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Post by Red Impact on May 18, 2011 15:36:12 GMT -5
I'm more surprised that they could get insurance, personally.
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Post by Drillbit Taylor on May 18, 2011 15:43:20 GMT -5
I'm more surprised that they could get insurance, personally. Stuff like Lloyds of London has been insuring Wrestlers for years. I think Bryan Adams was getting a good pay off from them after a bad injury.
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Post by turkeysandwich on May 18, 2011 15:51:51 GMT -5
I'm more surprised that they could get insurance, personally. Stuff like Lloyds of London has been insuring Wrestlers for years. I think Bryan Adams was getting a good pay off from them after a bad injury. I've heard that they aren't as keen on insuring wrestlers as they once were. Wasn't Curt Hennig getting a payout from Lloyd's of London for his back injury, which WCW had to pay off to get Hennig to come out of retirement.
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Post by The Summer of Muskrat XVII on May 18, 2011 16:02:04 GMT -5
Stuff like Lloyds of London has been insuring Wrestlers for years. I think Bryan Adams was getting a good pay off from them after a bad injury. I've heard that they aren't as keen on insuring wrestlers as they once were. Wasn't Curt Hennig getting a payout from Lloyd's of London for his back injury, which WCW had to pay off to get Hennig to come out of retirement. They did. Plus, Bret Hart said he had to go to hell and back to prove that his concussions actually ended his career and get his payment. I believe Lloyd's of London is pretty reluctant to insure wrestlers these days
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Post by "The Rated XXX Superstar" Jed on May 18, 2011 17:06:22 GMT -5
So, David Otunga is free and clear then?
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Post by alabastergrim on May 18, 2011 18:27:35 GMT -5
This is not a good move. I'm all for wrestlers having insurance but let's face it, they aren't independent contractors. McMahon should be picking up the tab OR allow them to actually be independent. He's trying to have it both ways and that's bullshit for the wrestlers.
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Dr. T is an alien
Patti Mayonnaise
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I've been found out!
Posts: 31,375
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Post by Dr. T is an alien on May 18, 2011 18:36:06 GMT -5
Wait, if they can "write off" the cost of the medical insurance then what is the problem? Let us talk math for a few seconds and then you will understand why it is still a problem: Let us assume for a second that your private health insurance will cost about $12,000 per year (not an outrageous estimation for a policy without an employer contribution). FCW wrestler pays that amount and gets to claim it against his taxes. That saves him some money, but what it saves him is the amount that would have been taxed against that $15K, which depending upon their tax bracket would save them between $2000 to $5000. If we stick to the FCW worker example, they are in the lower tax bracket which means that they spend $12K on insurance and only save at best $2000 on their taxes. This person loses $10K on his insurance. The worst case scenario is the new FCW talent who might only get paid around $30K. Normally this guy had enough business expenses that combined with his standard tax deduction that he does not have to pay any taxes to begin with. Now, he is required to spend nearly half of his income on insurance and he saves nothing on his taxes for it since he would have paid no taxes in the first place. THIS is why it is a big deal. Requiring people to have insurance and not paying them enough or paying towards their policies is a real dick move.
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Post by Red Impact on May 18, 2011 18:42:17 GMT -5
I'm more surprised that they could get insurance, personally. Stuff like Lloyds of London has been insuring Wrestlers for years. I think Bryan Adams was getting a good pay off from them after a bad injury. I heard they cut back on it, and other wrestlers have talked about not being able to get it. Even if there are companies that do, the rates would undoubtedly be prohibitively high due to the certainty of injury in pro-wrestling.
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Post by Wolf Hurricane on May 18, 2011 18:45:29 GMT -5
This is not a good move. I'm all for wrestlers having insurance but let's face it, they aren't independent contractors. McMahon should be picking up the tab OR allow them to actually be independent. He's trying to have it both ways and that's bulls*** for the wrestlers. Co-signed. You can't call your employ "independent contractors" and then bind them to your company. Either they're employees, and they work for you and only you, or they're independents, and they're allowed to find work outside your promotion.
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zeez
Patti Mayonnaise
Yeah. That's right.
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Post by zeez on May 18, 2011 18:52:00 GMT -5
As long as the wrestlers still aren't employees. Gosh that would be awful if they were wouldn't it Vince?
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Dr. T is an alien
Patti Mayonnaise
Knows when to hold them, knows when to fold them
I've been found out!
Posts: 31,375
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Post by Dr. T is an alien on May 18, 2011 18:57:22 GMT -5
Stuff like Lloyds of London has been insuring Wrestlers for years. I think Bryan Adams was getting a good pay off from them after a bad injury. I heard they cut back on it, and other wrestlers have talked about not being able to get it. Even if there are companies that do, the rates would undoubtedly be prohibitively high due to the certainty of injury in pro-wrestling. Yeah, Lloyd's of London learned the hard way that wrestlers routinely suffer injuries that would make them eligible for disability payments.
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Post by britishbulldog on May 18, 2011 19:09:43 GMT -5
Tax writeoffs mean nothing anyway as about 80% of the talent now live in Florida or have a house there so they don't have to pay income tax. While they don't have a state income tax the write off will help with the federal income. Being independent contractors they likely pay self employment tax rates which suck ass.
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Post by britishbulldog on May 18, 2011 19:12:40 GMT -5
As long as the wrestlers still aren't employees. Gosh that would be awful if they were wouldn't it Vince? There are big benefits to the wrestlers for being independent contractors. Because of this status they receive royalties off their likeness, for as long as it is used. This includes merchandise, dvds, video games, and the sorts. If they were to be classified as employees, they would no longer be paid these. It is part of the reason some have said they don't want to be employees.
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Crappler El 0 M
Dalek
Never Forgets an Octagon
I'm a good R-Truth.
Posts: 58,479
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Post by Crappler El 0 M on May 18, 2011 19:21:54 GMT -5
Sounds a bit beyond their power to require this of "independent contractors." This news sure does hit rather hard coming in the same week that Dana White and Zuffa get all of their contracted fighters injury insurance that covers ALL injuries (not just from training and fighting).
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Tony Stark
Bubba Ho-Tep
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Post by Tony Stark on May 18, 2011 19:22:43 GMT -5
This is not a good move. I'm all for wrestlers having insurance but let's face it, they aren't independent contractors. McMahon should be picking up the tab OR allow them to actually be independent. He's trying to have it both ways and that's bulls*** for the wrestlers. Hey, at least WWE pays their guys enough to cover insurance. And WWE picks up the tab for surgeries. When did TNA Impact Wrestling do that?
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Post by Citizen Zero on May 18, 2011 19:27:20 GMT -5
Vince is pretty much a scumbag. This is news?
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Cronant
Bill S. Preston, Esq.
Posts: 17,556
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Post by Cronant on May 18, 2011 19:33:29 GMT -5
Wait. how does this make him a scumbag?
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Post by Nuke is Good on May 18, 2011 19:34:46 GMT -5
Their premiums are gonna be awful.
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Post by Sparvid on May 18, 2011 19:42:59 GMT -5
This is not a good move. I'm all for wrestlers having insurance but let's face it, they aren't independent contractors. McMahon should be picking up the tab OR allow them to actually be independent. He's trying to have it both ways and that's bulls*** for the wrestlers. Vince: Congratulations! We'll be paying for the insurance from now on, so you don't have to spend X amount of dollars/month on it. Wrestlers: Yay! Vince: Oh, and coincidentally, your monthly pay is now X amount of dollars lower.
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Post by Alex Shelley on May 18, 2011 19:50:17 GMT -5
I can see both sides of the argument here. I think I'll just wait until wrestlers say anything about it to decide if this is a good or a bad thing.
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