The United States took 46 Gold Metals.China took 38 metals. The fact's speak for themselves. 104 for the US. in total medals. 87 for England. 65 for Korea 28. France took 24.Hungary took 17 overall.
Prizes are considered taxable income; based on the value of the precious metals in each gold, silver and bronze medal. Using Tuesday’s commodity prices, the value of a gold medal (14 oz., 1% gold, 92% silver, 7% copper) was about $675. The silver (14 oz.; 92% silver, 8% copper) was $385 while a bronze medal (13 oz.; 97 % copper, 2% zinc, and a trace of tin) is worth about $5.Based on these numbers, American athletes will owe approximately $236 for each gold medal, $135 for each silver, and $2 for a bronze, assuming at maximum tax rate of 35 percent. The tax ratio is effectively $7,000 a gold metal.