When Olympic medalists return to the United States, they're in high demand. Everyone, from Michael Phelps to a bronze medalist in judo¹（柔道） will be sitting for television interviews, talking to newspapers, going to assemblies at local schools and celebrating with friends, family and young athletes. They'll also draw some unwanted interest from everyone's favorite bureaucrats²（官僚）: the Internal Revenue Service (IRS).

 

American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.

 

At today's commodity prices, the value of a gold medal is about $675. A silver medal is worth about $385 while a bronze medal is worth under $5.

 

There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.

 

The Weekly Standard, a conservative news magazine, ran the numbers and tabulated³ that the tax bill on a gold is $8,986, silver is $5,385 and bronze is $3,500.

 

They note that Missy Franklin, an amateur who has yet to cash in on her fame with endorsements⁴, already owes $14,000 in taxes from her gold and silver medal. By the time the Games are finished, Franklin's tax bill could reach $30,000.

 

Florida senator Marco Rubio reacted to the story on Wednesday, proposing a bill that would leave athletes exempt⁵ from the federal tax. "Our tax code is a complicated and burdensome mess that too often punishes success, and the tax imposed on Olympic medal winners is a classic example of this madness," he told reporters.

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