WASHINGTON (AP) — U.S. Olympic medal winners will soon get a tax break, but not everyone thinks getting rid of the so-called victory tax is a good idea.
“I promise you, this is bad policy,” said Rep. Jim Himes, D-Conn., who cast the lone vote against a bill that would block the IRS from taxing most Olympic winnings.
President Barack Obama is expected to sign the measure, which repeals a tax on cash prizes awarded to U.S. medal winners: $25,000 for gold, $15,000 for silver and $10,000 for bronze.
The measure sailed through the House and Senate, winning final approval Thursday just as Obama welcomed several hundred members of the U.