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Obama backs bill to exempt taxes on Olympians
Monday - 8/6/2012, 3:30pm EDT
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 prize, 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 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)