Now that Michael Phelps has won eight Olympic gold medals, it is time for Speedo to pay him the $1 million “prize” as promised. The burning question on my mind is who is going to tax it. China could argue that the money was earned while he was in Beijing, and thus he should pay tax on his winnings there. I am not sure if there are state and local taxes, but maybe Beijing will also want to tax the prize. The U.S. will want to impose a tax since Michael is a resident of the U.S. Likewise, Michael is a resident of Maryland, so I am sure that Maryland will want the piece of the action. Or is Michael a resident of Michigan – that is where he is enrolled in school. Does anyone have any insight?