$260,594 from gold medal winners
$80,775 from silver medal winners
$66,500 from bronze medal winners
In total, the United States is awarding its athletes with a tax bill totaling $407,869 (depending on the price of precious medals). Isn’t being an Olympic athlete wonderful?
Standard Note: Athletes are not actually taxed on their medals -- which have no troy value whatsoever -- but on the gifts/prizes awarded with each medal. The US is the only country in the world that penalizes its Olympic stars. Although, there are probably a few countries around the globe, which just take all the winnings from their athletes, for the good of some collective.
"Question all which is 'taught,' dig deeper, think clearly, respond profusely. Conformity is the antithesis of free thought and self-determination." -- Standard Pearls