Sen. Marco RubioMarco RubioObama nominates ambassador to Cuba Rubio praises Marlins pitcher José Fernández on Senate floor Glenn Beck: I was wrong about Ted Cruz MORE (R-Fla.) introduced legislation Wednesday that ends taxes on Olympic medals.
The Olympic Tax Elimination Act would exempt Olympic medal recipients from having to pay taxes on the medals they win.
When athletes win Olympic medals they also win honorariums. Gold medal winners receive $25,000, silver medal winners receive $15,000, and bronze medal winners get $10,000. Rubio's legislation would end taxes on those honorariums.
"Athletes representing our nation overseas in the Olympics shouldn’t have to worry about an extra tax bill waiting for them back home," Rubio said in a statement.
“We need a fundamental overhaul of our tax code, but we shouldn’t wait any time we have a chance to aggressively fix ridiculous tax laws like this tax on Olympians’ medals and prize money,” Rubio continued. "We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it.”
Rubio's bill comes a day after the U.S. women's gymnastics team took first place in the all-around gymnastics competition, beating Russia and Romania, which placed second and third, respectively.