President Obama would sign bipartisan legislation introduced in Congress that would end taxes on medals and prize money won by U.S. Olympians, White House Press Secretary Jay Carney said today.
“He supports that bill,” Carney said. “If it were to get to his desk he would support it.”
Olympians receive honorariums of $25,000 for a gold medal, $15,000 for a silver and $10,000 for a bronze, which they are taxed on. They also face a tax of as much as $9,000 on the medal itself.
Ironically, a Senate version of the bill was introduced by Sen. Marco Rubio (R-Fla.), who is in the running to be Romney’s vice presidential pick.
I sure do love our Olympians, but I’m not quite sure why they shouldn’t have to pay taxes on their winnings. A lot of average Americans put in Olympian efforts at their work and with their businesses. Many of them make more than $250,000 a year, because they’ve really, really succeeded. Like the Olympians. And Obama is trying to raise their taxes.
Sorry Olympians. You’re wonderful, but so is the guy trying to make ends meet while holding a marriage and a family together.