Getting taxed on prize money is normal. Our Federal and State tax forms have lines for that.
I don’t know about taxes on the values of Olympic medals, which I’m sure that the athletes do not intend to sell-—unless forced to by the taxman. PHOOEY!!!!
Hillary wants to tax inheritance 100 percent (at least in Trump's case if he dies). If Hillary gets her way, an Olympian can't pass on their medals to their family after death - the government would take them.