Win a medal, pay the price

The Daily Kase Wickman

Updated Aug 2, 2012 12:56 PM ET

Go for the gold — but should you succeed, be prepared to dole out some gold of your own.

USA! USA! USA!

As the United States battles for the crown of overall medal champion, see who's contributing to the effort. GALLERY: US gold-medal winners.

The U.S. Olympic Committee awards prize money to American medal winners: $25,000 for gold, $15,000 for silver, $10,000 for bronze. That prize money is taxed at a rate of as much as 35 percent, Americans for Tax Reform calculated. On top of that, the medals themselves are taxed: You only have to fork over $2 to the IRS for the privilege of keeping your bronze medal, but carve off $236 worth from that gold medal.

Michael Phelps should have no trouble shouldering the tax burden — he makes millions in endorsements. But fellow U.S. swimmer Allison Schmitt has won two golds, a silver and a bronze in London. That’s $75,000 in total prize money — and $26,857 owed to the United States Treasury.

On MSN.com 8.2.2012