US Olympians with a hefty tax bill read more at here http://spinonews.com/index.php/component/k2/item/628

American Olympians are subject to a so-called victory tax a tax on both the money they receive from the Olympic committee for winning and on the value of the Olympic medal.

Those winnings are taxed as income, the same way Americans are taxed on other prize money, like lottery winnings. Most countries exempt their athletes from these taxes.

The 19-year-old has won five Olympic medals - four gold and one bronze. She has cemented her title as the world's best gymnast by taking home the gold in the all-around after three successive world championship titles - a feat only accomplished by three others in history.

But all that winning will cost her. On 21 August, Biles could be slapped with a tax bill close to $43,560 (£33,479)

That estimate is based on the $2m that she has accumulated in endorsement deals and assuming she is charged in the highest income tax bracket in the US - 39.6%.

Biles is not alone, her fellow US medallists will be slapped with tax bills for their victories as well.

Gold medallists will receive $25,000, silver medallists get $15,000, and bronze winners earn $10,000.

Gold medals - which are mostly made of silver with a gold plating - are worth roughly $600 based on current commodity prices, silver medals are worth close to $300, bronze medals - which consist mostly of copper - have barely any monetary value, approximately $4.

Some analysts believe Phelps, who's worth an estimated $55m, could face a tax bill of $55,000.

Its worth noting athletes in a lower tax bracket would have to pay less and most athletes can deduct the cost of training from their tax bill.

This is not the first attempt at changing the taxation rules around Olympic victories.