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Entries in Marco Rubio (2)

Wednesday
Aug012012

Sen. Rubio Introduces Bill to Eliminate Tax on Olympic Prizes

Chris Maddaloni/CQ Roll Cal(WASHINGTON) -- Sen. Marco Rubio, R-Fla., introduced a bill today in the Senate that would exempt U.S. Olympic medal winners from paying federal taxes on their medals and prize money earned in the Olympics.

“Our tax code is a complicated and burdensome mess that too often punishes success, and the tax imposed on Olympic medal winners is a classic example of this madness,” Rubio said in a paper statement today announcing his legislation.  “Athletes representing our nation overseas in the Olympics shouldn’t have to worry about an extra tax bill waiting for them back home.”

Under U.S. tax law, the athletes must add the value of their Olympic medals and prizes to their taxable income, and are taxed at a rate of 35 percent by the IRS.

Americans for Tax Reform found that the value of a gold medal is about $675, meaning that athlete could be on the hook for $236 extra tax burden.

Olympians who win medals also receive cash payments -- $25,000 for gold, $15,000 for silver and $10,000 for bronze. This taxable income could mean that Gold Medal winner could face a tax on the cash prize, in addition to the amount from the tax on their medal, at $8,750, according to the Americans for Tax Reform.

Rubio said athletes should not be punished in this way by their athletic achievement.

“We need a fundamental overhaul of our tax code, but we shouldn’t wait any time we have a chance to aggressively fix ridiculous tax laws like this tax on Olympians’ medals and prize money,” Rubio said.  “We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it.”

Rubio’s bill, if taken up and passed in Congress, would apply to awards won after Dec. 31, 2011.

The bill would amend the Internal Revenue Code of 1986 to eliminate the tax on Olympic medals and prize money won by United States athletes.  If enacted into law, the gross income of Olympic athletes “shall not include the value of any prize or award won by the taxpayer in athletic competition in the Olympic Games.”  

A copy of Rubio’s bill can be found here.

Copyright 2012 ABC News Radio

Sunday
Nov202011

Marco Rubio: White House Failed to Lead on Supercommittee

iStockphoto/Thinkstock(NEW YORK) -- Senator Marco Rubio, R-Fla., blamed the White House for a "lack of leadership" in steering the congressional supercommittee toward an agreement, saying political strategy and the hope of running against a "do-nothing Congress" is guiding the administration.

"I think it's very difficult for the Democrats on that committee to enter into a negotiation, not knowing where the White House is," Rubio told "This Week" anchor Christiane Amanpour. "They don't want to get their legs cut out underneath them as they agree to some entitlement reform measures that later on the White House decides they don't want to support in an election year."

"I hate questioning people's motives, but I do believe that there's political strategy involved here. And I certainly think the president would like to run against a do-nothing Congress," Rubio added. "But I hope that doesn't stand in the way of meaningful legislation, particularly out of the supercommittee."

Rubio voted against this summer's debt ceiling compromise and opposed the formation of the supercommittee. But he said he hopes it succeeds in the coming days "because so much is at stake."

However, Senator Chris Coons, D-Del., said that Republican failure to consider a balanced approach that includes significant revenue increases as well as budget cuts has blocked efforts at compromise.

"In my view, my party's the one that continually advocates for everything on the table, for a broad and balanced solution that includes revenue as well as considering entitlements," Coons said.

As the congressional supercommittee stands on the brink of failure, Coons and Rubio are pushing forward with a rare bipartisan effort on jobs, hoping to spur action on measures that both Republicans and Democrats support.

The first-term senators have introduced the AGREE Act – the American Growth, Recovery, Empowerment and Entrepreneurship Act – putting together elements from existing jobs bills that have gained bipartisan support, hoping that passage of the economic measures will spur confidence in Washington.

Copyright 2011 ABC News Radio







ABC News Radio