“No gold for #CHN gymnasts, #TeamChina have suffered the worst Olympic flop at #Rio2016”, it said. But when Simone Biles returns home she will be in for not just a major celebration but also a hefty tax bill.
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The country now trails both the United States and Great Britain in the medals table, with Team GB taking 19 gold medals to China’s 17.
But all that winning will cost her.
The estimates are based on endorsement deals companies have struck with similar high-profile athletes and the exposure of the endorsements.
Ms Biles is not alone, her fellow United States medallists will be slapped with tax bills for their victories as well. Kaori Icho became the first wrestler in Olympic history to win four gold medals, beating Russia’s Valeriia Koblova Zholobova 3-2 in the 58-kilogram women’s freestyle.
Gold medallists will receive $25,000, silver medallists get $15,000, and bronze winners earn $10,000.
There’s plenty more to come in Rio de Janeiro, but we’re catching our breath here to contemplate the magnificent athletic legacies of American swimmer Michael Phelps and Jamaican sprinter Usain Bolt.
Chinese fans on social media are turning their favourite athletes into superstars in the world’s most populous nation, but when angered they’re a force to be reckoned with.
In addition to the taxes on the cash awards, the medals themselves are also taxed based on current commodity prices. The value is based on the value of the materials the medals are made of. According to CNBC, these taxes amount to about $600 for gold $300 for silver and little to nothing for bronze based on the latest commodity prices. USA tops the table with 28 gold medals while Great Britain is at the second position with 19 gold medals.
Phelps, 31, could be forced to pay almost 40 percent of that money, or up to $55,440, in a “victory tax” to the Internal Revenue Service, according to the Americans for Tax Reform.
Jess, meanwhile, narrowly missed out on defending her Olympic heptathlon title as she won silver behind Nafissatou Thiam.
The base set has 75 cards, including Michael Phelps, the most decorated Olympian of all time with 28 career medals – 23 gold.
It is fitting that he and Phelps bow out at the same Olympics given that they both came to public prominence at the Beijing Games in 2008.
The lower-than-expected worth of the medals does have a objective behind it.
With China’s sports marketing industry having gone through a revolution of its own in recent years, athletes who make a name for themselves can also expect greater endorsement opportunities if their personality resonates.
Seen from the largest-ever delegation of athletes China sent and the restricted participation of Russian athletes, Chinese athletes were expected to give a commendable performance at the Rio Olympics.
In July, a bill to stop taxation on Olympians and Paralympians, sponsored by Republican Senator John Thune and Democratic Senator Chuck Schumer, passed a vote by the senate. In the qualifying heats, Allyson Felix said she was bumped by a Brazilian runner and the USA advanced after running a solo time trial.
Listen to the full interview above to hear more about how the athletes with MI connections have performed at the Olympics. We will be switching to a new platform early in September. The US Olympic committee pays for health insurance and stipends for only a small number of US athletes.
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Some states have moved to change their rules.
