U.S. Olympic success leads to Internal Revenue Service gold

Guess who was among the first to welcome our Olympic athletes back home from Rio? None other than the IRS.

For U.S. athletes, winning an Olympic medal comes with pride, glory — and a hefty federal tax bill.

According to TIME magazine, Michael Phelps owes over $55,000 in federal income taxes for his five gold and one silver medals earned at the recently concluded summer games. That’s a whopping amount even for someone whose net worth is $55 million.

The U.S. is one of a few countries which does not provide government funding for their Olympians. Most Olympic athletes are not as fortunate as Phe...