If the Olympics were portrayed as they really are, its corporations who would be the gold medal winners.
As for the athletes, well, they’re the losers — especially the ones who won.
First, the corporate winners, via teleSUR English [emphasis added]:
The exemption, which lasts until Dec. 31, 2017, excludes from taxes revenue generated by advertising, product sales, imports and any other activity related to the organization of the games.
“It is yet another manifestation of the privileges that multinationals worldwide have today,” said Antonio Martins, director of the alternative Brazilian news outlet Outras Palavras. “And it’s not an isolated event, which is limited to a sports mega event,” he told the BBC.
Brazil has 37 million people living in extreme poverty, its economy is currently in recession and the interim government of Senate-imposed President Michel Temer has approved a fiscal austerity program. Meanwhile, the country is expected to lose about a billion dollars in tax revenue thanks to the exemption, according to BBC.
According to Naomi Fowler of the Tax Justice Network, the tax exemption on corporations is a precondition forced on any candidate to host a world sport event.
And the losers are. . .the winners
At least that’s the case for American athletes
From BBC News:
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.
So, let’s see if we’ve got this right.
Corporations, who get to use the Olympics to peddle their wares and make huge profits from sales at the events, get off without paying taxes, while the athletes, the very reason for the Olympics, are thoroughly taxed.
Anyone see anything wrong with this?