MASSACHUSETTS: Charlie Baker Denies USOC Gave Him Boston 2024 Ultimatum

Baker, who has a news conference scheduled later Friday, has yet to declare his support.

Leaders of Boston’s bid for the 2024 Summer Olympics released details Thursday about insurance proposals they say will provide unprecedented coverage for Massachusetts taxpayers.

Baker said the U.S. Olympic Committee (USOC) is having a meeting on Monday and they asked him to call in.

The report from that group, The Brattle Group, isn’t expected until next month.

“It would be inappropriate for me, or for the Senate president, or for the speaker, to commit the Commonwealth one way or the other until we get that report”, Baker said Friday from the Massachusetts statehouse.

It is possible this alleged ultimatum was an attempt to gain a firmer endorsement from the authorities before USOC officials departed to Kuala Lumpur for next week’s worldwide Olympic Committee (IOC) Session.

If the USOC were to bail on the Boston bid and try to replace it with another city – presumably Los Angeles – time is running short to make that move.

“We have learned much from the Boston bid and in many ways it will set the stage for a more transparent bid process for future Games, consistent with the principles of Olympic Agenda 2020″. The USOC considers the governor’s support key to the effort, as well.

“Since I became chairman we have created from the bottom up the new Bid 2.0, which has been made public on our website in its entirety,” Boston 2024 chairman Stephen Pagliuca said in a statement. Boston 2024 had previously kept parts of the “1.0” bid redacted, and cited confidentiality “commitments” to the U.S. Olympic Committee. It also included details about public and political support for the proposals, according to an AP report.

The documents reveal that organizers initially projected the games to cost about $4.7 billion but run at a almost $500 million deficit.

“We’re encouraged by recent discussions with Mayor [Marty] Walsh and Governor Baker and look forward to continued, constructive dialogue”.

A televised debate between bid officials and opponents on Thursday was followed on Friday by the release of an un-redacted version of the original Boston bid, submitted when Boston beat out three other cities to gain the USOC nod. Boston 2024 also suggested they were prepared to challenge any referendum effort on a variety of fronts, including the courts and legislature. In June, a revised proposal was released showing a $4.6 billion budget and a surplus of $200 million.

Via: Rapid News Network

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Walsh hints at deception if LA gets Olympic bid

Boston Mayor Martin J. Walsh said if Los Angeles ends up getting the 2024 Summer Olympic Games bid originally slated for Boston it means “somebody didn’t tell me the truth.”

In an interview today on Boston Herald Radio, Walsh said he is interested to see whether the United States Olympic Committee heads west after ending its pitch to put the games in the Hub.

“I was given a commitment that L.A. was not in the mix, I was given that commitment several times by the chairman of the USOC,” Walsh said. “I’m interested to see what happens.”

Walsh referenced a Boston Herald report on Sunday that quoted Anita L. DeFrantz, a member of both the USOC and the International Olympic Committee, as saying L.A. is “perpetually ready” to host the Olympics.

“It can host with only two years’ notice,” DeFrantz said, adding that much of the infrastructure needed for the Olympics is already in place for the two-time host city. Los Angeles is also the host for this year’s Special Olympics, which are happening this week.

But Walsh said that news comes as a surprise to him.

“I was specifically told that L.A. is not going to be part of this,” he said.

Evan Falchuk, who opposed the Boston bid and was spearheading a ballot question to bar use of taxpayer funds, told Herald Radio the mayor should have expected some deception from the USOC.

“Marty Walsh had so many misrepresentations either made to him, or that he did not question throughout the process that it’s interesting he would be frustrated that they were suddenly not telling the truth about some other city,” he said. “They were telling us lies about our city and our state for months and we needed political leaders to stand up and say no, but we didn’t with very few exceptions.”

The mayor also expressed frustration at a report in which a USOC board member questioned whether he was fully behind the bid.

“If they are questioning my commitment, then they haven’t been following the Olympic bid,” he said, “because I think I was one of the biggest cheerleaders for the Olympics from day one.”

Via: Boston Herald

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Achieve Olympic Glory - Now Pay the IRS

As 230 U.S. Olympic athletes gear up to compete in the 2014 Winter Games, the only thing colder than the slopes at Sochi is the fact that any prizes awarded by the U.S. Olympic Commission (USOC) will be taxed by the IRS. Many Americans don't realize that the U.S. taxes income earned abroad, and as such even the winnings of Olympic athletes are subject to the reach of the IRS.

The USOC awards prizes to U.S. Olympic medal winners: $25,000 for gold, $15,000 for silver, and $10,000 for bronze. Relative to each athlete's income tax bracket, some top earners such as Shaun White could end up paying over a third (39.6 percent) of their winnings to the IRS. 

Additionally, because the U.S. is one of only a handful of developed countries that tax income earned abroad, it is likely America's competitors will not be subject to such a tax. Taken together - the tax on Olympic athletes and the tax on income earned abroad - it can be said the U.S. has officially "earned the Gold" for having one of the most backwards and illogical tax codes in the world. 

U.S. Tax Rates per Bracket	Max. Tax Liability on Gold Medal Prize of $25,000	Max. Tax Liability on Silver Medal Prize of $15,000	Max. Tax Liability on Bronze Medal Prize of $10,000
39.6%	$9,900	$5,940	$3,960
35%	$8,750	$5,250	$3,500
33%	$8,250	$4,950	$3,300
28%	$7,000	$4,200	$2,800
25%	$6,250	$3,750	$2,500
15%	$3,750	$2,250	$1,500
10%	$2,500	$1,500	$1,000

Americans for Tax Reform has calculated the federal income tax medal winners could potentially face.  It will vary depending on which marginal income tax bracket the athlete finds himself in for 2014. The amounts below represent only the federal income tax liability, and do not account for income taxes owed in most states.

 For gold medal winners, ATR believes applying the top marginal income tax bracket of 39.6 percent to gold medal winners is reasonable for the following reasons:

• Gold medal winners (as opposed to silver and bronze medal winners) are likely to have marketing, endorsement, speaking, etc. deals in 2014, and should have higher-than-usual earnings
• 
  
• Because state income taxes are not being calculated, there is a margin of error built into the methodology

Via: Americans for Tax Reform
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