New Bill Means Jordyn Wieber Could Be Exempt from Medal Taxes
If Jordyn Wieber ends up on the podium tonight for the individual floor routine competition, she will not only have to pay taxes on whatever she medals in, but also on the gold she won last week.
Cash prizes for medals are $25,000 for gold, $15,000 for silver, and $10,000 for bronze. According to the group Americans for Tax Reform, a gold medalist could end up owing up to $9,000 in taxes for their success.
Florida Republican Senator Marco Rubio is proposing a bill that would exempt American Olympians who won medals at the games from paying taxes on their medals and their prize money. Rubio says athletes representing the U.S. overseas shouldn't have to worry about an extra tax bill when they get home.
President Obama agrees. White House Press Secretary Jay Carney said Monday Obama would support the measure if it passed through Congress.
If the bill is passed, it would apply to prizes and awards Olympians received after December 31st, 2011, which means Jordyn Wieber wouldn't have to pay taxes on the gold she already won.
The bill would not apply to some of the biggest money-making Olympic opportunities - corporate sponsorships and endorsements.
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