Marco Rubio introduces Olympic tax break bill

Published: August 2, 2012 7:17 AM
By THE ASSOCIATED PRESS

Photo credit: AP | Sen. Marco Rubio signs a Romney sign for a supporter at a rally for presidential candidate Mitt Romney in Las Vegas. (July 28, 2012)

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U.S. Sen. Marco Rubio wants to give America's Olympic champions a tax break on their winnings.

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.

The Republican lawmaker introduced a bill Wednesday that would exempt medal winners from paying taxes on the honorariums, 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.

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