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#1
10-04-2007, 02:17 AM
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Canada should host WSOP and more...eventually!
Hey,
I was thinking since the U.S. plans to increase tax on tournament wins and for the time being the future for poker in the U.S. looks pretty much dead. Why not try and host many poker tourneys as well as the WSOP. If the money is tax free then surely this has to be considered? Just an idea. First post but been reading the forums for quite a while. p.s. grammar/spelling probably way off as I had a few too many watching the leafs hockey game. Andy 
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#4
10-04-2007, 03:08 AM
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Re: Canada should host WSOP and more...eventually!
I seriously doubt that any Canadian city are able to attract as many people to the WSOP as Las Vegas does. What major gambling cities are in Canada?
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#5
10-04-2007, 03:11 AM
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Re: Canada should host WSOP and more...eventually!
The money is still taxable for US citizens even though the money is awarded in Canada.
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#6
10-04-2007, 03:12 AM
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Re: Canada should host WSOP and more...eventually!
Having the WSOP main event outside of Vegas is like having the AFL grand final outside of Melbourne, its just not right.
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#7
10-04-2007, 05:10 AM
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Re: Canada should host WSOP and more...eventually!
[ QUOTE ]
Hey, I was thinking since the U.S. plans to increase tax on tournament wins and for the time being the future for poker in the U.S. looks pretty much dead. Why not try and host many poker tourneys as well as the WSOP. If the money is tax free then surely this has to be considered? Just an idea. First post but been reading the forums for quite a while. p.s. grammar/spelling probably way off as I had a few too many watching the leafs hockey game. Andy [/ QUOTE ] First of all the US is not increasing the taxes on poker winnings. The IRS under Code 3402(q) requires any winnings $5000 over the buy in fee for a poker tournament have a withholding of 25%. Poker winnings have always been taxable(any income is taxable). If you think you are going to win the main event and walk away with 7 million and not pay taxes..think again. It matters not where you win it either when it comes to taxes owed. Example you enter the main event and just make the money and say you win $12000, you wil have nothing withheld as it does not exceed your buy in fee by $5000 or more. $12000-$10000= $2000.
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#8
10-04-2007, 07:48 AM
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Re: Canada should host WSOP and more...eventually!
[ QUOTE ]
Having the WSOP main event outside of Vegas is like having the AFL grand final outside of Melbourne, its just not right. [/ QUOTE ] Because the A in AFL stands for Australian and the W in WSOP stands for American?
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#9
10-04-2007, 08:11 AM
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Re: Canada should host WSOP and more...eventually!
[ QUOTE ]
[ QUOTE ] Hey, I was thinking since the U.S. plans to increase tax on tournament wins and for the time being the future for poker in the U.S. looks pretty much dead. Why not try and host many poker tourneys as well as the WSOP. If the money is tax free then surely this has to be considered? Just an idea. First post but been reading the forums for quite a while. p.s. grammar/spelling probably way off as I had a few too many watching the leafs hockey game. Andy [/ QUOTE ] First of all the US is not increasing the taxes on poker winnings. The IRS under Code 3402(q) requires any winnings $5000 over the buy in fee for a poker tournament have a withholding of 25%. Poker winnings have always been taxable(any income is taxable). If you think you are going to win the main event and walk away with 7 million and not pay taxes..think again. It matters not where you win it either when it comes to taxes owed. Example you enter the main event and just make the money and say you win $12000, you wil have nothing withheld as it does not exceed your buy in fee by $5000 or more. $12000-$10000= $2000. [/ QUOTE ] If i win $7million at the wsop, and am from UK, do i take home all $7million?
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#10
10-04-2007, 08:38 AM
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Re: Canada should host WSOP and more...eventually!
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