Kaveros 0 Posted March 2, 2009 Share Posted March 2, 2009 You guys really want the government running pokersites???Every government run operation is a disaster, and im sure poker will be as well.this is what i have been saying all along. government regulations are never a good thing Link to post Share on other sites
tbrick412 0 Posted March 2, 2009 Share Posted March 2, 2009 I dont think rake would get higher. The potential massive influx of new players would be more than enough to cover being taxed by the US government imo. Link to post Share on other sites
JubilantLankyLad 1,957 Posted March 2, 2009 Share Posted March 2, 2009 I dont think rake would get higher. The potential massive influx of new players would be more than enough to cover being taxed by the US government imo.haha Link to post Share on other sites
Zach6668 513 Posted March 3, 2009 Share Posted March 3, 2009 I dont know.Just think about all the people who would be sitting in traffic seeing signs for online poker, thinking about how easy that would be. Then it would be incredibly easy to get money onto the sites so their would be massive amounts of donks just trying to give their money away.I'm pretty content with the amount of hands I get in currently, and the general suckitude of my games.I suppose they won't stay this way forever, if that's the case, then ok, but it would take a pretty serious decrease (increase?) in the quality of fish for me to really be happy with it.I guess if Gov't regulating it would guarantee some sort of long-term plan to provide a constant stream of new fish trying the game, then I'd deal with higher costs of rake. Link to post Share on other sites
Syous 0 Posted March 3, 2009 Share Posted March 3, 2009 I feel like the US regulating, taxing, ... etc ... online poker would seriously hurt my bottom line.fk you it better happenwhy would ur games decrease if u.s. poker is legalized...? Link to post Share on other sites
Zach6668 513 Posted March 3, 2009 Share Posted March 3, 2009 fk you it better happenwhy would ur games decrease if u.s. poker is legalized...?Legalized is not the same as regulated. If the US gov't allows companies to offer poker to residents, they're going to want a cut. Any increase in expenses always comes with a trickle down effect that is felt by consumers.There could be a higher rake, upfront withdrawal fees, etc. I don't know, I just know that when the US Gov't gets involved, it's going to want a share.I obviously don't think my games will decrease at all, but a higher rake and various fees would certainly affect my bottom line. Not to mention the fact that Canada would soon follow the US and probably clarify their tax law and force me to pay taxes on all of this, and that would be a huge blow to my profits, obviously. Link to post Share on other sites
dlingdling 0 Posted March 3, 2009 Share Posted March 3, 2009 Did I miss the sw? You guys really want the government running pokersites???Every government run operation is a disaster, and im sure poker will be as well....unless we forget about the VA, the Apollo space program, the National Park Service, and hundreds of other effective government programs. But as someone else said, this isn't about government running the sites.this is what i have been saying all along. government regulations are never a good thingStop signs.Food safety regulations.Air traffic control.All horrible ideas. Link to post Share on other sites
Balloon guy 158 Posted March 3, 2009 Share Posted March 3, 2009 Dear PokerStars Player,Looks like you had a good night at the table, please send us 40% of your winnings as this is classified as gambling winnings and therefore subject to a 40% tax rate. Thank you,The IRSDear IRS, I am writing you this letter because I would like to express why I should not have to pay the 40% tax on my winning of last night. I make most of my income from playing poker, which is a skill game and not gambling, therefore this is my income and I should get to file like anyone else who has his own business.Thank you,PokerStars PlayerDear Pokerstars Player, Thank you for your letter, while we consider this, we are charging you penalties and charging you interest on the 40% that you did not send us. Should this matter resolve at a later date, then the penalties will be waived should you produce clear proof that we were wrong. Until then, your tax due amount is currently at 40% plus 2.7% plus 8% interest compounded monthly.Thank You,The IRSDear IRS, Are you crazy? You can't charge me money and then make me prove I don't owe it.PokerStars PlayerDear PokerStars Player,Hahahaha. Have you been living in a cave? We're the friggin I R S man, not only can we do this, we can make it your responsiblity to prove anything we want.But thank you for the laugh, it's been pretty somber in here this week since Charlie had to repossess his mom's wheelchair, again.Thank You,The IRSDear IRS, It's been 4 months, what is the status of our disagreement?PokerStars PlayerDear PokerStars Player, Good news, we have determined that you are in fact a professional poker player, and as such are subject to self employment rules. I guess I am feeling good today, because usually I just let you find out these rules yourself, but today I am going to give you a few of the highlights:1. You are required to pay Social Security, unemployment, FICA and State income taxes on all your winnings that you pay yourself, WHEN you pay yourself. This now requires electronic filing as well so contact the local tax board to set up your account. It will take you 2 weeks to figure it out because we are still using punchcard data reader devices.2. Every quarter you are required to send us an amount equal to the tax on 1/4 of your projected income for this year. You must be within 7% of this target number or we reserve the right to fine you for underpayment of tax. ( You cannot fine us for overpayment of tax)3. Detailed books must be kept for your winnings and loses, along with any 'write offs' you feel you deserve. you will be required to keep these for 5 years, as we reserve the right to go over them with you at the comfort of your home for any reason for 5 years.4. You have to eat anyway, so you don't get to write off all your meals at casinos buddy, we figured that out years before you were born. In order to help you with the above, I did some rough calulations, and you can send us 75% of your current bankroll to start. Looks like you had a tough month last month, good news though, you will get to spread this loss over the next 3 years. Meaning that we only let you realize 1/3 of your loss each year. Oh and by the way, I have gone ahead and waived the penalties and interest on the 40% you owed, however I am unable to remove the red flag we attached to your file for complaigning and as such you can expect an audit for the next couple years. The good news is that PokerStars.com has realized a 15% jump in participation this month, looks like you should find plenty of fish to beat in order to pay your tax bills.Thank You,The IRSDear IRS,Uh..can I just send 40% of my winning each night?PokerStars Player Link to post Share on other sites
JubilantLankyLad 1,957 Posted March 3, 2009 Share Posted March 3, 2009 Dear PokerStars Player,Looks like you had a good night at the table, please send us 40% of your winnings as this is classified as gambling winnings and therefore subject to a 40% tax rate. Thank you,The IRSDear IRS, I am writing you this letter because I would like to express why I should not have to pay the 40% tax on my winning of last night. I make most of my income from playing poker, which is a skill game and not gambling, therefore this is my income and I should get to file like anyone else who has his own business.Thank you,PokerStars PlayerDear Pokerstars Player, Thank you for your letter, while we consider this, we are charging you penalties and charging you interest on the 40% that you did not send us. Should this matter resolve at a later date, then the penalties will be waived should you produce clear proof that we were wrong. Until then, your tax due amount is currently at 40% plus 2.7% plus 8% interest compounded monthly.Thank You,The IRSDear IRS, Are you crazy? You can't charge me money and then make me prove I don't owe it.PokerStars PlayerDear PokerStars Player,Hahahaha. Have you been living in a cave? We're the friggin I R S man, not only can we do this, we can make it your responsiblity to prove anything we want.But thank you for the laugh, it's been pretty somber in here this week since Charlie had to repossess his mom's wheelchair, again.Thank You,The IRSDear IRS, It's been 4 months, what is the status of our disagreement?PokerStars PlayerDear PokerStars Player, Good news, we have determined that you are in fact a professional poker player, and as such are subject to self employment rules. I guess I am feeling good today, because usually I just let you find out these rules yourself, but today I am going to give you a few of the highlights:1. You are required to pay Social Security, unemployment, FICA and State income taxes on all your winnings that you pay yourself, WHEN you pay yourself. This now requires electronic filing as well so contact the local tax board to set up your account. It will take you 2 weeks to figure it out because we are still using punchcard data reader devices.2. Every quarter you are required to send us an amount equal to the tax on 1/4 of your projected income for this year. You must be within 7% of this target number or we reserve the right to fine you for underpayment of tax. ( You cannot fine us for overpayment of tax)3. Detailed books must be kept for your winnings and loses, along with any 'write offs' you feel you deserve. you will be required to keep these for 5 years, as we reserve the right to go over them with you at the comfort of your home for any reason for 5 years.4. You have to eat anyway, so you don't get to write off all your meals at casinos buddy, we figured that out years before you were born. In order to help you with the above, I did some rough calulations, and you can send us 75% of your current bankroll to start. Looks like you had a tough month last month, good news though, you will get to spread this loss over the next 3 years. Meaning that we only let you realize 1/3 of your loss each year. Oh and by the way, I have gone ahead and waived the penalties and interest on the 40% you owed, however I am unable to remove the red flag we attached to your file for complaigning and as such you can expect an audit for the next couple years. The good news is that PokerStars.com has realized a 15% jump in participation this month, looks like you should find plenty of fish to beat in order to pay your tax bills.Thank You,The IRSDear IRS,Uh..can I just send 40% of my winning each night?PokerStars Playernot so haha Link to post Share on other sites
Whatever 1 Posted March 3, 2009 Share Posted March 3, 2009 A) it will probably be many years before online poker is legalized in the United StatesB) if it does ever get legalized you would see a flood of fish enter our games at every level. It would be beautiful man.Harrahs, etc. would suddenly get in the game and your average Joe would LOVE saving travel costs to gamble it up online in a safe, fully legal enviroment.I don't understand the argument that legal online poker in the US would somehow be bad for the average winning online player. I remember 2003 party poker. This would be better. Link to post Share on other sites
Balloon guy 158 Posted March 3, 2009 Share Posted March 3, 2009 A) it will probably be many years before online poker is legalized in the United StatesB) if it does ever get legalized you would see a flood of fish enter our games at every level. It would be beautiful man.Harrahs, etc. would suddenly get in the game and your average Joe would LOVE saving travel costs to gamble it up online in a safe, fully legal enviroment.I don't understand the argument that legal online poker in the US would somehow be bad for the average winning online player. I remember 2003 party poker. This would be better.Yea...Harrahs would torpedo their hotels and casinos in Vegas in order to get that $3 max rake....You do know it was Harrahs that paid off the senator who created the UIEGA? Link to post Share on other sites
FCP Bob 1,312 Posted March 3, 2009 Share Posted March 3, 2009 The reality is that repealing the UIGEA is a good first step but will change nothing really. All of the enforcement activities and arrests etc that have happend so far have been due to rules other than the UIGEA.Gambling is a State's area of responsibility in the US and the most likely way that any regulated online poker happens in the US will be a State like California allowing a gaming site or sites for players within their State. Those sites most likely will not allow anybody from outside that State to play unless a few States get together to combine. Link to post Share on other sites
serge 904 Posted March 3, 2009 Share Posted March 3, 2009 Yea...Harrahs would torpedo their hotels and casinos in Vegas in order to get that $3 max rake....You do know it was Harrahs that paid off the senator who created the UIEGA?Not sure of the exact numbers but I would argue that Pokerstars makes more money than a lot of casinos in Vegas. Especially in this economy. Link to post Share on other sites
LJB723 0 Posted March 3, 2009 Share Posted March 3, 2009 Not sure of the exact numbers but I would argue that Pokerstars makes more money than a lot of casinos in Vegas. Especially in this economy.Are we far away from the Full Tilt Casino and Spa resort in Vegas?Imagine it, that famous logo lit up in neon. The Phil Ivey lounge bar. The Patrik Antonius look-a-like strip show. The Chris Ferguson magic show 4 nights a week.And of course, Clonie trawling the floor for her next trick... Link to post Share on other sites
FourFlusher 0 Posted March 3, 2009 Share Posted March 3, 2009 The only thing that will happen is that the sites will have to send taxes to the US government. The rake will go up. Leave it as it is. QFMFT Link to post Share on other sites
Balloon guy 158 Posted March 4, 2009 Share Posted March 4, 2009 The current tax rate for corporations in America is 35%. there is talk of raising this.That means when Pokerstars gets some license thingy to operate in America, they will get raked 35% of their money.Do you think they want to make less?No they want to make more...so how do they do that?They raise rake, AND they report all winnings and cash outs to the IRS in order to prevent themselves from being audited.Most large corporations in America have IRS agents assigned to them full time, in fact their desks are in the companies headquarters.So be careful what you wish for.And Ljb...funny stuff man about Clonie. hats off Link to post Share on other sites
antistuff 0 Posted March 4, 2009 Share Posted March 4, 2009 i could see it going either way. unfortunately i have a feeling that balloon guy is probably more than leaning towards the right idea here. the thing is though, it can't just be left how it is. its either going to get locked down so bad that we can't really play anymore or its going to get "opened up" like this. the thought of pokerstars and ftp opening up their records to the IRS for the past few years scares me. i should probably get an accountant and straighten myself out now. anybody have anyone in the new york area they can recommend? preferably somebody who is a little flexible and open about things. if you do, please PM me. Link to post Share on other sites
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