Obama backs bill to exempt taxes on Olympians
Gold Medallist Michael Phelps of the United States celebrates following the medal ceremony for the Men's 4 x 200m Freestyle Relay final on Day 4 of the London 2012 Olympic Games at the Aquatics Centre on July 31, 2012 in London, England.
Photographer: Ezra Shaw/Getty Images
Copyright Getty Images
Posted: 08/06/2012
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By: Associated Press
WASHINGTON (AP) - The White House says President Barack Obama supports a measure that would exempt U.S. Olympians from taxes on their prizes.
Press secretary Jay Carney said Monday that Obama would do "everything we can to support our athletes," including signing into law legislation introduced by Republican Sen. Marco Rubio of Florida. Rubio wants Americans who win medals to keep all of the prizes the U.S. Olympic Committee awards to winners.
Olympians who earn gold medals receive a $25,000 price, silver winners get $15,000 and bronze winners pick up $10,000.
Rubio has called taxes on the earnings ridiculous and has introduced legislation that would let the medal winners keep all their prize money.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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