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Rubio proposes Olympic tax loophole
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Candidate
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| Contributor | RP |
| Last Edited | RP Aug 02, 2012 10:40am |
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| Category | Proposed Legislation |
| News Date | Thursday, August 2, 2012 04:00:00 PM UTC0:0 |
| Description | It's doubtful that, say, Michael Phelps needs a tax break, but Sen. Marco Rubio, R-Fla., announced Wednesday he was introducing the Olympic Tax Elimination Act, which would exempt U.S. Olympic medal winners from paying taxes on their medals.
His office notes that Olympians who win medals also receive honorariums: cash payments of $25,000 for gold, $15,000 for silver and $10,000 for bronze.
"Our tax code is a complicated and burdensome mess that too often punishes success, and the tax imposed on Olympic medal winners is a classic example of this madness," Rubio said in a press release. "Athletes representing our nation overseas in the Olympics shouldn't have to worry about an extra tax bill waiting for them back home."
From Rubio's office: "The Olympic Tax Elimination Act, would amend the Internal Revenue Code of 1986 to eliminate the tax on Olympic medals and prize money won by United States athletes. If enacted into law, the gross income of Olympic athletes shall not include the value of any prize or award won by the taxpayer in athletic competition in the Olympic Games. This would apply to prizes and awards received after December 31, 2011." |
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