Michael Phelps' medal triumph could end up costing him $55,000

A As per this scale, if you consider Phelps’ metropolis honor tally, he would owe fictitious character a cool add of $55,000. While the number will appear outrageous (Rs thirty six.8 lacs) – particularly considering the service that AN Olympian World Health Organization wins a honor will for the country – it's value noting that Phelps, with a internet value north of fifty million greenbacks, would hardly feel the strain. The medals are accounted for as financial gain and their valuable worth – $600 for gold, $300 for silver and next to zilch for bronze – is nonexempt. Thankfully, the medals don't seem to be accounted for supported their value. According to a Washington Post report, ‘Phelps’s medals square measure value a minimum of $100,000 a pop, perhaps additional if they are from AN particularly noteworthy race. The legend of Michael Phelps, the foremost awarded Olympic contestant of all time, is value an entire heap of cash.’ But there might be some relief for Phelps’ and alternative medal-winning Olympians – a number of whom may really use the cash – as, consistent with the Washington Post, the legislative assembly is deliberating the passage of a legislation that would exempt Olympic winnings from the tax range. And for a great deal of those athletes – those while not support and merchandise deals – World Health Organization don’t build any important earnings from their Olympic inclinations, and with no government subsidisation, the tax write-off may return as a giant relief.classic Michael Phelps performance at the metropolis Olympiad complete the swimming legend's career with twenty three Olympic gold medals. it had been a appropriately triumphant swansong for Phelps, the foremost adorned Olympian in history World Health Organization additional 5 golds and a silver in metropolis. He finished his career with twenty eight medals overall. however the swim superstar’s unimaginable success may return at an important worth – quite literally! That’s as a result of the five-time Olympian has racked up AN taxation bill of around $55000, consistent with a USA these days report. The us Olympic Committee awards all Olympic athletes cash for every honor that they win – $25,000 per gold, $15,000 for silver and $10,000 for a bronze.

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