Michael Phelps to Face Over $55,000 in Taxes for Rio Olympics Winnings

U.S. Olympic champion Michael Phelps is set to be slapped with a hefty tax bill upon returning from the games in Rio de Janeiro. The U.S. awards gold medal winners $25,000 in prize money, $15,000 for silver and $10,000 for bronze. This is subject to income tax. According to Americans for Tax Reform, gold medal winners would be subject to $9,900 in taxes; $5.940 for silver and $3,960 for bronze - assuming the highest tax bracket. Phelps won five gold medals and one silver, bringing his tax bill over $55,000. TheStreet's Scott Gamm speaks with Kitco News editor-in-chief Daniela Cambone.