FOXNews.com: Obama Backs Gov't PushTo Make Medals Tax-Free

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Obama Backs Gov't PushTo Make Medals Tax-Free Aug 6th 2012, 21:14 The White House said Monday that President Obama would sign a bill to give tax breaks to Olympic medalists on their cash awards. "If it were to get to his desk he would support it," said White House spokesman Jay Carney during the press briefing Monday. There is a growing bipartisan call in Congress, led by Rep. Dave Camp, Chairman of the House Ways and Means Committee, and Florida Sen. Marco Rubio, to make Olympic prize money tax-exempt. Currently, the U.S. Olympic Committee awards cash prizes to medalists: $25,000 for the gold, $15,000 for the silver, and $10,000 for the bronze. Team USA has won over 60 medals so far in the Olympic games. This issue recently gained attention when anti-tax crusader Grover Norquist's advocacy group, Americans for Tax Reform, posted a blog estimating that medal winners could owe "up to $9,000 to the IRS" for their cash winnings. The $9,000 figure has since been disputed as a high-end estimate by some analysts, but there's no question that Olympic winnings are taxable. "The president believes that we should support efforts like I think the bill you're referencing to ensure that we are doing everything that we can to honor and support our Olympic athletes who have volunteered to represent our nation at the Olympic games," said Carney.

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