Medal-winning U.S. Olympians could soon have a tax break to go with the fame and Wheaties boxes they earn from their athletic feats.
Florida Sen. Marco Rubio has proposed a bill that would keep the IRS from taking a cut of the cash prizes that Olympic athletes get along with their golds, silvers and bronzes.
Under IRS rules, Olympic winners have to report the cash — $25,000 for gold medals, $15,000 for silver and $10,000 for bronze — as taxable income.
Rubio’s Olympic Tax Elimination Act would make such income exempt from taxes.
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