Sen. John Thune's Bill: No Taxes on Olympic Winnings

Tuesday, 25 Feb 2014 01:08 PM

By Courtney Coren

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Republican Sen. John Thune has offered a measure that would protect Olympians from being taxed on their medals and awards as they make their way home from Sochi, Russia. The bill has bipartisan support.

"What my bill would do would be to exempt these medal winners from income tax liability when they come home from the Olympic Games and, you know, we have a tendency in this country, particularly in the tax code, to punish success, and nowhere is that more evident than the way we treat our Olympic athletes who work for years and years in preparation for these games and then come home to a big fat tax bill," the South Dakota senator told Fox News.

Olympic winners get cash prizes along with their medals. Gold medals come with $25,000, silver medals come with $15,000, and bronze medals come with $10,000.

The measure has bipartisan support and has been co-sponsored by Republican Sens. Marco Rubio of Florida, Mark Kirk of Illinois, Tim Scott of South Carolina, Roger Wicker of Mississippi, John Hoeven of North Dakota, and Johnny Isakson of Georgia, as well as by Democratic Sens. Chuck Schumer and Kirsten Gillibrand, both from New York.

Rubio authored a similar bill in 2012.

The White House has also come out in support of the measure.

"The president believes we should support efforts to ensure that we're doing everything we can to honor and support our Olympic athletes who have volunteered to represent our nation at the Olympic Games," said White House spokesman Bobby Whithorne. "We still support this effort."

Thune says that he's working to get enough support for the bill "so Harry Reid has no option but to move it on the Senate floor."

He added that if the president really does support it, "that'd be great if he'd pick up the phone."

Related Stories:

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Sen. Johnson: Obama Handicapped Effort to Build Coalition

Tuesday, 16 Sep 2014 13:34 PM

When President Barack Obama took "certain actions off the table' in his speech about U.S. plans to combat the Islamic St . . .

Leonardo DiCaprio Named UN Messenger of Peace

Tuesday, 16 Sep 2014 13:33 PM

Secretary-General Ban Ki-moon has appointed Leonardo DiCaprio as a United Nations Messenger of Peace to help promote glo . . .

Sen. Coats: US Needs 'Clarity,' Support in ISIS Fight

Tuesday, 16 Sep 2014 13:13 PM

Republicans question how President Obama's campaign against the Islamic State will succeed, since his administration has . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved