Obama Signals Approval For Olympic Tax Relief
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MIAMI (CBSMiami) – In an increasingly rare bit of bipartisanship in Washington, President Barack Obama said he would sign a bill if it came to his desk to give Olympic athletes tax relief on the winnings they receive from winning a medal, according to CBS4 news partner the Miami Herald.
Florida Senator Marco Rubio has introduced a bill that would do just that and Congressional members seem to be rallying around the idea.
The measure first flared up after a report, deemed mostly false by Politifact, that said a gold medal winner could face a bill upwards of $8,986 in taxes on the $25,000 the athletes receive in addition to the medal. Silver medal winners receive $15,000 for their accomplishments, and bronze medalists receive $10,000.
According to Politifact, via the Miami Herald, “any accountant worth their salt should be able to get the rate of tax on medal winnings much below $9,000, and maybe even to zero.”
However, in a time when even mentioning the word tax without cut or break after it is anathema to politicians; getting rid of a tax like this would be a win-win for both sides of the political aisle.
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