Olympic Winners Big Payday Means Paying Big Taxes

A debate is brewing over Olympic athletes having to pay taxes on their medal winnings. Should they get an exemption? INSIDE EDITION has the story.

Michael Phelps is the $100 million man.

That's how much the super swimmer is expected to earn in endorsements, thanks to his Olympic triumphs.

CBS News correspondent Mark Phillips, told INSIDE EDITION, "This is a business. This is a professional sports operation where professional athletes compete. To succeed here means millions for the big name athletes."

And those gold medal girls from the gymnastics team are expected to rake in the money as well.

But, gold medal swimmer, Missy Franklin will probably miss out on a big payday because she wants to maintain her amateur status and go on to compete in college.

Here's something that may surprise you—all the American medal winners owe taxes on their medals, because they come with cash prizes.

For example, each gold medal winner is paid a $25,000 cash prize, a silver medal winner is paid $15,000 and bronze medal winners are paid $10,000. So, for each gold medal, the athlete owes an estimated $9,000 in taxes.

The women on The View  think that's not fair.

Whoopi Goldberg said, "Did you know that the goverment taxes athletes for their medals and the prize money that they win?"

Sherri Shepherd said, "When you're reppin' your country, people don't remember they have to stop their entire lives to train for this moment."

Florida Senator Marco Rubio has introduced a bill to Congress calling for the elimination of the medal tax.

In the midst of all the Olympic excitement, people are wondering - where is Ann Curry?

The onetime co-host of the Today show has been keeping a low profile since she was ousted two months ago, and it appears she is still smarting over her dismissal. This week she tweeted: "When I despair I remember that throughout history, truth and love have always won."