Olympians in the highest income bracket -- with a tax rate of 39.6% -- will pay the highest "victory" taxes on their bonuses; specifically, as much as $9,900 for gold medals, $5,940 for silver medals, and $3,960 for bronze medals, per the report. With that said, medalists in lower brackets will have to fork over less money, but it's a tax on the international sports glory they earned for their country, nonetheless. As for the actual medals, the tax is based on the value of the materials: close to $600 for a gold, a little over $300 for silver, and bronze medals aren't worth much at all, monetarily speaking.
Perhaps unsurprisingly, lawmakers are hoping to change this with legislation that would exempt athletes in the Olympics and Paralympics from paying any tax to the federal government on "the value of any medal or prize money," according to a report by CNN. The bill, introduced by New York Sen. Chuck Schumer, passed in the Senate in July and could soon be considered by the House. Individual states, too, would also have to pass similar legislation in order to bring the Olympians' tax bill for their medals down to zero.