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Post by mtnme on Jul 19, 2012 16:12:26 GMT -8
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Post by Laura (Lori) on Jul 20, 2012 0:27:45 GMT -8
Yeah, ummmm... yikes! I had just heard on ESPN that Nadal had withdrawn from the Olympics because of 'undisclosed injuries'.
Might it really be his sense of fashion that was injured?
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Post by Laura (Lori) on Jul 30, 2012 9:12:06 GMT -8
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Post by Deleted on Jul 31, 2012 20:20:50 GMT -8
Don't even get me started, Lori. I hope the athletes ban together and send 40 to the bottom of the Thames. I understand corporate sponsorship is needed, but the stranglehold they have on seats and advertising and the use of the athletes (or lack of same) throughout the Olys and during the 40 rule period, is equal to a monopoly. The Olympics are about making money on the backs of athletes who eek out a daily living while training. But everyone on this board knows that! Harry Reid is up in arms over China-made uniforms. That's nothing. Why don't they get up in arms over funding these athletes or developing a system that funnels the corporate funds down to the athletes? Ugh, all around.
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Post by Laura (Lori) on Aug 1, 2012 6:28:06 GMT -8
Don't even get me started, Lori. I hope the athletes ban together and send 40 to the bottom of the Thames. I understand corporate sponsorship is needed, but the stranglehold they have on seats and advertising and the use of the athletes (or lack of same) throughout the Olys and during the 40 rule period, is equal to a monopoly. The Olympics are about making money on the backs of athletes who eek out a daily living while training. But everyone on this board knows that! Harry Reid is up in arms over China-made uniforms. That's nothing. Why don't they get up in arms over funding these athletes or developing a system that funnels the corporate funds down to the athletes? Ugh, all around. 'Like'... ...and on another note, I had assumed that the 'interesting' Spanish team uniforms pictured upthread were to be worn in the opening ceremonies. But the team marched into Olympic Stadium wearing something much nicer. The uniforms in question are apparently the warmups that the team wears during competitions - I saw the coaches & team members wearing them poolside during the ladies' water polo match. Still unattractive, but at least not quite as prominent!
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Post by mtnme on Aug 1, 2012 17:16:48 GMT -8
Don't even get me started, Lori. I hope the athletes ban together and send 40 to the bottom of the Thames. I understand corporate sponsorship is needed, but the stranglehold they have on seats and advertising and the use of the athletes (or lack of same) throughout the Olys and during the 40 rule period, is equal to a monopoly. The Olympics are about making money on the backs of athletes who eek out a daily living while training. But everyone on this board knows that! Harry Reid is up in arms over China-made uniforms. That's nothing. Why don't they get up in arms over funding these athletes or developing a system that funnels the corporate funds down to the athletes? Ugh, all around. Amen sista! It's outrageous the money that gets funneled to all the entities IOC, USOC, other NGB's (who shall remain nameless...) who bring the money in, but other than say the Colorado Springs training facility and others like it, the athletes like the speedskaters don't see much of it trickle down to their little world. When they finally DO get a sponsor to help them out, all these entities are quick to do the smack down to keep them penniless...and often try to steal those sponsors right out from under the skaters to get the money for themselves. Which wouldn't be that bad if the skaters were the direct recipients for all this largess, but they rarely are. Can we get a head count on how many international competition caliber skaters had to pay their own way to the event?
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Post by Deleted on Aug 1, 2012 21:00:39 GMT -8
...and of course when they win...the first "person'' in line to take their cut---THE IRS. www.huffingtonpost.com/2012/08/01/olympians-owe-irs-taxes-medals-cash-bonuses_n_1729486.html?icid=maing-grid7|main5|dl10|sec3_lnk1%26pLid%3D187222Olympians Could Owe The IRS Thousands In Taxes On Medals, Cash Bonuses The Huffington Post | By Meredith Bennett-Smith Posted: 08/01/2012 5:53 pm Updated: 08/01/2012 10:18 pm Even an Olympic victory comes with a price. In this case, it's the taxes America's victorious athletes can expect to pay when they return from the games. Medals and prize money are both subject to income tax, according to the Americans for Tax Reform. “It’s no different from winning Wheel of Fortune or the lottery," Alex Knight, a tax partner at Atlanta’s Habif, Arogeti & Wynne, told Reuters. A gold medal, which is worth $650, according to CNN, could cost athletes about $236 in taxes. While a bronze metal, which is worth $5, could only cost an athlete $2 in taxes The real bite, however, will be taxes taken out of Olympians' cash bonuses. The U.S. Olympic Organizing Committee will award London champions $25,000 for a gold medal, $15,000 for silver and $10,000 for bringing home a bronze, Reuters reports. At a 35 percent income tax rate, bronze medalists will owe the IRS a total of $3,500, silver medalists will owe $5,250 and top finishers will be liable for $$8,750, according to Americans for Tax Reform. Of course, many high-profile athletes will also come home to lucrative sponsorships offers, also all taxable. In 2008, Michael Phelps earned a $1 million bonus from Speedo, which he donated to charity, NBC News reports. This summer, Phelps' teammate Ryan Lochte could earn even more from ads for Gatorade, Gillette and others. But American athletes aren't the only Olympians vying for the gold -- or big prize money. Though Malaysia has never won a gold medal in an Olympic Games, Andrew Kam, the owner of a gold mine and the Kuala Lumpur Racket Club, will award a 12.5 kilogram (27.5 pound) gold bar (market worth $630,000) to any badminton player who earns the top spot. A recent Yahoo! Finance story also notes that during the 2010 Winter Olympics, Russians received $135,000 for gold medals and $54,000 for bronze. There had been controversy leading up to London Games regarding Britain's stringent tax laws, which ordinarily take a large cut of the global income of any international athlete competing on its soil. The policy has led some athletes, including golfer Sergio “El Nino” Garcia and tennis star Rafael Nadal, to abstain from competing in British tournaments. Worried the policy would discourage participation from Olympic superstars like sprinter Usain Bolt, who has previously criticized the law, British taxing authorities agreed to an exemption for London 2012 Olympic athletes. Correction: A previous version of this article incorrectly stated how much medal winners could be taxed on their prize money. At a 35 percent income tax rate, bronze medalists would owe the IRS $3,500, silver medalists would owe $5,250 and gold medalists would owe $8,750.[/img] +++
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Post by mtnme on Aug 1, 2012 22:20:41 GMT -8
The unfairness of it all NEVER ends!!! The athletes represent the USA, have to PRIVATELY fund themselves to make it to the Olympics and then Uncle Sam has the brass cajones to TAX their win/medals???!!! WTF?
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Post by Laura (Lori) on Aug 1, 2012 22:51:27 GMT -8
...and of course when they win...the first "person'' in line to take their cut---THE IRS. www.huffingtonpost.com/2012/08/01/olympians-owe-irs-taxes-medals-cash-bonuses_n_1729486.html?icid=maing-grid7|main5|dl10|sec3_lnk1%26pLid%3D187222Olympians Could Owe The IRS Thousands In Taxes On Medals, Cash Bonuses The Huffington Post | By Meredith Bennett-Smith Posted: 08/01/2012 5:53 pm Updated: 08/01/2012 10:18 pm Even an Olympic victory comes with a price. In this case, it's the taxes America's victorious athletes can expect to pay when they return from the games. Medals and prize money are both subject to income tax, according to the Americans for Tax Reform. “It’s no different from winning Wheel of Fortune or the lottery," Alex Knight, a tax partner at Atlanta’s Habif, Arogeti & Wynne, told Reuters. A gold medal, which is worth $650, according to CNN, could cost athletes about $236 in taxes. While a bronze metal, which is worth $5, could only cost an athlete $2 in taxes The real bite, however, will be taxes taken out of Olympians' cash bonuses. The U.S. Olympic Organizing Committee will award London champions $25,000 for a gold medal, $15,000 for silver and $10,000 for bringing home a bronze, Reuters reports. At a 35 percent income tax rate, bronze medalists will owe the IRS a total of $3,500, silver medalists will owe $5,250 and top finishers will be liable for $$8,750, according to Americans for Tax Reform. Of course, many high-profile athletes will also come home to lucrative sponsorships offers, also all taxable. In 2008, Michael Phelps earned a $1 million bonus from Speedo, which he donated to charity, NBC News reports. This summer, Phelps' teammate Ryan Lochte could earn even more from ads for Gatorade, Gillette and others. But American athletes aren't the only Olympians vying for the gold -- or big prize money. Though Malaysia has never won a gold medal in an Olympic Games, Andrew Kam, the owner of a gold mine and the Kuala Lumpur Racket Club, will award a 12.5 kilogram (27.5 pound) gold bar (market worth $630,000) to any badminton player who earns the top spot. A recent Yahoo! Finance story also notes that during the 2010 Winter Olympics, Russians received $135,000 for gold medals and $54,000 for bronze. There had been controversy leading up to London Games regarding Britain's stringent tax laws, which ordinarily take a large cut of the global income of any international athlete competing on its soil. The policy has led some athletes, including golfer Sergio “El Nino” Garcia and tennis star Rafael Nadal, to abstain from competing in British tournaments. Worried the policy would discourage participation from Olympic superstars like sprinter Usain Bolt, who has previously criticized the law, British taxing authorities agreed to an exemption for London 2012 Olympic athletes. Correction: A previous version of this article incorrectly stated how much medal winners could be taxed on their prize money. At a 35 percent income tax rate, bronze medalists would owe the IRS $3,500, silver medalists would owe $5,250 and gold medalists would owe $8,750. [/img] [/quote] "Boooo" "Hissss" "Boooo"!!!!
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Post by mtnme on Aug 3, 2012 15:27:45 GMT -8
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Post by Deleted on Aug 4, 2012 20:12:25 GMT -8
Just heard on my local news, Senator Marc Rubio (R) Florida, has the language written to abolish the "Olympic tax!" Three cheers!
Washington, D.C. – U.S. Senator Marco Rubio (R-FL) today introduced The Olympic Tax Elimination Act, a bill that would exempt U.S. Olympic medal winners from paying taxes on their hard-earned medals. Currently, Olympians who win medals also receive honorariums in the form of cash payments of $25,000 for gold, $15,000 for silver and $10,000 for bronze, with the Internal Revenue Service (IRS) collecting taxes on these amounts.
“Our tax code is a complicated and burdensome mess that too often punishes success, and the tax imposed on Olympic medal winners is a classic example of this madness,” said Rubio. “Athletes representing our nation overseas in the Olympics shouldn’t have to worry about an extra tax bill waiting for them back home."
“We need a fundamental overhaul of our tax code, but we shouldn’t wait any time we have a chance to aggressively fix ridiculous tax laws like this tax on Olympians’ medals and prize money,” he added. “We can all agree that these Olympians who dedicate their lives to athletic excellence should not be punished when they achieve it.”
The Olympic Tax Elimination Act, would amend the Internal Revenue Code of 1986 to eliminate the tax on Olympic medals and prize money won by United States athletes. If enacted into law, the gross income of Olympic athletes “shall not include the value of any prize or award won by the taxpayer in athletic competition in the Olympic Games.” This would apply to prizes and awards received after December 31, 2011. A copy of the bill is available here.
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Post by Deleted on Aug 4, 2012 20:16:45 GMT -8
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Post by Deleted on Aug 4, 2012 20:20:57 GMT -8
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therockfairy
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I'll wear my cynicism like a tattoo
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Post by therockfairy on Aug 7, 2012 6:57:41 GMT -8
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therockfairy
Member
I'll wear my cynicism like a tattoo
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Post by therockfairy on Aug 7, 2012 6:59:25 GMT -8
changing the subject alitte - whats the tv coverage/impression of the Olympics over in the US? ive been hearing stuff about NCB coverage beng sketchy and missing bits out?
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