Did you know that U.S. athletes owe taxes any time they win a medal? Republican lawmakers — clearly seizing on Olympic fever and general displeasure with the tax code — want to change that.

After winning gold in London, an Olympic athlete also stands to earn a $25,000 honorarium. Silver medalists receive $15,000 and bronze medalists are slated to leave London with a $10,000 payday. Current U.S. tax law requires athletes to add the value of medals and honorariums to their taxable income — just as any winning game show contestant would have to pay taxes on a new car or toaster oven.

But Sen. Marco Rubio (R-Fla.) and Rep. Blake Farenthold (R-Tex.) introduced legislation Wednesday that would exempt American medal-winning gymnasts, rhythmic gymnasts, swimmers, divers, synchronized divers, runners, cyclists or water polo players from paying taxes on their Olympic winnings.

Farenthold, who calls his bill the Tax Exemptions for American Medalists Act — or TEAM Act — said his measure “will remove another needless tax on the exceptional American athletes who represent our nation on the world’s stage. Our Olympic athletes embody the American spirit and give hope to all who watch them compete on behalf of the red, white and blue.”

In touting his Olympic Tax Elimination Act, Rubio called the tax code “a complicated and burdensome mess that too often punishes success.” He said imposing taxes on Olympic athletes “is a classic example of this madness” and that they “shouldn’t have to worry about an extra tax bill waiting for them back home.”

The legislation comes in response to a study by Americans for Tax Reform, led by anti-tax crusader Grover Norquist, that estimated that Americans medal winners would face a top income tax rate of 35 percent. The rate was calculated by adding the honorarium to the estimated price of the medal. Current commodity prices value a gold medal at roughly $675, a silver medal at about $382 and a bronze medal at under $5, according to ATR.

While the bills may earn favorable political support, the legislation won’t be considered until after the month-long August recess, long after most Americans stop caring about the Olympics.

And remember — any medal-earning athlete who scores an endorsement deal will still need to pay taxes on those earnings.

*sigh* Yet another Republican policy aimed at helping the top 0.1%. A more just approach would be to tax those medalists more and use the proceeds to help athletes who didn't even qualify for the Olympics pay for some extra training. Otherwise, the gap between medalists and non-medalists is just going to keep growing.

It should only be tax free if they win the gold.

Run faster, *****.

Yeah my internet sarcasm meter finally worked!

Why only those sports?

The way I read it, those were examples of sports where the U.S. commonly wins medals, not that only those sports would get exemptions.

But we commonly win medals in everything. The U.S. has more total medals than the second and third place countries (Soviets and Germans) combined.

But we commonly win medals in everything. The U.S. has more total medals than the second and third place countries (Soviets and Germans) combined.

But we commonly win medals in everything. The U.S. has more total medals than the second and third place countries (Soviets and Germans) combined.

Notice that the Soviet Union, which now no longer exists, has 1,000 medals in 9 Olympic games. The United States does well, but much of their success is based on having sent athletes to all but one Olympiad. Several countries average more medals per Olympiad.

How could you not figure that? There's an event basically named "Here's medals for Norway".