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Pol Wants to Take Bite Out of Winning Medals


	U.S. gymnasts McKayla Maroney, Kyla Ross, Alexandra Raisman, Gabrielle Douglas and Jordyn Wieber bite their gold medals at the Artistic Gymnastics women's team final at the 2012 Summer Olympics, Tuesday, July 31, 2012, in London. (AP Photo/Matt Dunham)

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.



Read More:
 NYdailynews

Filed under Winning Medals Tax Cuts Take a Bite