U.S. Senator Lamar Alexander (R-Tenn.) today announced he is cosponsoring The Olympic Tax Elimination Act, a bill introduced by Sen. Marco Rubio (R-Fla.) to end the taxation of Olympics medal winners' honorariums and the cash value of the medals.
"Our Olympians deserve our praise and accolades, not more tax bills, when they win at the Olympics. While we work toward broader tax reform over the next few months, we should act now to end the taxes on their honorariums and on the value of the metal in their medals."
If the bill is enacted into law, taxable income "shall not include the value of any prize or award won by the taxpayer in athletic competition in the Olympic Games."