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Old 09-01-2007, 12:28 PM
DeadMoneyDad DeadMoneyDad is offline
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Join Date: Jul 2007
Posts: 814
Default Re: IRS Withholding on US Tournament Winnings Starts in 2008

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I hope you'll write to Congress and to the PPA to express that. It sounds like you'll make it clear that you wish to pay your taxes like everyone else, but that our taxes should be the same as everyone else's.

By the way, FoF has repeatedly tried to get the federal deduction for gambling losses eliminated, such that if you win $100,000 and lose $300,000, you may taxes on $100,000 in income. They say the deduction subsidizes an industry that "destroys America's families". [img]/images/graemlins/confused.gif[/img]

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We are likely never to win over the "sin tax" crowd. Yes I have made this position clear to the PPA, and will continue to do so. This is an educational crusade for me. Most US players don't know how truely horrible the current tax laws are. Currently with no withholding and no reporting, the only risk US players face is undocumented income from on-line withdraws.

So the issue for me is to educate as many players as I can, and hope my voice is heard by the lobbing arm of the PPA. IMO if we plant the seed when discussing lisencing, taxation, and regulation by making it clear we have no problem paying our FAIR share, but no more, we have a good shot at dealing with the issue as a whole.

This would be further supported by any wins in the "skills" arguements. We would then liken our arguement to stock, real estate, and similar "speculation" (really a risk reward arguement). This would be a best case senario for us as a poker carve-out rather than an accross the board change in gambling taxation, IMO, is about all we have to hope for in the current political climate.

IMO we need to embrace gambling causes that don't put us too far in that crowd to reap the general rewards, like the KY race, but keep our independence enough to not loose to the fears of unrestricted gambling. It will be a hard road to stay on, but there is enough of a logical foundation for us to at least to attempt to try it.


D$D
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