LOL Taxaments (This is terrible...)

[sethypooh21]

Wow Schundler, a pair of smackdowns for your birthday. How thoughtful of us...I kid, I kid.

Seriously though, the #1 reason why people should care who gets elected President is the sheer amount of what people commonly understand to be The Law that Congress does not make. Sure, Congress handles the broad strokes, but the actual nuts and bolts implementation falls to executive agencies ("executing" the legislative enactment, if you will). It has been thus since FDR.

And this explains why pretty much every agency ruling in the past few years has tended towards pro-business, anti-conservation and so on, because the people appointed to administer these agencies have been put there by an executive who is pro-business and so on. (Note that this isn't a value judgment, though you can probably guess what I think of it, it's merely an explanation of how it does, and should work - it's just that the electorate as a whole has a fuzzy understanding of what their vote actually means in terms of these things.)

/soapbox.

[SteelWheel]

[ QUOTE ]
As a result, we'll all be providing interest free loans to Uncle Sam during the year.

[/ QUOTE ]

Welcome to the real world. Anybody in a situation where income varies from year to year (investor/trader, commission salesman, etc) will often be in this situation. If you make $200K this year, your withholding and/or estimated quarterly payments for next year's taxes are going to be based on that number--even if you already have a high degree of certainty that you will only make $100K next year.

You end up fronting the money to Uncle Sam, giving the government an interest-free loan, and then have to wait until the following year to file and get a refund. My tax picture is still wildly variable from year to year, owing to the "echo" effects brought on by several one-time events which occurred in the mid-90s. Some years I'm under-withheld, other years over-. I don't like it, but that's the way it is in the US at present.

[coltranedog]

Is the income earned when you win the tournament or when you cash the chips?

[sethypooh21]

[ QUOTE ]
Is the income earned when you win the tournament or when you cash the chips?

[/ QUOTE ]

When you win.

Same as it's income when you leave the table up online, not when you cash out.

[jman220]

[ QUOTE ]
The article is a little misleading.

...snip...
Here’s an example of how much money the government will be making off of poker tournaments after March 4, 2008. If the law was in effect earlier this month, the top seven finishers of the $500 event that took place Aug. 7, at the Legends of Poker would have paid a total of $40,221 in taxes.
...snip...

The government isn't "making" any more than it otherwise would off the tournament. It's collecting the tax that is due under a different structure. This is no different then withholding tax on any other income. The income has always been reported, tax has always been due. Expenses fall under the same structure that they have in the past.

It does effect cash flow for folks that are on the tournament circuit for sure. I'm sure that is taking a little money off the ol' craps table.

[/ QUOTE ]

Well, this isn't entirely true, as they'll now make more money off of the float interest, but yeah, basically it doesnt' affect too much other than the fact that you're no longer taking a quarterly interest free loan from the government equivalent to 25 percent of your tournament win every time you cash in a tournament.

[Tornado69]

Vote for Ron Paul and get these [censored] Rockefellers/Bushes out of the White House!

[captZEEbo]

[ QUOTE ]
Government problem: Gambling is bad.
Solution: Take the money from those winning.

[/ QUOTE ]it's more like...

government problem: nothing
government solution: steal money from anyone when money changes hands.

[Bellagibro]

I'm glad I'm primarily a cash game player and play most of my donkaments online.

[StrongArm]

[ QUOTE ]
[ QUOTE ]
wow, I'm glad to be Canadian.

[/ QUOTE ]

[/ QUOTE ]

[x]get hit by a bus
[ ]live a nice life
[x]get burned alive
[x]die

[MICADOO]

Online taxaments to follow next year if any online poker bills get passed in congress. The bad side of legalizing online poker. Might be better to not support PPA anymore lol.