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.