WASHINGTON – President Obama supports an effort in Congress to waive taxes on honoraria earned by U.S. athletes who won Olympic medals in London, the White House said Monday.
“The president believes that we should support efforts ... to ensure that we are doing everything we can to honor and support our Olympic athletes who have volunteered to represent our nation at the Olympic Games,” spokesman Jay Carney told reporters.
Obama, of course, is campaigning on a promise to allow lower tax rates for the wealthiest Americans to lapse at year’s end, defying conventional wisdom that you don't support a tax increase in an election year.
It seems that in an Olympic year, however, he won’t risk blocking the effort to give U.S. athletes a break.
Rep. Aaron Schock (R-Ill.) introduced legislation last week that would amend the tax code to make an exception for Olympic medals and bonuses, a bill that quickly gained co-sponsors from both parties. If passed, it would apply to prizes and awards won this year.