Senator Counters Uncle Sam's Olympic Cut with Exemption Proposal
Imagine working hard enough to win a gold medal at the Olympics, and returning to the U.S. where Uncle Sam wants a piece of it.
Senator Marco Rubio wants to change that with the Olympic Tax Elimination Act.
Current tax law requires Olympians who win medals to pay taxes on them and on honorary cash payments they receive.
They get 25-thousand dollars for Gold, 15-thousand for Silver and 10-thousand for Bronze.
If approved, the bill would ban taxes on Olympic medals and prize money. It would apply to awards received after December 31, 2011