The Olympics are upon us, and as of this writing, we, as Americans, are still doing pretty well as we are tied with China for the most medals. (China has the lead in gold, though.) The spirit of the Olympics enchants us all as we get to share in the pride of our nation and the success of the athletes who compete for our nations. You can say that when an American wins, we all win. The problem is that, in addition to the burden of constant training to become a world-class athlete, American athletes also must bear the burden of paying taxes on their winnings, regardless of it being won overseas.

I received a short article from Americans for Tax Reform (ATR) about the worth of the different medals and the assumed taxation on each. Under Internal Revenue Code section 74, the value of prizes and awards are included in gross income. According to the ATR article, the value of the gold medal, based purely on the metal values, is about $675. The silver is worth about $385 and the bronze is worth only about $5. Assuming top tax rates of 35% apply, then the taxes for earing a gold equal about $236; for a silver the taxes would be about $135; and for the bronze the taxes would be about $2.
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But, in addition to the medal, the winning athletes also receive cash prizes. For winning gold the cas prize is $25,000, for silver it is $15,000, and for bronze it is $10,000. Assuming top tax rates on these, a gold medalist would have to pay an additional $8,750 in taxes. A silver medalist would have to pay an additional $5,250. And the bronze medalist would bear an additional $3,500 in taxes.