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Rubio to IRS: Lay off Olympic medalists

MIAMI -- Olympic athletes have enough to worry about without the IRS showing up to claim their piece of the prize.

So Sen. Marco Rubio has introduced legislation that would stop the IRS from taxing American Olympic medalists on their winnings at the games. 

When an athlete wins a medal, they also receive a cash prize as part of their earnings -- $25,000 for gold, $15,000 for silver and $10,000 for bronze. All of which can be taxed by the Internal Revenue Service.

Rubio, thought to be on the short-list to be Mitt Romney's running mate, called it a "ridiculous tax law."

"Our tax code is a complicated and burdensome mess that too often punishes success, and the tax imposed on Olympic medal winners is a classic example of this madness," Rubio said in a statement. "Athletes representing our nation overseas in the Olympics shouldn't have to worry about an extra tax bill waiting for them back home."

"We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it," Rubio added.

Rubio later used the bill to tweak President Obama over his "you didn't build that" gaffe.

"Olympic champs shouldn't have tax on medals.Unless@barackobama believes they didn't earn them,someone else did that," he tweeted.

 

Serafin Gomez is the Miami Bureau producer for FOX News Channel, and a contributor to FOX News Latino. He covers politics, Florida, and Latin America. Follow him on Twitter: @Finnygo.

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