Press Release posted 8/10/12 – A motion supporting federal legislation to repeal the medal tax on American Olympic athletes was introduced by LA County Supervisor Michael D. Antonovich.
“After years of sacrifice and personal expense to represent our nation at the Olympic Games, forcing a tax on winning medals is a punitive action,” said Antonovich. “Olympic medalists should be celebrated for their extraordinary achievement — not penalized.”
American athletes who win Olympic medals also receive honorariums of $25,000 for gold, $15,000 for silver and $10,000 for bronze. Currently, the Internal Revenue Service collects taxes on these amounts; nearly $9000 for gold, $5300 for silver and $3500 for bronze.
The Olympic Tax Elimination Act, introduced by U.S. Senator Marco Rubio (R-FL) and sponsored by Representatives Mary Bono Mack (R-CA) and G.K. Butterfield (R-NC), would exempt U.S. Olympic medal winners from paying taxes on their hard-earned medals.