Now get ready to pay your taxes! The Americans for Tax Reform did their research and were kind enough to mention how much each medal winner gets, and how much of that goes to taxes.
Bronze: $10,000 ~$3,500 in taxes
Silver: $15,000 ~$5,385 in taxes
Gold: $25,000 ~$8,986 in taxes
And that is BEFORE their yearly tax returns. Imagine winning several medals like Michael Phelps, and having to pay taxes in the $50k tax bracket just for the money you got in medals.
We're one of only a few countries that tax worldwide prize money. Thanks for competing everybody, now hand over that tax money!