(August 2, 2012 -- Washington, D.C.)  Congresswoman Shelley Berkley believes America's Olympic athletes shouldn't have to pay taxes on the prize money they win or on the value of their medals.   That's why she is among the first cosponsors of the Olympic Tax Elimination Act.  The legislation was introduced yesterday in the U.S House of Representatives.

 

"Our U.S. athletes shouldn't have to worry about being hit with a big tax bill for being successful in the Olympic Games and making America proud of their accomplishments," said Berkley. 

 

Currently, U.S. Olympic medalists are subject to thousands of dollars in taxes on prize money awarded to those who win a gold, silver or bronze.

 

"The bill I support eliminates this unreasonable tax.  We shouldn't be honoring the accomplishments of our Olympic athletes and then turning around and hitting them with heavy taxes on those achievements," Berkley emphasized.

 

Current tax law places a levy of approximately one-third on the honorarium amounts of $25,000 for a gold medal, $15,000 for a silver, and $10,000 for a bronze.  The value of the actual Olympic medal is also taxed at the same rate.

 

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