Obama backs Olympian tax exemption bill

Associated Press

Updated: Aug 6, 2012 11:25 AM

WASHINGTON (AP) — The White House says President Barack Obama supports a measure that would exempt U.S. Olympians from taxes on their prizes.

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Press secretary Jay Carney said Monday that Obama would do "everything we can to support our athletes," including signing into law legislation introduced by Republican Sen. Marco Rubio of Florida. Rubio 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 price, 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.

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