U.S. Olympic medal winners face big taxes when they return home - KPTV - FOX 12

U.S. Olympic medal winners face big taxes when they return home

Posted: Updated:
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.

Powered by Frankly
FOX 12
Powered by WorldNow CNN
All content © 2017, KPTV-KPDX Broadcasting Corporation, Portland, OR . All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.