State lawmakers want Olympian winnings off limits to Uncle Sam

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Some California lawmakers want to recognize star Olympians in a way they’re sure to appreciate: by waiving taxes on the medals and prize money they bring home from London.

Didn’t know U.S. athletes win cash prizes too? Well, they do — gold medalists win $25,000; silvers win $15,000; and bronze winners score $10,000. Uncle Sam takes his fair share of that, and the trophies that winners receive.

Doesn’t this take the fun out of winning?

Not sure about that. But a coalition of five lawmakers in Sacramento say they’re so proud of winning athletes from California, they want to return the favor, introducing legislation to waive state taxes on awards.

About a quarter of Californians make up the U.S. Olympics delegation.

President Obama has said he favors a bill that keeps Uncle Sam’s hands off the Olympic prize pot.

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