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US Collects Taxes on Those Olympic Gold Medals

Go to the Olympics representing the United States and win a Gold, Silver, or Bronze?

Well…There’s a tax for that.

For US Olympians, gold medals come with a hefty tax bill

She has flipped, tumbled and leapt her way into the hearts of millions over the course of the Olympic games. But when Simone Biles returns home she will be in for not just a major celebration but also a hefty tax bill.

The 19-year-old has won five Olympic medals – four gold and one bronze. She has cemented her title as the world’s best gymnast by taking home the gold in the all-around after three successive world championship titles – a feat only accomplished by three others in history.

But all that winning will cost her. On 21 August, Biles could be slapped with a tax bill close to $43,560 (£33,479)

That estimate is based on the $2m that she has accumulated in endorsement deals and assuming she is charged in the highest income tax bracket in the US – 39.6%.

Biles is not alone, her fellow US medallists will be slapped with tax bills for their victories as well.

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.

What are they taxed on?

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.

How much is the tax?

Assuming the athlete was already a high-income earner, paying the top bracket of US taxes, they would be paying 39.6% on the combined value of the medal and cash payout.

Americans for Tax Reform calculated the bills to be: for a gold medallist $9,900, for silver $5,940, and for bronze $3,960.

That’s also assuming the athlete only won one medal.

 
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Posted by on August 18, 2016 in Giant Negros, Great American Rip-Off

 

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Laila Ali – “I’m Ready to Fight for Hillary”

Interesting endorsement here. Laila Ali, daughter of Mohammed Ali, and a boxing legend in her own right comes out for Hillary…

I’m Ready To Fight For Hillary The Same Way I Did In The Ring

Tonight, boxers in Rio will step into the ring. They’re all strong, they’re all highly skilled, and they’re all qualified—and they all just happen to be women.

All my life, I’ve heard people talking about what women “should” do. We should or shouldn’t compete, we should or shouldn’t get into the ring and fight.

You know what I think women should do? Anything we want.

When women step into a male-dominated arena—especially when you’re coming in with a well-known name—people want you to work twice as hard to prove yourself. No matter what you achieve, some will always try to create doubt and cast aspersions. In my boxing career, I went undefeated in 24 fights with 21 knockouts. I won 4 world championship titles and the naysayers still said I was only trading on my father’s name, not standing on my own two feet. So, I learned a long time ago not to pay attention to the restraints other people put on me—that’s a waste of energy, and I have better things to do.

I respect that Hillary’s has that same fighting spirit. After 25 years in the national spotlight, she’s taken more hits and jabs than most boxers I know, but she stays on her feet and stays focused on what’s important to her…

Hillary also has one of the qualities I admired most in my father: She lifts people up. When my dad would talk to anyone—a fan, a housekeeper, a janitor—he made you feel bigger than life. He would always lift people up and never put them down. I think that’s what we should expect from our leaders—and I feel it’s what we get from Hillary.

I’m retired from boxing now, but as many women get ready to face off in Rio, I’m ready to fight for Hillary the same way I did in the ring: with strength, skill, and confidence. Because this is a fight we cannot lose!

That’s the way women fight. And that’s the way women win.

 
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Posted by on August 18, 2016 in Giant Negros

 

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Too Black. Wilmore’s Demise

Knew when Wilmore made the speech at the National Press Club, and called President Obama “My N888ga”,

He was on the way out.

I borrowed something here from my friend Steve who owns Urban Profile, over at Urbanprofile.com. He has sold a line of T-Shirts with the logo “Too Black” for a while, and I think the message there sums up what made Comedy Central so uncomfortable with Wilmore. If you like the message, I suggest you go over and give Steve some business.

TOO BLACK

They take my kindness for. . . . . WEAKNESS.

They take my silence for. . . . . SPEECHLESS.

They consider my uniqueness. . . . . STRANGE.

They call my language. . . . . . SLANG.

They see my confidence as. . . . . CONCEIT.

They see my mistakes as. . . . . DEFEAT.

They consider my success. . . . . ACCIDENTAL.

They minimize my intelligence to. . . . . POTENTIAL.

My questions mean I am. . . . . UNAWARE.

My advancement is somehow. . . . . UNFAIR.

To voice concern is. . . . . DISCONTENTMENT.

Ifi I stand up for myself I am too. . . . . DEFENSIVE.

If I don’t trust them I am too. . . . . APPREHENSIVE.

I am defiant if I. . . . . SEPARATE.

I am fake if I. . . . . ASSIMILATE.

My character is constantly. . . . . UNDER ATTACK.

Pride for my race makes me. . . . . “TOO BLACK.”

No compromises, no regrets — Larry Wilmore and the price of “Keeping it 100″

A laser focus on uncomfortable topics is what made “The Nightly Show” so essential — and so ripe for “unblackening”

…“The Nightly Show,” in contrast, had a different mandate from the start, evident in the fact that it was originally titled “The Minority Report.” It was created by Jon Stewart to filter distinct and frequently intersectional viewpoints informed by race, class and gender into a late night talk show format.

Knowing this, African American viewers of a certain age, and with a long memory, may have guessed that Comedy Central’s latest unblackening would come around sooner or later. Perhaps not 12 weeks before the Presidential election — that’s particularly surprising, given the precarious status of the rest of network’s faux-news block right now. But anyone who watched “The Nightly Show” had to know that Wilmore couldn’t maintain the show’s socio-politically fearless viewpoint indefinitely.

In fairness, “The Nightly Show”’s cancellation had far less to do with the show’s high melanin quotient than colorblind Nielsen ratings data. Wilmore inherited the timeslot from “The Colbert Report,” which enjoyed an average audience of 1.7 million viewers before Stephen Colbert departed to take over for David Letterman at CBS.

After that, viewership for the first year of “The Nightly Show” fell to an average of 922,000 viewers. In 2016, the year-to-date average has hovered somewhere around 776,000 viewers per night.

One can easily list the reasons for this, starting with the fact that “The Nightly Show”’s ratings were never quite as robust following Stewart’s departure from “The Daily Show,” which gave the show a strong lead-in when it launched in January 2015, but has been experiencing its own set of ratings woes since Trevor Noah took over as host.

Both Noah and Wilmore had to contend with withering in the shadows of giants. But Wilmore’s unique challenge was to follow Colbert’s larger-than-life, right-skewering trickster — the goofball counterbalance to Stewart, the liberal viewer’s deeply rankled, brutally honest best friend.

If Comedy Central had conducted a chemistry test with Stewart and Colbert’s dynamic in mind, Colbert’s successor would have similarly offset Noah’s weaknesses. What they got in Wilmore, however, was a modern version of Ellis Haizlip with a bit of Tavis Smiley mixed in — an affable, well-informed figure doing his ablest to find punchlines within a never ending parade of stories about the police shootings of unarmed black men, the erosion of civil rights on a federal level and, among other items on the lighter menu of the world’s horrors, the unforgettable sliminess of Bill Cosby.

It’s not as if Wilmore wasn’t doing the job for which he was hired. In tapping Wilmore, previously known to Comedy Central viewers the Senior Black Correspondent for “The Daily Show with Jon Stewart,” Stewart was sending a message to the industry.

Under Stewart’s regime, “The Daily Show” achieved new ratings heights and became a go-to destination for politically-inclined news junkies. But it was also overwhelmingly Caucasian and male in its writers room, even if it gave us a cast of alums that included the fabulous Samantha Bee (who has gone on to carry on Stewart’s legacy as the host of TBS’s “Full Frontal with Samantha Bee”), Aasif Mandvi, Wyatt Cenac and Jessica Williams (who is developing her own show at Comedy Central), as well as Wilmore.

Building “The Nightly Show” around Wilmore, then, was Stewart’s way of highlighting viewpoints that aren’t typically represented in mainstream media. Wilmore didn’t shoulder that task alone: He made Robin Thede, an African American woman, the show’s head writer for 159 episodes. He elevated the profiles of brash, intellectual stand-up comedians Mike Yard and Rory Albanese, introduced audiences to Ricky Velez, and gave ample screen time to a variety of women of color, notably Holly Walker, Franchesca Ramsey and Grace Parra.

All of these contributors helped Wilmore deeply mine uncomfortable topics that other late night talk show hosts would gingerly touch upon — if they did so at all — before moving on to easy comedy veins. It’s simple for comedians to feast upon the ever-increasing number of gaffes committed by Donald Trump; he’s an orange Julius Caesar who gives all comers ample opportunity to punch up.

It is much, much more difficult to utilize the late night comedy format to call attention to absurdist acts of institutional bigotry and discrimination, police brutality, voter disenfranchisement and a wide array of other civil rights issues concerning not only African Americans, but the LGBTQ community, women, immigrants and refugees.

Wilmore used “The Nightly Show” forum to taking longer looks at relevant social topics, such as “The Nightly Show” episodes focusing on black fatherhood, or the systematic barriers black women face in the arenas of dating, employment and education. He also followed the Black Lives Matter movement closely as it developed and expanded, doing so consistently and without apology. The show’s catchphrase, “Keeping it 100,” became its credo — and possibly its downfall.

“The Nightly Show”’s laser focus on these topics likely led to its inability to attract and maintain audience levels on par with “The Daily Show” and “The Colbert Report.” The typical viewer doesn’t enthusiastically gravitate toward discussions about racism, sexism and homophobia. Certainly most late-night watchers aren’t comfortable absorbing those topics right before nodding off, even when they’re treated with a lighter touch….

 
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Posted by on August 17, 2016 in Giant Negros, The Post-Racial Life

 

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Larry Wilmore…Canceled

I guess Larry wasn’t “Fact Free” enough…Or white enough after his praise of President Obama.

Comedy Central Cancels Larry Wilmore’s Show

Comedy Central announced Monday it is canceling Larry Wilmore’s The Nightly Show, and the last episode will air Thursday. Comedy Central President Kent Alterman said the show has not been resonating with the cable channel’s audience. “Even though we’ve given it a year and a half, we’ve been hoping against hope that it would start to click with our audience, but it hasn’t happened and we haven’t seen evidence of it happening,” Alterman said. Wilmore recently headlined the White House Correspondents’ Dinner, where he was roundly criticized for using the n-word. Rory Albanese, a comedian who works on the show, tweeted Monday morning: “I’m very proud to have been a part of a show that has been funny, diverse & extremely necessary.”

 
 

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The Simones Nail Olympic Gold

As expected, Simone Biles blew away the competition in the All-Around in Gymnastics. What wasn’t expected is Simone Manuel tying for Gold in the Pool.

Swimmer Simone Manuel Makes History With Gold

U.S. swimmer Simone Manuel became the first African-American woman to win a gold medal in an individual swimming event Thursday night. Manuel tied with Canadian Penny Oleksiak and beat world record-holder Cate Campbell in the women’s 100m freestyle final, breaking down in tears upon realizing the significance of her achievement. “The gold medal wasn’t just for me. It was for people that came before me and inspired me to stay in the sport,” the 20-year-old Stanford University student said after her win. It was her first Olympic Games.

Simone Biles Soars, Lifting Another Country With Her

BELIZE CITY, Belize — One o’clock arrived. Relatives gathered at a hotel bar to watch Olympic gymnastics on television. So did the first lady of Belize and 11 contestants in the coming Miss Belize pageant, wearing their sashes and carrying tiny flags. But where was Simone Biles?

The women’s individual all-around competition had begun 4,000 miles away on Thursday afternoon at the Rio Games. Biles, 19, was the heavy American favorite, but there was also anticipation in an unlikely place, the tiny Central American country of Belize, where she holds dual citizenship…

Biles’s connection to Belize is as complex and ultimately elevating as the flips, jumps and windmill spins that have made her the best gymnast of her generation, perhaps ever.

She was born in 1997 in Columbus, Ohio, to a mother who struggled with addiction to drugs and alcohol, and to a father who was not part of her life. In 2002, Biles’s birth mother lost custody of her four children, who were placed in foster care and faced the possibility of being scattered by adoption.

Instead, Simone, then 6, and her younger sister Adria, then 4, were adopted in 2003 by their maternal grandfather, Ron Biles, and his second wife, Nellie Cayetano Biles, who is from a prominent Belizean family of teachers and nurses and government officials. (Nellie is not Simone’s biological grandmother; Simone’s other two biological siblings were adopted by Ron’s older sister.)

Before, Ron and Nellie were known to Simone and Adria as Grandpa and Grandma. Now they are Mom and Dad.

Nellie’s mother, Evarista Cayetano, was a teacher and an owner of a grocery store. Her father, Silas Cayetano, also began his career as a teacher, then became an official in Belize’s fishing and agricultural cooperatives, and, later, a senator…

 

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Democrats In House Finally Grow Some Cajones

If the Institution refuses to do the peoples work, then it is time to bring the Institution to its knees. Democrats should have been doing this all along. By any means necessary…

Democrats Stage Sit-In On House Floor Over Gun Bills

Civil rights icon Rep. John Lewis led the charge. “We will be silent no more.”

Democrats literally sat down on the floor of the House chamber on Wednesday — and forced the House into a temporary recess — as part of an effort to compel Republican leadership to vote on gun control legislation.

Rep. John Lewis (D-Ga.), the civil rights icon who led sit-ins all through the 1960s, spearheaded the effort with a fiery, sermon-like denunciation of Congress for its failure to act in the wake of mass shootings.

“For months, even for years, through seven sessions of Congress, I wondered, what would bring this body to take action?” Lewis said while Democrats slowly surrounded him at the microphone. “We have lost hundreds and thousands of innocent people to gun violence. Tiny little children. Babies. Students. And teachers. Mother and fathers. Sisters and brothers. Daughters and sons. Friends and neighbors. And what has this body done? Mr. Speaker, not one thing.”

After about 10 minutes of escalating questions — and shouting, “Where is our soul? Where is our courage?” — Lewis said it was time for Speaker Paul Ryan (R-Wis.) to bring up some of the pending gun control bills. In the meantime, he said, he’d just take a seat. Moments later, he sat down on the floor. And so did all the other Democrats with him.

“Sometimes you have to do something out of the ordinary. Sometimes you have to make a way out of no way. We’ve been quiet for too long,” Lewis said. “Now is the time to get in the way. We will be silent no more. The time for silence is over.”

As another Democrat began to speak, the Republican lawmaker sitting in the chair gaveled the House into a temporary recess until noon. The House cut off the C-SPAN cameras that normally broadcast the floor. Later, when lawmakers reconvened, Democratic members still refused to budge, forming a circle in the well of the floor while chanting. Republicans were forced to gavel into recess once more.

It’s not clear what GOP leaders plan to do now.

“The House cannot operate without members following the rules of the institution, so the House has recessed subject to the call of the chair,” said Ryan spokeswoman AshLee Strong.

In the absence of cameras, Rep. Scott Peters (D-Calif.) broadcast clips on Twitter of members speaking. C-SPAN then broadcast Periscope and Facebook Live streams of the action.

Democratic senators also showed up to stand or sit with their colleagues. Among them were: Sens. Elizabeth Warren (Mass.), Chris Coons (Del.), Chuck Schumer (N.Y.), Amy Klobuchar (Minn.), Al Franken (Minn.), Tim Kaine (Va.), Bill Nelson (Fla.), Cory Booker (N.J.), Claire McCaskill (Mo.), Debbie Stabenow (Mich.), Dick Durbin (Ill.), Chris Murphy (Conn.), Richard Blumenthal (Conn.), Jeff Merkley (Ore.) and Mazie Hirono (Hawaii). Presidential candidate and Sen. Bernie Sanders (I-Vt.)joined late in the afternoon.

Lewis’ effort was a dramatic attempt to force the hand of Republicans before the chamber adjourns later this week for a weeklong recess. But it’s not the only disruption House Democrats are planning. According to multiple aides and lawmakers, Democrats will try to essentially hijack the House floor both Wednesday and Thursday in an effort to get gun control measures a hearing.

The “No Bill, No Break” campaign centers on clever and repeated use of procedural rules. Assistant Democratic Leader James Clyburn (D-S.C.) has already tried and failed, twice, to bring up legislation to deny people on the no-fly list the right to purchase a firearm.

But the extent of the party’s plans has been kept largely under wraps out of concern that Republicans would move to undermine the strategy. Several aides have described it as a “disruption” campaign. One Democratic lawmaker said the party was “devising a variety of parliamentary tactics to pressure the GOP in D.C. this week, then in individual districts next week during recess.”

“Watch the floor carefully this week,” the lawmaker added.

The old Lion finally roars.

 
 

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Image

RIP, The Greatest

 
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Posted by on June 4, 2016 in Giant Negros

 

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