Recently much has been made of the fact that the US is about the only country in the world to tax its athletes at the London Olympics should they have the luck, skill, and where-with-all to stand on the finishers podium to receive their due in front of their peers. Not only will the athletes be taxed on the prize money that accompanies the medal, they will also be taxed on the metal content of the medal itself!
The following table is provided as an illustration:
Is this really a problem? Apparently some people think so, as we discover that this last Wednesday, Sen. Marco Rubio, R-Fla., introduced a bill that would exempt U.S. Olympic medal winners from paying the IRS tax on the medals they win and the cash payments that come with them.
Thinking that this all has to be some urban legend, we did some fact- checking over at Snopes and learn that just as there is a price for freedom, there is a price for winning. Who knew?
Currently the US is #2 in the Women’s team pursuit qualifying round just a few short seconds behind the women of Great Britain and just barely ahead of Australians, while Kristen Armstrong took gold in the Women’s time trials, her final ride before retiring . It’s too bad that Amber Neben finished 7th. Do you really think thoughts of possible tax burdens hinder their performance?
We hope Dotsie Bausch and her team mates Sarah Hammer, Lauren Tamayo, and Jennie Reed, hold off Australia and upset Great Britain in the finals tomorrow. Live action commentary and complete race results are available at cyclingnews.com.
If Dotsie podiums, perhaps we could hold a bake sale or something in Irvine if the tax burden is too much for her to bear alone.
And speaking of Irvine, we received word of a bike lane closure 8/7/12 from 9am to 3pm on the southbound side of Carlson Ave. between Michelson Dr. and Palatine, so be careful in that area next Tuesday.
The US women held off Australia and won Silver with a 3:19.727 time! Fantastic!
Great Britain won Gold with a World Record 3:14.051 time, and the Canadians overcame the Australians for bronze with 3:17.915 compared to the Aussies 3:18.096
Since the US wasn’t really expected to be in the finals, the 2nd place finish is huge. Hear from Dotse, “”We wanted it more, these last two days,” Bausch said, holding her silver medal. “We fought every pedal stroke, every lap, every second. I really believe we wanted it more. It’s pretty wild to think of the deep richness of the track programs in New Zealand, Australia and Great Britain, and it’s just been us four and Ben [Sharp, the USA Cycling endurance coach], and we got the silver.”
Lauren (who has been racing track since she was 12), then announced she is retiring from track to set her sights on road. Watch out Kristin and Amber.
Well Done! What an awesome performance! Now, what kind of cookies do you like?