Olympic Games are made up of magic moments. We’ve tumbled for American gymnast Simone Biles and her coach Aimee Boorman.
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China took four gymnastics gold medals in London in 2012, when its women won gold and silver on the balance beam.
But all that winning will cost her.
The estimates are based on endorsement deals companies have struck with similar high-profile athletes and the exposure of the endorsements.
Ms Biles is not alone, her fellow USA medallists will be slapped with tax bills for their victories as well.
“Unlike their predecessors at past Olympics, less-than-perfect Chinese athletes at the Rio Games are neither shedding tears nor apologising for letting the country down”, wrote Hu Shuli, the influential editor-in-chief of Caixin Media.
The United States wrapped up five golds on Thursday as it became the runaway leader on the medals table at the Rio Olympics.
Gold medalist Bahamas’ Shaunae Miller, center, silver medalist United States’ Allyson Felix, left, and bronze medalist Jamaica’s Shericka Jackson holds their medals awarded for the women’s 400-meters during the athletics competitions of the 2016 Summer Olympics at the Olympic stadium in Rio de Janeiro, Brazil, Tuesday, Aug. 16, 2016.
Top American boxer Claressa Shields fights for the first time in the tournament. Thankfully, the medals are not accounted for based on their market value.
Expect a good showdown between Dafne Schippers of the Netherlands and Tori Bowie of the U.S.in the 200 meters at 10:30 p.m. following semifinals Tuesday night.
How much is the tax?
That was 42 more medals than second-place China, and 13 more golds than runner-up Britain.
According to Americans for Tax Reform, calculated costs for a gold medallist are $9,900, for silver is $5,940 and for bronze is $3,960.
The American women are already one step ahead of the men, as they outlasted France in the semis to set up a gold-medal game, also against Spain. He closed out the Rio Games with a lifetime total of 28 medals – 23 gold, 3 silver and 2 bronze.
But if an athlete has a regular job – and many do – he or she may only be in the 25% tax bracket, for example, and that could mean $6,250 in taxes for bringing home gold.
Why should an athlete who worked so hard to represent and win for their country be charged for their victory?
A similar bill has been proposed in the House of Representatives, but it has not come up for a vote.
In an editorial this week, the China Youth Daily argued that the country has outgrown the desire to be defined by Olympic performances.
Most US athlete must pay for their own training and few can sustain a professional living on their athletic winnings alone.
Stefan Szymanski, a sports management professor at University of MI, said many of these nations generally don’t have a strong Olympics culture and sports history, as they are relative latecomers to the Games.
Some states have moved to change their rules.
“Counting the recent three (2004 Athens, 2008 Beijing, 2012 London) Olympics, if the medals were given equally to the whole population, India ranks last”, it added.
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“We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it”, said Senator Rubio at the time.
