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United States' Michael Phelps poses with his gold medal for the men's 4x200-meter freestyle relay swimming final at the Aquatics Centre in the Olympic Park during the 2012 Summer Olympics in London, Tuesday, July 31, 2012. (AP Photo/Matt …

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Obama backs bill to exempt taxes on Olympians

Sen. Marco Rubio introduced the legislation

Updated: Monday, 06 Aug 2012, 1:25 PM EDT
Published : Monday, 06 Aug 2012, 1:25 PM EDT

WASHINGTON (AP) — The White House says President Barack Obama supports a measure that would exempt U.S. Olympians from taxes on their prizes.

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Press secretary Jay Carney said Monday that Obama would do "everything we can to support our athletes," including signing into law legislation introduced by Republican Sen. Marco Rubio of Florida. Rubio wants Americans who win medals to keep all of the prizes the U.S. Olympic Committee awards to winners.

Olympians who earn gold medals receive a $25,000 price, silver winners get $15,000 and bronze winners pick up $10,000.

Rubio has called taxes on the earnings ridiculous and has introduced legislation that would let the medal winners keep all their prize money.

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