Set up a corporation to receive your poker winnings for tax purposes?
note: I live in the United States
I remember reading an interview with Patrick Antonius. He was asked about a high tax rate is some European country like Norway or Sweden or something in regards to a tournament. I guess the winner would have to pay something like 70% of there winnings in taxes in that country. He said that all of his winnings go to his corporation. I imagine there would be great tax benefits if you could set up yourself as a poker playing corporation so to speak. (Or so I gather from reading the book 'rich dad, poor dad'). There would be no 15.3% self employment tax to begin with. Other taxes for corporations tend to be lower than those on income. Can anyone shed light on this as a possibility?
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