U.S. Olympic medal winners face big taxes when they return home
By The Associated Press
WASHINGTON (AP) -
Americans who win gold, silver or bronze at the Olympics get a cash award from the U.S. Olympic Committee of tens of thousands of dollars.
Sen. 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. They then have to pay taxes on those winnings in their home country.
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.
Copyright 2012 The Associated Press. All rights reserved.
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