LONDON -- Uncle Sam gets a cut of everything -- even the Olympics.
Gold medal winners get a $25,000 prize, silver winners, $15,000 and bronze winners $10,000.
Expanded coverage: 2012 Olympic Games
Current commodity prices value a gold medal at about $675, a silver medal, almost $400 and a bronze at around $5.
The Olympians are taxed on the raw value of the medal and their cash prize.
So all medal winners will pay some taxes on their winnings -- based on their overall income.
Whether you're a high school student like Missy Franklin or multi-millionaire athlete like Kobe Bryant or Michael Phelps, the IRS gets a piece.
Wednesday, several lawmakers introduced a bill to exempt Olympic winners from paying taxes on their medals and cash prizes -- but no action is expected until Congress returns from recess in September.
Americans for tax reform sparked the debate.
The group, headed by conservative tax reform activist Grover Norquist, said gold medal winners will have to pay up to $9,000 in taxes. Silver and bronze medal winners would also pay thousands, according to the group.
But most athletes will be able to claim deductions for travel and other expenses. And Norquist's numbers are based on the tax rate for athletes with annual incomes that exceed $380,000 -- way more than most Olympic athletes earn.