Obama Wants To Axe Olympic Prize Money Taxes

President Obama has joined supporters of a proposal that would give tax breaks to American athletes who win money for earning medals during the Olympics. Currently, they are not given any sort of special consideration in the tax code.

Along with the incredible prestige, honor, and lifelong fame and sponsorship deals that come with standing on that podium during the international games, winning a medal comes with a cash prize.

The US Olympic Committee gives $25,000 for every gold medal, $15,000 for a silver, and $10,000 for a bronze. That may seem like chump change when you compare it to the real lifetime value that owning a piece of Olympic hardware usually entails, but it’s even less after taxes.

So now, Republicans Dave Camp from the House of Representative and Marco Rubio from the Senate are drafting legislation that would provide big tax breaks on that money, since it does seem like the award isn’t all that amazing to begin with. Their victories certainly bring in a lot more advertising revenue that a lot of multi-millionaire TV stars.

When posed the question of whether or not Obama supported the bill during Monday’s press briefing, White House spokesperson Jay Carney said:

“The president believes that we should support efforts like I think the bill you’re referencing to ensure that we are doing everything that we can to honor and support our Olympic athletes who have volunteered to represent our nation at the Olympic games.”

Via Fox News

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