Olympics 2012

[runawayjimbo]

Also, Soni breaking 2:20 in the 200 Breast was THE highlight for me last night. So amazing to see someone achieve a major life-time goal. The 4-minute mile, it's not... but it was still a HUGE accomplishment.

http://www.nbcolympics.com/news-blogs/swimming/rebecca-soni-again-breaks-world-record-on-way-to-gold-in-200-breast.html

That was cool, but I loved seeing Lochte lose in the 200 back and IM. It's not that I love Phelps, it's that I HATE Lochte.

[VDB]

Sure you just won an Olympic medal and brought your country glory and honor, but hey, Uncle Sam's gotta get his!

http://www.bbc.co.uk/news/magazine-19101429

Who, What, Why: Why are US athletes taxed on Olympic medal wins?
US medal-winning athletes at the Olympics have to pay tax on their prize money - something which is proving controversial in the US. But why are athletes from the US taxed when others are not?

The US is right up there in the medals table, and has produced some of the finest displays in the Olympics so far.

Michael Phelps has broken the record for most Olympic medals ever, and 16-year-old rising star Gabby Douglas has won the all-round gold in the gymnastics - the first African-American woman to do so.

So the US is feeling pretty proud of its athletes right now. But not everyone is happy to hear that their Olympic medal-winning athletes are being taxed on their medal prize money.

Athletes are effectively being punished for their success, argues Florida Senator Marco Rubio, a Republican, who introduced a bill earlier this week that would eliminate tax on Olympic medals and prize money.

"Athletes representing our nation overseas in the Olympics shouldn't have to worry about an extra tax bill waiting for them back home," said Rubio.

This, he said, is an example of the "madness" of the US tax system, which he called a "complicated and burdensome mess".

The US Olympic Committee awards prize money to its medal winners - $25,000 (£16,000) for gold, $15,000 (£10,000) for silver, and $10,000 (£6,000) for bronze.

This money is considered taxable income by the US Internal Revenue Service (IRS).

According to the advocacy group Americans for Tax Reform (ATR), an athlete on the highest rate of tax (35%), could face a tax bill of $8,750 (£5,600).

The value of the medals themselves could be subject to tax too, according to the ATR - adding a further $236 (£150), $135 (£85), and $2 (£1.20) respectively for gold, silver and bronze.

The Olympic example highlights what they regard as the underlying problem of the US' so-called "worldwide" tax model.

Under this system, earnings made by a US citizen abroad are liable for both local tax and US tax.

...

Taxing prize money is one thing (I can't object too much with it being considered "income"), but taxing you on the "value" (according to who, anyway?) of your medal or trophy or some other trinket is absurd. This means that, the only way to avoid actually being worse off financially would be to sell the medal and pay the taxes out of that, and who the hell would want to sell an Olympic medal just to pay its tax?


[side rant]

For that matter, the very notion of taxing someone once they come into possession of any physical object is unreasonable, in my opinion. (E.g. Oprah giving away cars to everyone in her audience.) What this says is, if you keep the object, you wind up worse off financially because you had to pay a tax. Taxes should never cost you money -- they should only apply when you are amassing more money. So, if/when you do decide to sell that car or heirloom or what have you, fine, go ahead and tax that transaction.

When someone is awarded the Presidential Medal of Freedom, does the government turn around and stick that person with a tax bill because they believe that the shiny object has some inherent value?

[/side rant]

[VDB]

Also, Soni breaking 2:20 in the 200 Breast was THE highlight for me last night. So amazing to see someone achieve a major life-time goal. The 4-minute mile, it's not... but it was still a HUGE accomplishment.

http://www.nbcolympics.com/news-blogs/swimming/rebecca-soni-again-breaks-world-record-on-way-to-gold-in-200-breast.html

That was cool, but I loved seeing Lochte lose in the 200 back and IM. It's not that I love Phelps, it's that I HATE Lochte.

What'd he do?

[sls.stormyrider]

-income is income. does anyone complain when the WS winners get taxed? (agree that tax on the medal is ridiculous)

-Soni's race was amazing. The mens 500m free was intense, too. I think last night was just the prelims, but watching those guys swim that fast was very cool.

[rowjimmy]

http://www.cnn.com/2012/08/03/tech/social-media/bellini-michael-phelps-phish/index.html

[twatts]

NBC should never ever ever get the Olympics again.  They are a bunch of idiots...

http://www.buzzfeed.com/samir/did-nbc-just-air-an-extremely-racist-commercial

http://www.youtube.com/embed/Q1iUSARF_v4

Terry

[VDB]

NBC should never ever ever get the Olympics again.  They are a bunch of idiots...

http://www.buzzfeed.com/samir/did-nbc-just-air-an-extremely-racist-commercial

http://www.youtube.com/embed/Q1iUSARF_v4

Terry

File under "NBC's ad-scheduling department is clearly not watching the broadcast." See also: Missy Franklin Today Show spoiler.

[antelope19]

http://www.cnn.com/2012/08/03/tech/social-media/bellini-michael-phelps-phish/index.html

Pretty damn funny.

[phil]

NBC should never ever ever get the Olympics again.  They are a bunch of idiots...

http://www.buzzfeed.com/samir/did-nbc-just-air-an-extremely-racist-commercial

http://www.youtube.com/embed/Q1iUSARF_v4

Terry

File under "NBC's ad-scheduling department is clearly not watching the broadcast." See also: Missy Franklin Today Show spoiler.

The monkey in the commercial is a dude. Are they saying that Gabby Douglas is a dude?!

[antelope19]

NBC should never ever ever get the Olympics again.  They are a bunch of idiots...

http://www.buzzfeed.com/samir/did-nbc-just-air-an-extremely-racist-commercial

http://www.youtube.com/embed/Q1iUSARF_v4

Terry

I was watching last night and didn't even think about it. Is it me beIng naive or are some(a lot) of people too sensitive? I think that was an accident.

[phil]

NBC should never ever ever get the Olympics again.  They are a bunch of idiots...

http://www.buzzfeed.com/samir/did-nbc-just-air-an-extremely-racist-commercial

http://www.youtube.com/embed/Q1iUSARF_v4

Terry

I was watching last night and didn't even think about it. Is it me beIng naive or are some(a lot) of people too sensitive? I think that was an accident.

I was thinking the same thing. Humans, regardless of race, are related to monkeys

[twatts]

Is it me beIng naive or are some(a lot) of people too sensitive?

No, I'm sure its because you are White and have no cultural perspective...   :-P

Terry

[twatts]

Humans, regardless of race, are related to monkeys

Yeah, that logic will really fly when you call the next black guy you see a "porch monkey"...  Let us know how it all turns out!

Terry

[PIE-GUY]

Also, Soni breaking 2:20 in the 200 Breast was THE highlight for me last night. So amazing to see someone achieve a major life-time goal. The 4-minute mile, it's not... but it was still a HUGE accomplishment.

http://www.nbcolympics.com/news-blogs/swimming/rebecca-soni-again-breaks-world-record-on-way-to-gold-in-200-breast.html

Also, the 13 yr old swimmer in me has a huge crush on this one...

[twatts]

Also, the 13 yr old swimmer in me has a huge crush on this one...

Soni does have a great ass...

T