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Winning a gold medal brings a $9,000 tax bill

The United States Olympic Committee rewards Olympic medalists with honorariums. A gold medal brings $25,000. Silver medals get you $15,000. And a bronze is worth $10,000.

The Weekly Standard, a conservative news magazine, ran the numbers and tabulated 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 endorsements, 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.

Michael Phelps Earning in all of his medals would be $425,00.00.

Wow right!

Not exactly…after taxes he keeps roughly $152,560.00