Watch CBS News

Obama Signals Approval For Olympic Tax Relief

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.

(TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Miami Herald contributed to this report.)

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.