A Very American Coup By Michael – Louis Ingram, Editor-in-Chief...
IT’S ALL FOOL’S GOLD
NORTH CAROLINA (BASN)-As my mother and I were watching 100m Olympic Track & Field event, which featured the electrifying Usain Bolt from Jamaica, she asked me the price of the medals that adorned the necks of all of those decorated Olympic athletes.
Now, I politely told her they were all fool’s gold. And, that they were basically worthless.
Yes, they were simply just gold plated medallions.
But, we, as poor people, unfortunately, like shiny things and cheap trinkets from the so…-called wealthy, which convince us valueless things, are valuable. Sadly, these gold plated medallion handed out during the Olympics award’s ceremony are as worthless as those Purple Hearts, which are giving to our brave soldiers, who risked their lives on the battlefield. So, we shouldn’t be surprised that Retired Lt. Col Louis Dorfman, who was reportedly wounded in action in Iraq in 2007, gave his medal to Donald Trump during a presidential rally in Ashburn, VA.
Even a young Olympic boxer named Cassius Clay after winning a gold medal in 1960 in Rome, found out how worthless his medal was when he was refused service in a Louisville restaurant, which was governed by those Jim Crows laws of the South. As a result, according to urban legend, the young boxer, who eventually would change his name to Muhammad Ali, tossed his medal in the Ohio River. All of this, of course, made my mother highly upset. But, I was telling the truth.
Matter of fact, the gold medal, itself, is only worth $600, the silver $300 and the bronze maybe $180. So, don’t be surprised to see these medals in your local pawn shop after the Olympic Games are over. According to the USA Today, however, Olympic athletes who do bring home medals do have opportunity to make some cash-$25,000 for gold, $15,000 for silver and $10,000 for bronze, which is paid by the US Olympic Committee. Unfortunately, Uncle Sam wants his slice of the pie as well.
And, according to the Americans for Tax Reform, using the top tax rate of 39.6%, gold medal winners are hit with a $9,900 deduction. For silver, $5,940, and bronze, it’s about $3,960. This is why athletes work so hard to land endorsement deals in order to help sell everything from cereal, cars, insurance, candy, cameras, and shoes in order to make a living after the games are over. Hey, nobody said Life was fair. But, we still love playing the game. Even though, there is cheating involved.
Eric D.Graham , a graduate from Winston-Salem State University, where he received a BA in Mass Communication with a concentration in Radio & Television and a minor in History with an emphasis in African-American Studies, is a sports columnist at Black Athlete Sports Network, where his thought-provoking articles and controversial cartoon Here Comes “The Hater” appear on a weekly basis.