Australia’s funding of athletes displeases Tim Blair:
This is ridiculous. Stop it. Stop all of it.
Blair doesn’t realise that successful American Olympians help fund the government:
American Olympians are subject to a so-called “victory tax” – a tax on both the money they receive from the Olympic committee for winning and on the value of the Olympic medal.
US athletes who win a medal at the Rio games will take home the hardware and a cash bonus from the US Olympic Committee.
Gold medallists will receive $25,000, silver medallists get $15,000, and bronze winners earn $10,000.
Those winnings are taxed as income, the same way Americans are taxed on other prize money, like lottery winnings. Most countries exempt their athletes from these taxes.
But there’s more, the medals are also given a value and taxed. The value is based on the value of the materials the medals are made of.
Gold medals- which are mostly made of silver with a gold plating- are worth roughly $600 based on current commodity prices, silver medals are worth close to $300, bronze medals- which consist mostly of copper – have barely any monetary value, approximately $4.
Team America doesn’t seem to have suffered.
Update: Investment news from ABC News:
The people who’ll profit from this “investment” are administrators, coaches, support staff and successful athletes. Taxpayers will not benefit from the government’s largesse.
Update II: Taxpayers have “invested” heaps in the creation of Michelle Jenneke as a minor celebrity. The likely return? Zero.