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Rubio backs bill to nix tax for Olympic winners

Rubio backs bill to nix tax for Olympic winners Click to Enlarge Photo:

Aug 2, 2012 at 7:14 am

WASHINGTON (AP) - Americans who win gold, silver or bronze at the Olympics gets a cash award from the U.S. Olympic Committee of tens of thousands of dollars.

Senator Marco Rubio of Florida doesn't want them paying taxes on the honorariums.

The Republican lawmaker introduced a bill Wednesday that would exempt medal winners from the taxes, calling the penalty ridiculous. The USOC says a gold medalist gets $25,000, a silver medalist $15,000 and a bronze winner $10,000.

What about NBA stars on the basketball team like the Miami Heat's LeBron James? Rubio's office says that the Olympics are unique, with U.S. athletes volunteering to represent the country, and that success should be celebrated, not taxed.

JW Cox

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