Congresswoman Chellie Pingree said today she is cosponsoring legislation that would exempt U.S. Athletes Olympic medal winnings from income tax.
"Many of these athletes have struggled and sacrificed for years as amateurs and very few of them are raking in big endorsement fees. These athletes are a great source of pride for the U.S. and I think the least we can do is give them a little bit of a tax break on what they get when they win a medal," Pingree said.
Pingree is co-sponsoring the bipartisan Olympic Tax Elimination Act, which eliminates the tax on Olympic medals won by U.S. Athletes. An honorarium is paid to Olympic medal winners--$25,000 for a gold, $15,000 for a silver and$10,000 for a bronze. An athlete in the top tax bracket could expect to pay up to $9,000 in income tax on a gold medal, although many athletes have modest incomes and pay lower tax rates.
"Numerous tax hand outs that go to rich individuals and corporations that they don't need or deserve. It just seems fair that dedicated, hard-working Olympic Medalists be exempt from taxes on their remarkable achievements when representing our country." Pingree said.