New Tax Law - Witholding

dmk · #1 08-31-2007, 11:34 PM

Found this in NVG, figured I'd x-post here since it effects basically everyone here.

http://www.cardplayer.com/poker-news...ament-winnings

It doesn't change the amount you have to pay in taxes or anything - simply that money will be immediately withheld (like wages are at any other job).

Jon_AK · #2 08-31-2007, 11:37 PM

...omfg

what else can you say?

Bond18 · #3 09-01-2007, 12:04 AM

This is an absolute [censored] disaster.

Bond18 · #4 09-01-2007, 12:04 AM

[ QUOTE ]
This is an absolute [censored] disaster.

[/ QUOTE ]

God the US is so [censored] useless.

JP OSU · #5 09-01-2007, 12:05 AM

[ QUOTE ]
This is an absolute [censored] disaster.

[/ QUOTE ]

QFT

THAY3R · #6 09-01-2007, 12:09 AM

This really sucks re: backing situations.

Bond18 · #7 09-01-2007, 12:16 AM

EPT/APPT/Aussie Millions/International WPT ftw. [censored] you US, see if you ever get me back.

#8 09-01-2007, 12:40 AM

Cash games FTW?

slystyle012 · #9 09-01-2007, 12:45 AM

wtf!

swede554 · #10 09-01-2007, 01:09 AM

From the article:

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The ruling held that tournament poker is not a skillful competition and should be considered a gambling activity, at least for the purposes of taxation.

[/ QUOTE ]

I swear people who make these laws are 1. either losing poker players who assume they lose because of being "unlucky" or 2. don't bother to do conduct any real research to understand how poker in general and its concepts actually works.