Politics & Government
VIDEO: Sen. Brown Says Needham's Aly Raisman is a Leader, American Hero
Sen. Scott Brown said Needham's Aly Raisman and other Olympians, whom he called American heroes, should be exempt from taxes.
Sen. Scott Brown said he and his family watched the Olympic gymnastics team finals and that he felt Needham's Aly Raisman was a leader for her team.
Speaking at a construction site in Framingham, the U.S. Senator said Olympians are American heroes and shouldn't be greeted at home by the I.R.S.
He is working to exempt Olympic champions from taxes on their medals and the monetary prizes, awarded by the Olympic committee.
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Brown said he supports a bill introduced by Sen. Marco Rubio on Wednesday to eliminate the federal government’s tax on Olympic medals.
Athletes who win a gold medal also earn a $25,000 honorarium—and with it an $8,986 tax bill to the IRS, according to Americans for Tax Reform, which crunched the numbers. That covers both the honorarium and the tax on the value of the gold in the medal itself.
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The silver medal tax comes to $5,385, and the bronze medal tax is $3,502—including $2 for the value of the bronze medal itself, and the $10,000 honorarium.
Brown, who will compete in this weekend's Pan-Mass Challenge, said he is looking forward to the Olympic Track and field events.
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