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Obama backs bill to exempt Olympians from taxes on winnings

CBSSports.com wire reports
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WASHINGTON -- 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 Sen. Marco Rubio. The Florida Republican 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 2014 by STATS LLC and The Associated Press. Any commercial use or distribution without the express written consent of STATS LLC and The Associated Press is strictly prohibited.
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