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Old 04.08.2012, 07:21
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Cash prizes for some Olympic winners

Snopes sends me a compilation every week, and I was surprised to read that winners of an Olympic medal receive cash prizes from their home Olympic Games committee. Their home country government sometimes tax these payments. The amount varies with each country and medal, but poor old Britains receive nothing.

http://www.snopes.com/politics/taxes/olympics.asp
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  #2  
Old 04.08.2012, 10:00
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Re: Cash prizes for some Olympic winners

on average, it seems that athletes don't make much out of th olympics. Most of them even have a "real" job.
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Old 04.08.2012, 10:24
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Re: Cash prizes for some Olympic winners

On avaerage any athlete from A developed country that gets to the olympics takes a lot more then most other people ever get include loads of sponsorship to go to the olympics in the first place non of them are poor !
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Old 04.08.2012, 15:15
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Re: Cash prizes for some Olympic winners

Its income and should be taxed. See the other thread on outrage that US athletes have to pay tax. One beach volley ball player came out and said "I make enough, I deserve to pay the tax"

I think its marvelous that Britain is giving no cash prizes yet the athletes are really performing.

Given the state of the UK economy and the austerity measures in place it makes sense.

Successful athletes will get sponsorships etc going forward.
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Old 04.08.2012, 16:22
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Re: Cash prizes for some Olympic winners

Having a son which was very active in sport (Diving). 3th in olympic trail 1994.It takes lots of money to get there and money comes most of ones family pocket.It is all based on performance.But what really pusses me off is members of the national olympic comittee rack in 6 figuers $

Last edited by cannut; 05.08.2012 at 14:16.
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Old 04.08.2012, 16:27
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Re: Cash prizes for some Olympic winners

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Having a son which was very active in sport (Diving). 3th in olympic trail 1994.It takes lots of money to get there and money comes most of ones family pocket.It is all based on performance.But what really pusses me off is members of the national olypic comittee rack in 6 figuers $
If you want the glory I dont see why the rest of the taxpayers need to fund you although I dont think you are complaining as you clearly made a commitment and you deserve the rewards if they come.
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Old 04.08.2012, 16:29
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Re: Cash prizes for some Olympic winners

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If you want the glory I dont see why the rest of the taxpayers need to fund you although I dont think you are complaining as you clearly made a commitment and you deserve the rewards if they come.
I have 3 sons all in Uniforms One in Police ,one in Navy one in SPEEDO
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Old 04.08.2012, 16:34
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Re: Cash prizes for some Olympic winners

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If you want the glory I dont see why the rest of the taxpayers need to fund you although I dont think you are complaining as you clearly made a commitment and you deserve the rewards if they come.
But if some one gets a metal its allways "Gold,silver,Bronze for Canada ,Switzerland ,Australia" etc.Fourt and beyane counts for Feck all
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Old 04.08.2012, 22:18
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Re: Cash prizes for some Olympic winners

Olympic medals: gold to the IRS too

Blog

ATR article

Quote:
American medalists face a top income tax rate of 35 percent. Under U.S. tax law, they must add the value of their Olympic medals and prizes to their taxable income. It is therefore easy to calculate the tax bite on Olympic glory.

At today’s commodity prices, the value of a gold medal is about $675. A silver medal is worth about $385 while a bronze medal is worth under $5.

There are also prizes that accompany each medal: $25,000 for gold, $15,000 for silver, and $10,000 for bronze.

American gold medal winners will pay the IRS up to $8,986. Silver medal winners will pay up to $5,385. Bronze medal winners will pay up to $3,502.

It gets even worse. Not only do our Olympic athletes have to pay taxes on their medals and prizes – chances are their competitors on the field will face no such taxation when they get home. Because the U.S. is virtually the only developed nation that taxes “worldwide” income earned overseas by its taxpayers, our Olympic athletes face a competitive disadvantage that has nothing to do with sports.


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Old 04.08.2012, 22:26
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Re: Cash prizes for some Olympic winners

So they get all the glory and expect its all for free dont forget they get a huge onus and then large endorsements which avaerage joe doesnt. They get the glory so its about time they pay their way like the rest of us!
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Old 04.08.2012, 22:35
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Re: Cash prizes for some Olympic winners

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So they get all the glory and expect its all for free dont forget they get a huge onus and then large endorsements which avaerage joe doesnt. They get the glory so its about time they pay their way like the rest of us!
No endorsment bevor you winn G,S or B .What our governament paid on performents whent to the club,I paid for the tripp to the competing city Ottawa -Vancover or wherever plus hotel and food
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Old 04.08.2012, 22:49
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Re: Cash prizes for some Olympic winners

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On avaerage any athlete from A developed country that gets to the olympics takes a lot more then most other people ever get include loads of sponsorship to go to the olympics in the first place non of them are poor !
You have a lot of opinion on the topic, but very little facts...

1. There is a huge discussion going on as athletes are NOT allowed to represent sponsors during the olympics. At all. Because the IOC grants exclusive sponsor rights to one soft-drink maker, so they would not accept Michael Phelps to drink the wrong cola in front of a camera...

2. I am not worried about Michael Phelps, he will make his sponsorship deals for all the four years between games. The reality is that most sports are so unpopular that you will only recognize their existence during the olympics. So there is very little money to get from sponsors - sponsors are no charities, they buy publicity from an athlete.

3. According to Forbes: "The vast majority of Olympic athletes are lucky to make a fraction of that amount, and one survey suggests that half of the American track and field athletes who rank in the top ten of their events make less than $15,000 per year. No wonder why Sanya Richards-Ross has been so vocal about changing the rules regarding Olympic athlete payment and sponsorships."
http://www.forbes.com/sites/chrissmi...medal-bonuses/

4. Some athletes do not have rich families to back them up financially... so they have to find other ways to fund their passion. One New Zealander apparently through opening an brothel after facing 120k USD costs for his efforts in Beijing and the outlook to spend another 200k for London: http://sports.yahoo.com/news/olympic...-training.html

Bottom line - there are probably easier ways to get rich than the Olympics.
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