Re: New Tax Law - Witholding
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Yes, Canadians already pay a witholding tax (which is why I rarely go to US tourneys)
Ryan
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but you get the money that was withheld back at the end of the year from your own government, right? I don't see how it negatively impacts you.
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Sure, If you've been playing straight on your taxes then you'll end up the same as you would have otherwise. (If we don't mention that you're making an interest free loan to the government with money that might have been earning you interest elsewhere.) But that assumes you're a winning player with an unlimited bankroll. Take away the unlimited bankroll and a winning player trying to exercise good bankroll management will be negatively impacted much more by a losing streak. The 25% you didn't get from that big win at the start of the year could make a big difference by the end of the year.
Take away both assumptions and it matters even more. The 25% withheld from the losing player is money he won't have to lose until sometime the next year.
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