(CNN) The "Fab 5", the women's gymnastics team is bringing home the gold, so are Olympic swimmers, Michael Phelps and Ryan Lochte.
But did you know it's a win for Uncle Sam too?
The IRS gets a cut of the prize money US athletes get if they win a medal, so yesterday, in Washington, DC, Florida Senator Marco Rubio took the first step to save our Olympic medal winners from getting taxed on their medals and cash prizes.
The gold medal comes with a $25,000 cash prize, the silver comes has a $15,000 cash prize and the bronze has a $10,000 prize.
The winning Olympians are taxed, not only on that prize money, but also on the raw values of the medals themselves.
Senator Rubio introduced a bill that would make the medals and prize money awarded to American athletes at the London games exempt from taxes.
Senator Rubio said, "Our tax code is a complicated and burdensome mess taht too often punishes success, and the taz imposed on Olympic medal winners is a class example of this madness."
CNN