I Hate The Government

[gobears 0]

In the USA if I go abroad and make some money, I must stay gone for a year and a day to not owe the US any taxes on my income, any less and I am taxed the normal 51% that I would be taxed if I made it here.So I win a million, I will be free rolling on $500,000 for a year as I travel around and compare cigar stores throughout Europe and Asia.

Obv Brag Post

[NonZeroPossibility 0]

OK, so 100 people enter a tournament for $100,000 each. Winner takes all in this tournament. This is all the money that they have to their name and they have made said money by working and paying income taxes for the past year. So combined, the total amount of money made pre-taxes was roughly $13,500,000 and $10,000,000 is up for grabs in the poker tournament. Oh wait, the goverment is going to take 25% again and the winner gets $7,500,000. The government has made their money already by taxing these 100 people on their original salary. This is double-taxation. Am I the only one that isn't lost here? Double-taxation is against the law. But, whatever. Keep supporting our P.O.S. politicians.And obviously the law wasn't abolished and IS going into effect as of March, 2008. Only reason I am bitching is because I am better at poker than probably 99.9% of the people I've ever played against and I will win a bracelet one day. So I don't like the fact that 25% of my money is going to be taxed twice by a corrupt government.And yeah, Mark I haven't won more than $5,000 yet in 1 sitting ever because I'm not rich and I'm still in my early 20's. I work for a living and refuse to play lower than 2/5NL live because max buy-in for 1/2NL games around here is only $100. So if I have about 4 or 5 losing sessions in a row, I'm screwed for a couple months and I basically have had to quit playing at the casinos for the past year. I don't have the type of money to spend $2,500 to enter a poker tournament then go all-in with KJ preflop and bust out like some people.... And I'm the douche? Did you watch the replay of yourself on ESPN? Wow, man. Dude, give me about 3 or 4 years and I will stomp you at the WSOP. I guess I thought the IRS taxing poker winnings would be a good topic for a poker forum. I wouldn't expect Canadians to know anything about American politics or the IRS though so I guess you guys get a pass on this one. Doesn't change the fact that you collectively are an annoying bunch of twits.

[RDog 0]

OK, so 100 people enter a tournament for $100,000 each. Winner takes all in this tournament. This is all the money that they have to their name and they have made said money by working and paying income taxes for the past year. So combined, the total amount of money made pre-taxes was roughly $13,500,000 and $10,000,000 is up for grabs in the poker tournament. Oh wait, the goverment is going to take 25% again and the winner gets $7,500,000. The government has made their money already by taxing these 100 people on their original salary. This is double-taxation. Am I the only one that isn't lost here? Double-taxation is against the law. But, whatever. Keep supporting our P.O.S. politicians.And obviously the law wasn't abolished and IS going into effect as of March, 2008. Only reason I am bitching is because I am better at poker than probably 99.9% of the people I've ever played against and I will win a bracelet one day. So I don't like the fact that 25% of my money is going to be taxed twice by a corrupt government.And yeah, Mark I haven't won more than $5,000 yet in 1 sitting ever because I'm not rich and I'm still in my early 20's. I work for a living and refuse to play lower than 2/5NL live because max buy-in for 1/2NL games around here is only $100. So if I have about 4 or 5 losing sessions in a row, I'm screwed for a couple months and I basically have had to quit playing at the casinos for the past year. I don't have the type of money to spend $2,500 to enter a poker tournament then go all-in with KJ preflop and bust out like some people.... And I'm the douche? Did you watch the replay of yourself on ESPN? Wow, man. Dude, give me about 3 or 4 years and I will stomp you at the WSOP. I guess I thought the IRS taxing poker winnings would be a good topic for a poker forum. I wouldn't expect Canadians to know anything about American politics or the IRS though so I guess you guys get a pass on this one. Doesn't change the fact that you collectively are an annoying bunch of twits.

I mean, are you really THIS stupid? You can say no but I won't believe it. NOTHING has changed for ANYONE that makes money playing in a poker tournament from this. Absolutely nothing. The casino is merely doing for you what you should be doing already. You should already be reporting your poker income as income. What do you not get about that?And LOL@ you for trying to needle Mark for the KJ play which is basically the oldest topic on this board. Just more evidence of your douchebaggery.This topic would have been good for this forum if you didn't pick a topic that was discussed to death months ago.In conclusion, you are a douchebag.

[bobbywithani 0]

It's not double taxation at all. It's income therefore taxable. You are allowed to subtract you're buy-in from it and only report you're winnings. Why should poker winnings be different than the lottery, sweepstakes, or anything else where you make money? The government is going to take its cut.

[Amplifi3d 0]

If it was a perfect world what we won is what we keep.

[donk4life 34]

And yeah, Mark I haven't won more than $5,000 yet in 1 sitting ever because I'm not rich and I'm still in my early 20's. I work for a living and refuse to play lower than 2/5NL live because max buy-in for 1/2NL games around here is only $100. So if I have about 4 or 5 losing sessions in a row, I'm screwed for a couple months and I basically have had to quit playing at the casinos for the past year. I don't have the type of money to spend $2,500 to enter a poker tournament then go all-in with KJ preflop and bust out like some people.... And I'm the douche? Did you watch the replay of yourself on ESPN? Wow, man. Dude, give me about 3 or 4 years and I will stomp you at the WSOP.

I like this....It's like saying... "You just wait till I'm buff then I'm gonna beat your ass"Make it to a WSOP FT douche, then you can talk..

[Pot Odds RAC 23]

OK, so 100 people enter a tournament for $100,000 each. Winner takes all in this tournament. This is all the money that they have to their name and they have made said money by working and paying income taxes for the past year. So combined, the total amount of money made pre-taxes was roughly $13,500,000 and $10,000,000 is up for grabs in the poker tournament. Oh wait, the goverment is going to take 25% again and the winner gets $7,500,000. The government has made their money already by taxing these 100 people on their original salary. This is double-taxation. Am I the only one that isn't lost here? Double-taxation is against the law. But, whatever. Keep supporting our P.O.S. politicians.And obviously the law wasn't abolished and IS going into effect as of March, 2008. Only reason I am bitching is because I am better at poker than probably 99.9% of the people I've ever played against and I will win a bracelet one day. So I don't like the fact that 25% of my money is going to be taxed twice by a corrupt government.And yeah, Mark I haven't won more than $5,000 yet in 1 sitting ever because I'm not rich and I'm still in my early 20's. I work for a living and refuse to play lower than 2/5NL live because max buy-in for 1/2NL games around here is only $100. So if I have about 4 or 5 losing sessions in a row, I'm screwed for a couple months and I basically have had to quit playing at the casinos for the past year. I don't have the type of money to spend $2,500 to enter a poker tournament then go all-in with KJ preflop and bust out like some people.... And I'm the douche? Did you watch the replay of yourself on ESPN? Wow, man. Dude, give me about 3 or 4 years and I will stomp you at the WSOP. I guess I thought the IRS taxing poker winnings would be a good topic for a poker forum. I wouldn't expect Canadians to know anything about American politics or the IRS though so I guess you guys get a pass on this one. Doesn't change the fact that you collectively are an annoying bunch of twits.

Wow....and I thought your two earlier posts in this thread made you look stupid......and of course I was correct, but this one just makes it the perfect trifecta.Good luck in your Poker career - of course the only barriers to your ultimate success are Bank Roll and Bad Beats. The world is full of idiots like you who are "better than 99.9%" of their competition but have still never actually won anything yet.

[Socrates 0]

Why is taxing earnings made from poker different from taxing earned wages or additional income from any other source in your mind? If you can get this to go away you should be able to get taxation removed all together...seeing its the same thing and all.

[seemorenuts 0]

No, no, no, here's how it works...When you win, you are withheld 30% for each country that exists on earth, so that's 200x30% or 6000% of your winnings.There, fixed the thread.

[TB17 0]

Mark got pwned.

[Zach6668 513]

I love Canada.

[NoSup4U 0]

Mark got pwned.

LOL I missed all the fun in here this weekend. OP, I was only needling you because you posted a bit of a douchbag comment in response to someone who was only trying to help and answer your question. And you don't have to tell me you're in your early 20s...I can tell from how you post.I don't know what to tell you that everyone else hasn't already. You seem a bit angry about life, taxes, internet forums, and the fact that you are better than me but haven't been on TV yet. But I can tell you that even if this law went into effect and they took out 30% of you winnings right away, this would not change one bit how much in taxes you would end up paying. I'm not sure why grasping this concept or believe it is true has elluded you, when everyone else on the forum has figured it out already.Mark

[Mercury69 3]

Dude, just wait until I'm flexible enough to suck my own...Whoa, whoa, waaaaait...I'm not very good at this threat stuff yet...

[Pot Odds RAC 23]

Latest "clarification" from Cardplayer...http://www.cardplayer.com/poker-news/artic...ament-tax-rules

Winnings Will Start Being Reported to IRS March 4, 2008IRS has advised that, starting on Mar. 4, 2008, casinos and others sponsoring poker tournaments must report most winnings to winners and IRS. The guidance is designed to clear up confusion about the tax-reporting rules that apply to poker tournaments. IRS clarifies reporting and withholding requirementsIn IR 2007-173, IRS clarifies that, beginning Mar. 4, 2008 — when Rev Proc 2007-57 goes into effect — IRS will require all tournament sponsors to report tournament winnings of more than $5,000, usually on Form W-2G, Certain Gambling Winnings. Tournament sponsors who comply with this reporting requirement will not need to withhold federal income tax at the end of a tournament. If any tournament sponsor doesn't report the tournament winnings, IRS will enforce the reporting requirement and also require the sponsor to pay any tax that should have been withheld from the winner if the withholding requirement had been asserted. The withholding amount is normally 25 percent of any amounts that should have been reported.For tournament sponsors to comply with these requirements, winners must provide their taxpayer identification number (usually their Social Security number) to the tournament sponsor. If a winner fails to provide this identification number, the tournament sponsor must withhold federal income tax at the rate of 28 percent. For tournaments completed during 2007 and before March 4, 2008, casinos and other sponsors of poker tournaments aren't required to report the winnings to IRS or withhold taxes on the winnings. IRS also reminds tournament winners that, by law, they must report all their winnings on their federal income tax returns — regardless of the amount or whether they receive a Form W-2G or other form. IRS notes that this requirement applies for 2007, that it applied for earlier years, and that it will continue to apply after the reporting requirements in Rev Proc 2007-57 go into effect.

[Ladi77 0]

OK, so 100 people enter a tournament for $100,000 each. Winner takes all in this tournament. This is all the money that they have to their name and they have made said money by working and paying income taxes for the past year. So combined, the total amount of money made pre-taxes was roughly $13,500,000 and $10,000,000 is up for grabs in the poker tournament. Oh wait, the goverment is going to take 25% again and the winner gets $7,500,000. The government has made their money already by taxing these 100 people on their original salary. This is double-taxation. Am I the only one that isn't lost here? Double-taxation is against the law. But, whatever. Keep supporting our P.O.S. politicians.And obviously the law wasn't abolished and IS going into effect as of March, 2008. Only reason I am bitching is because I am better at poker than probably 99.9% of the people I've ever played against and I will win a bracelet one day. So I don't like the fact that 25% of my money is going to be taxed twice by a corrupt government.And yeah, Mark I haven't won more than $5,000 yet in 1 sitting ever because I'm not rich and I'm still in my early 20's. I work for a living and refuse to play lower than 2/5NL live because max buy-in for 1/2NL games around here is only $100. So if I have about 4 or 5 losing sessions in a row, I'm screwed for a couple months and I basically have had to quit playing at the casinos for the past year. I don't have the type of money to spend $2,500 to enter a poker tournament then go all-in with KJ preflop and bust out like some people.... And I'm the douche? Did you watch the replay of yourself on ESPN? Wow, man. Dude, give me about 3 or 4 years and I will stomp you at the WSOP. I guess I thought the IRS taxing poker winnings would be a good topic for a poker forum. I wouldn't expect Canadians to know anything about American politics or the IRS though so I guess you guys get a pass on this one. Doesn't change the fact that you collectively are an annoying bunch of twits.

Wow...if your theory of double taxation is true, then people who own businesses shouldn't pay taxes either. If I go to a store with my money, that I got from my job that was already taxed and spend it in a store, which I do every day, then the business owner is not obligated to pay taxes because the money I gave him was already taxed??? Well, either I should quit my job and own my own business(porn preferably ), or our governement shoulda gone go broke a long time ago.And one more question: who are these people that you play against cause I wanna play where you play if you're winning 99.9% of the time. Ladi p.s. I love Canadians btw

[Whiter Sr 0]

LOL I missed all the fun in here this weekend. OP, I was only needling you because you posted a bit of a douchbag comment in response to someone who was only trying to help and answer your question. And you don't have to tell me you're in your early 20s...I can tell from how you post.I don't know what to tell you that everyone else hasn't already. You seem a bit angry about life, taxes, internet forums, and the fact that you are better than me but haven't been on TV yet. But I can tell you that even if this law went into effect and they took out 30% of you winnings right away, this would not change one bit how much in taxes you would end up paying. I'm not sure why grasping this concept or believe it is true has elluded you, when everyone else on the forum has figured it out already.Mark

It's amazing how many people don't understand taxes. They are scared that if they take too much off then they'll never get it back.If you make $100K and the tax rate is 50% you will owe $50K in taxes at the end of the year. Whether they take the $50K off during the year or you pay it all in one lump sum at the end of the year makes no difference at all you still owe $50K in taxes.So for your poker example if the casino was forced to take off 30% of your prize of $100K than you would get $70K. At the end of the year when you do your taxes you would still owe the last $20K.