Rep. Blake Farenthold, R-Texas, has reintroduced legislation to provide tax exemptions to American athletes who win medals in the Olympics.
Farenthold originally introduced the bill in 2012 around the time of the Summer Olympics in London. He reintroduced it last week just before the start of the Winter Olympics in Sochi, Russia.
H.R. 3987, the Tax Exemptions for American Medalists (TEAM) Act, would exempt U.S. Olympic athletes from paying taxes as high as $9,000 on the medals and awards they win competing on behalf of the United States in the Olympics. In addition, the TEAM Act would eliminate both the tax on the medal and the prizes that accompany each medal awarded by the Olympic Committee.
“This needless tax illustrates how complicated and burdensome our tax code has become,” Farenthold said in a statement. “We need a fairer system for all, and eliminating this unnecessary tax burden on our athletes is a good way to start. Our Olympic athletes are the true embodiment of the American spirit. As they represent our nation on the world stage in the upcoming Winter Olympics, they should be faced with our undying support—not with excessive taxes.”
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