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JONES: DO NOT TAX OLYMPIC MEDALS
WASHINGTON, D.C. – Today Congressman Walter B. Jones (NC-3) joined fellow Republican colleagues in addressing the tax being levied on American Olympians who win medals this summer in London. Jones is a cosponsor of H.R. 6267, legislation that would exempt Olympic medals and prize money from being labeled taxable gross income for any athlete competing in the Olympic Games. According to Americans for Tax Reform, American athletes who win medals in the 2012 London Olympics are liable to pay income tax on medals earned and prizes received at the London games.
“This is just ridiculous to tax our athletes who have represented our country so well,” said Jones. “Why are we punishing them for medals and money that they have worked hard for and received while proudly representing the United States on a world stage? It makes no sense.”
According to an analysis done by Americans for Tax Reform, the tax burden on a gold medal is around $9,000, for a silver medal the tax burden is around $5,300 and $3,500 for a bronze medal winner.