Olympic medalists could get a tax break

By Anna Yee

August 7, 2012 Updated Aug 7, 2012 at 7:13 PM CDT

WASHINGTON, DC -- Congressman Aaron Schock is also showing his support for Olympic athletes.

US Representative Schock, (R) IL, 18th District, is co-sponsoring a bill that would give a tax break to USA Medalists.

American athletes get bonuses after winning medals: $25,000 for a gold, $15,000 for a silver, and $10,000 for a bronze.

Schock says at each Olympic Games, more than 100 medalists have to pay a 35% tax on their earnings and on the value of the medal itself.

"They make enormous sacrifice, go through enormous expenses of training and traveling around the world to compete, and then to tax them at the end of their victory when they've represented us so well as a country," said Schock, "I don't think is smart policy."

Schock says President Obama has shown interest in signing the Olympic tax-break bill, if it passes.

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