POLITICAL ACTION CALL: Time For Players/Fans To Help..
 

What I'm asking everyone who reads this post to do will take less than two minutes of not particularly strenuous effort.

Steve has been kind and patient enough to have me on his show to discuss this very subject, most recently during his final broadcast from the Spa. Steve's also graciously agreed to be a member of the Players' Panel which will try to make certain that the proposed withholding legislation, which would eliminate one of the fundamentally unfair tax burdens placed on horseplayers, namely the requirement that unlike other gamblers, horseplayers have 25% in federal taxes withheld on tickets of $5k or more on bets with odds of 300-1 or more, becomes law. If there's any reason a horseplayer want to keep the current system in place, I've yet to hear it.

That's why I was shocked yesterday to see the total number of horseplayers who have contacted their Representative to support this legislation. The only possible explanations I can think of for why the number isn't much higher are two:

(1) Players are under the false impression that only members of the Horseplayers' Coalition are being asked to and can participate. Nothing could be further from the truth. As much as the Coalition would love to have you join, everyone can and should follow the steps outlined below to contact his or her Representative.

(2) Players are not clear on exactly what they need to do, and as a result don't realize how little time and effort is involved. An email has already been written and all you need to do is click on the following link from the NTRA site:

http://www.capwiz.com/ntra/issues/al...ertid=11739961

All you need to do once you're there is type in your name, address, and zip, and click "send." Capwiz does the rest.

If you have a problem with the link, or prefer to do it this way, all you need to do is go to the NTRA homepage, where, on the right hand side, you’ll see two links, one to “Withholding Bill” and another one to “Horseplayers’ Coalition.” If you click on the “Withholding Bill” link, you’ll go directly to the spot where you enter your name and address to send the email to your Representative. Alternatively, if you click on the "Horseplayers’ Coalition" link, you’ll see three additional links---(1)“Contact Your Congressman” (2) “Help Support Withholding Legislation” and (3) “Alert Help Support Withholding Legislation”. If you click on any one of those three, you’ll also end up where you need to be to send the email to your Representative

The introduction of this important legislation is only the first step in a long process, and its chances of actually becoming law depend in large part on whether and to what extent those who are in favor of passage make their support known. For literally decades I've been hearing horseplayers complain that they don't have a seat at the table where the decisions that impact them directly are made. On this issue at least, each of you is being offered a seat, and I can only hope everyone understands that for this and future issues, it's important that as many players as possible take advantage of the opportunity to let their voice be heard.

Just sent mine. Thanks for link.

used the link....my email has now been sent

Sent mine
Hope it gets some attention

On it.

Thanks for posting this
 

I just used the link to send to my congressman also.

Joe

Done & will forward to some friends as well.

Thanks for the explanation and help.

Giddy up...I'm in.:tro:

Done. I told my rep to raise it to 50% to help the stock market... not.

I am in the minority here, but I do not feel that the law needs to be changed. I feel that the 25% is fair. I certainly understand both sides of the debate here. But, I take the position that the 25% is fair and adequate.

I disagree with the method that taxes should be left up to the person to file. Take the taxes up front to avoid any sort of potential tax fraud by the winner. This is just my opinion.

I had actually pulled my post because I wasn't sure if I was right or not. But if I am, why are other forms of gambling allowed to risk "tax fraud" and have more money in play while there's a double standard for the racing industry?

Done.

They shouldn't be able to pass on the tax responsibility to the winner/player. I think the law should mandate that the entity providing the winnings should take out the tax at the time of the winnings being distributed. This would get a little difficult when it comes to things other than money--but they could find a way.

I'am in

All the money in the pools is money people have left over after taxes.
I don't understand the whole idea of taxing this money again. I guess they consider gambling to be a degenerate act, and that's why they penalize people when they make some money doing it. Do they do this in other countries?

In your scenario, you have wagered $5000 and won $5100. $1275 was deducted from the $5100 (if my math is right). You are able to deduct your losses equal to the amount of your winnings. So you are able to deduct $5100 for losses and claim income of $5100 from your winnings. However, $1275 has already been deducted from your winnings so you have overpaid this portion by $1275. Now my philosophy could be wrong here, but I think this is how it would work.

The gov't is going to get theirs, I would prefer that the law to be that it is paid upfront is all.

Actually it's triple taxation.

1) All the money going into pools has already been taxed.

2) They take money out of the pools, and give it to the state.

3) Tax people who do well on that day of racing.

It is considered additional income is how it is taxed. Sort of like an investment.

I agree with the notion that taxing gambling winnings is a crock. However, the discussion is when not if there should be a tax or not. I do not think there should be one. But there is, and I feel it should be taken out at the time of winning.

So, what is this about, then? You're gunna either get the money back the following year, or you're gunna have to give it up in tax. If you have a hit in January, then you don't get that 25% back(if you're due it) for a whole year. So, it's a question of the gov't making interest off your money?

Exactly my point....I just feel that it is better for the gov't to take it upfront than at the end of the year. Just like they do in a paycheck. Do you think it would be prudent for the gov't to rely on the public to pay their taxes at the end of the year instead of when they get paid?

But that is how it works with your paycheck. So why should gambling winnings or any other type of winnings be any different?

Dont get me wrong....I do not think there should be taxes on gambling winngs from a pool that is produced by post taxed money. But it is going to be taxed and I feel that it should be taken up front.

They may not get it...Obama is going to reduce taxes on 95% of the people working--joke.

Well, I don't agree with taking it when you hit. If they want to note it(like if ya hit for $1000 on a p3,) that's one thing, but a lot of people get this money back. So, why should they get to take that money and make interest off it? You're saying people aren't disciplined enough to avoid gambling the money away? It's a good point, but aren't your taxes due the following year. Why pay them early(especially when you are often gunna get the money back anyways.)

Pay them early to ensure that the taxes are paid. That is the only reason.

Response
 

I sent mine in a few days ago, just got this response:


Unless I mis-read this, it seems to me my Congressman basically ignored everything about my e-mail except for the topic.

shocking

Sent. Now to cash some big tickets

That dude needs a phone call from you.

Basically it is how it works with your paycheck, except that it is ultimately your option on how much of your paycheck goes to taxation. You can always claim a larger number of dependents, allowing the government to take very little, manage your own money throughout the year (i.e. savings account, where YOU get the interest instead of the government), and then pay the taxes at the end of the year.

Why should everyone suffer because of a law intended to protect stupid people that can't manage their money? All horseplayers hurt with a law such as this because it hurts the churn by taking money out of the pools...

Something tells me the Representative, him/herself, didn't type out that email.

I'm just waiting to see if others get similar responses.
I'm not the least bit surprised by the response I received.

Exactly why he needs a phone call. His 18 yr old intern that responded to Seth is going to turn off his constituants if he/she randomly answers e-mails by matching a couple key words.

I would just politely let him know that you weren't pleased with the response you got from his staffers and it may affect your future voting choice because you don't feel he is on top of the "issues". If he doesn't get re-elected, his gravy train ends and he may actually have to get a job.

With your paycheck, you can adjust your withholdings so that the amount of tax taken out is approximately what is owed and there is little to no overpayment.

One can't do that with what you propose. Why would it be prudent to give the government interest free use of my overpayment until refund time especially if i can balance out my gains with losses?