Tax

[SlapPappy]

Does the tax rule when you live outside the United States avoid the first 80000 dollars taxed on your income if you live there for 330 days out of the year apply to Canada or just overseas countries?

[SlapPappy]

Also for the FICA and Medicare Taxes which are 7% if you work for a company and 15% if your self employed. Is their anyone legal workarounds this for a full time pro?

[SlapPappy]

<font color="blue"> Okay I found the answer to my first question. The U.S. tax law applies to "foreign" earned income so it would apply to Canada. </font>. So lets say that I wanted to move to the U.K. and eventually I become a British citizen (I say the U.K. because conveniently they don't tax poker income as of yet). So, am I correct in saying that I would still have to pay U.S. taxes that are over the 80000 dollar excemption for a period of ten years after becoming a British citizen? <font color="red">If so, FU CONGRESS. </font>

<font color="green">The reason I ask all of this is too figure out the smartest thing for a person making a lot of money from poker to do.</font> For instance, let us say there is a high stakes online pro making 350,000 a year. To be legal is the U.S. he would have to pay about 35% of that in income taxes and an additional 15% in FICA and Social Security taxes for self employed worker. U.S. government wants $175,000 or half. Would it be smart for this person to move to the U.K. and try to become a citizen if they were considered playing online for an extended period of time? Or would this just be a hassle not worth the undertaking?

[SlapPappy]

Nevermind. Too much worrying.

Like Ray Liotta's character says in the money "BLOW" <font color="blue"> "Money isn't real George."</font> or from "Wall Street" <font color="orange">"Money is just somethin ya need in case you don't die tommorrow."</font>

[Wake up CALL]

Gambling income is not considered earned income last time I checked. No 80K exemption for you, no soup for you either.