by InvestorPlace Staff | August 2, 2012 11:38 am
U.S. Olympians who achieve success will find themselves receiving more than gold, silver, or bronze. When they return from London, they will also face a larger tax bill.
Sen. Marco Rubio, R-Fla., wants to change that.
Rubio has introduced a bill that would exempt United States medalists from paying taxes on their medals. More specifically, it would eliminate taxes on the honorariums that medalists receive in addition to their medals.
In addition to those medals, Olympic winners receive cash. Gold medalists get $25,000, silver medalists get $15,000, and bronze medalists get $10,000. Current U.S. tax law requires them to pay taxes on those honorariums.
Rubio’s bill, though, would exempt all U.S. medal winners after December 31, 2011 from having to pay taxes on that money. In proposing the bill, Rubio said “Athletes representing our nation overseas in the Olympics shouldn’t have to worry about an extra tax bill waiting for them back home.”
— Benjamin Nanamaker, InvestorPlace Money & Politics Editor
The opinions contained in this column are solely those of the writer.
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