Michael Phelps, a swimming legend ended his victory with 23 Olympic gold medals. He became the most decorated Olympian in history who added five golds and a silver in Rio. He has earned total 28 medals in the Rio Olympics. But the swim superstar’s incredible success could come at a heavy price – quite literally!
That is because, the five-time Olympian has accumulated an income tax bill of around $55000, according to a USA Today report, The United States Olympic Committee awards all Olympic athletes money for each medal that they win – $25,000 per gold, $15,000 for silver and $10,000 for a bronze.
As per this scale, if you factor in Phelps’ Rio medal count, he would owe Uncle Sam a cool sum of $55,000.
While, amount doesn’t looks disgraceful i.e 36.8 lacs, considering the service that an Olympian who wins a medal does for the country it is worth of 50 million dollars, would hardly feel the hurt.
The medals are also accounted for as income and their precious metal value – $600 for gold, $300 for silver and next to nothing for bronze – is taxable. Thankfully, the medals are not accounted for based on their market value.
According to a Washington Post report, Phelps medal are worth at least $100,000 a pop or more than that, it they are from significant race. The legend of Michael Phelps, the most awarded Olympic athlete of all time, is worth a whole lot of money.’
According to the Washington Post, US congress is contemplating the way of legislation excused Olympic winnings from the tax domain.
Number of athletes who without sponsorship and product deals, they couldn’t do better earnings in their Olympic and with no government subsidization, the tax break could come as a big relief.