Congressman Aaron Schock wants US Olympians to not pay federal taxes on the medals they bring home from the London Games.
In companion bills introduced in the House by Schock and in the Senate by Florida’s Marco Rubio, US Olympic athletes would be exempt in paying federal taxes on the cash prizes they receive upon winning medals at the international games.
Gold recipients receive $25,000. Silver recipients get $15,000 and Bronze winners get $10,000.
As the law stands now, the IRS takes 35 percent of the cash prizes.