St. Petersburg, Florida - Senator Marco Rubio wants to celebrate Olympians, not tax them.
He introduced a bill Wednesday that would exempt medal winners from paying taxes on the cash rewards they receive when they get a gold, silver or bronze.
Meanwhilea headline from Americans for Tax Reform reads, "Win Olympic Gold, Pay the IRS: U.S. Olympic medal winners will owe up to $9,000 to the IRS."
"That 9,000 number is kind of startling. It sounds like a lot of taxes to have to pay," says Angie Holan with PolitiFact Florida.
The blog post says, "American medalists face a tax rate of 35% and under the tax law, they must add the value of their medals and prizes to their taxable income."
Here comes the math: cash prizes are as follows: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.
It says at today's commodity prices, the value of a gold medal is about $675, a silver about $385 and a bronze under $5.
The calculations show a gold-medal winner would owe $8,986, a silver-medalist $5,385 and for a bronze medal $3,502.
"Most Olympians are not in the top tax bracket, not everybody gets these fabulous endorsement deals like we think of with Michael Phelps," says Holan.
Fact-checkers talked with accountants who say these athletes get to deduct their business expenses.
"That would be their uniforms, their equipment, their training time... many of these athletes have their own personal coaches," says Holan.
Although Americans for Tax Reform is correct that Olympic medalists' winnings are taxable, it's not likely they would pay as much as the blog claims.