donk4life 34 Posted November 12, 2008 Share Posted November 12, 2008 I bet myself a quarter that I knew what your post would be about before even clicking into this thread.I owe myself $.25 Redistribute that wealth! Link to post Share on other sites
Influcted 0 Posted November 12, 2008 Share Posted November 12, 2008 He only paid taxes over 900k. Link to post Share on other sites
theinvestor 0 Posted November 12, 2008 Share Posted November 12, 2008 You guys need to get more creative. Dummy up some gambling losses and your net win is zero. IMO they should all play golf with some poker celebs and blog about it and claim they lost there asses to ivey and negreanu You have obv never seen these 2 play. The govmt would never believe that you lost money to them Link to post Share on other sites
Darth Maple 0 Posted November 12, 2008 Share Posted November 12, 2008 Do players on the Isle of Man have to pay tax on gambling winnings with their so called 'relaxed' system in place? Link to post Share on other sites
rcooj_7 0 Posted November 12, 2008 Share Posted November 12, 2008 Why all the whining here?Obama will soon redistribute this money to all of us!!!SHIP IT! HAHAHA, I am in class and just laughed my ass off when i read this.... thanks! Link to post Share on other sites
rcooj_7 0 Posted November 12, 2008 Share Posted November 12, 2008 Also, I am pretty sure that the players at the final table found and hired a account manager/lawyer in the break between the tourney and the FT.... whatever tax loop holes they could get, the got.... Link to post Share on other sites
king1305 0 Posted November 12, 2008 Share Posted November 12, 2008 You guys need to get more creative. Dummy up some gambling losses and your net win is zero. IMO they should all play golf with some poker celebs and blog about it and claim they lost there asses to ivey and negreanuYea, but the government, unlike your pesky friends who find out you won money at poker, don't ask, "but how much did you lose?" They just care that you paid on what you won. Link to post Share on other sites
Balloon guy 158 Posted November 12, 2008 Share Posted November 12, 2008 Wow that is terrible.Eastgate is fine with a 72% tax rate as long as he doesn't pay it, takes the countries free healthcare etc.Soon as he's up to the plate to pay, he bails and moves to London.Paying taxes is patriotic! Link to post Share on other sites
Balloon guy 158 Posted November 12, 2008 Share Posted November 12, 2008 Ylon Schwartz of Brooklyn, New York, finished in fourth place for $3,774,974. He is a professional gambler so he'll owe self-employment tax on his winnings. He'll also owe state and New York City income tax. His likely tax bite is $1,396,304 to the IRS and $387,966 to the New York Department of Tax & Finance.This is shamefulThe guy makes $3.8 and pays $1.8 in taxes.He should have moved to Nevada or Florida and saved $400KOh well, at least we have a new republican in the ranks for 2010. Link to post Share on other sites
Cappy37 0 Posted November 12, 2008 Share Posted November 12, 2008 Oh well, at least we have a new republican in the ranks for 2010. It still doesnt make up for the army of Newly Born Democrats to women like this: Link to post Share on other sites
mtdesmoines 3 Posted November 12, 2008 Share Posted November 12, 2008 Eastgate is fine with a 72% tax rate as long as he doesn't pay it, takes the countries free healthcare etc.Soon as he's up to the plate to pay, he bails and moves to London.LOL ... LOL ... just L.O.L. I hope this message isn't lost on people. Link to post Share on other sites
pezeveng 207 Posted November 12, 2008 Share Posted November 12, 2008 Monaco would be the safest place to go. This is also why you should not sign a contract with any major poker sites if your Canadian because than poker becomes your proffesion and you will be subject to more taxes. At least thats what someone told me who placed in the money at the NF wpt. Link to post Share on other sites
DCJ001 0 Posted November 12, 2008 Share Posted November 12, 2008 Plus: Russian Ivan Demidov, who won $5.8 million for placing second at the World Series of Poker, said he will share most of that with a Russian financial supporter who helped him get here."I have a backer that pays for me, and, yeah, I'm going to share the monies with him, with him getting more than me," said Demidov, 27, who did not identify the supporter.The entry fee for the main event at the World Series is $10,000. Demidov said he had no regrets about cutting in the backer, whose investment would not have paid off had Demidov gone out early."Without him, I wouldn't be able to even come and play here," said Demidov. "He also took me to some previous tournaments, where I was able to get the experience I needed to finally do well at this tournament."This year's winner, Peter Eastgate of Denmark, said he paid the $10,000 entry fee. Did he receive any backing that might entail sharing his $9.15 million?"That's confidential," said Eastgate. http://www.usatoday.com/sports/poker/2008-...-eastgate_N.htm Link to post Share on other sites
BaseJester 1 Posted November 12, 2008 Share Posted November 12, 2008 It's probably not that bad. I'm sure they all have taxback. Link to post Share on other sites
nutzzcase 0 Posted November 12, 2008 Share Posted November 12, 2008 russian mob? Link to post Share on other sites
Cappy37 0 Posted November 12, 2008 Share Posted November 12, 2008 "I have a backer that pays for me, and, yeah, I'm going to share the monies with him, with him getting more than me," said Demidov, 27, who did not identify the supporter. Link to post Share on other sites
Dane 0 Posted November 13, 2008 Share Posted November 13, 2008 Eastgate moved to England after the first part of the tournament, as far as I know, can not blame him, there are some talks about him not having to pay taxes, but no one knows for sure, even SKAT has to look into it, and they are also looking into 30 other high stakes players at the momentHowever the rules on online Poker are much better, if the Pokersite have a license within the European Union, the winnings are taxfree. Link to post Share on other sites
bhaas 0 Posted November 13, 2008 Share Posted November 13, 2008 What's the Supreme Courts definition of income?http://video.google.com/videoplay?docid=6664849392722125527Make them prove your liable. Wouldn't really matter though. The courts are rigged. Time to move to Russia. :DWeeeeeeeeeeeeeeeeeeeeee Link to post Share on other sites
AUBrandon 0 Posted November 13, 2008 Share Posted November 13, 2008 well... we all know his monetary gains from winning the wsop will far exceed his first place winnings anyways.. he's obv set if he can do his "poker ambassador" duties for pokerstars (if anybody will even be able to understand what he's saying in the commercials)... not to mention he won't have to buy himself into tourneys anymore.but yes.. that is a huge cut.. Link to post Share on other sites
KentuckySlim 0 Posted November 13, 2008 Share Posted November 13, 2008 Ylon Schwartz of Brooklyn, New York, finished in fourth place for $3,774,974. He is a professional gambler so he'll owe self-employment tax on his winnings. He'll also owe state and New York City income tax. His likely tax bite is $1,396,304 to the IRS and $387,966 to the New York Department of Tax & Finance.I don't think this is true, since the money was not earned in NY. I'm not 100% sure b/c gambling income may be treated differently, but I know if you work in several states in a given year, you have to pay taxes in the states you do the work in. Link to post Share on other sites
MovingIn 0 Posted November 13, 2008 Share Posted November 13, 2008 What's the point of even having large poker tournaments when that much money is stolen by the government? Lets say I get together with a group of people. We all have money that we have already paid taxes on when we earned it from our jobs. We decide we want to redistribute that money by playing a game. What gives the government a right to a cut of that money again once it has been redistributed via said game?Well, yeah, except the WSOP ME isn't played among friends at someone's house. Link to post Share on other sites
The Lobster 0 Posted November 13, 2008 Share Posted November 13, 2008 It's probably not that bad. I'm sure they all have taxback.This made me lol a little too much. Link to post Share on other sites
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