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

[Holland Hacker]

Done & will forward to some friends as well.

[booner]

Thanks for the explanation and help.

[GPK]

Giddy up...I'm in.

[zippyneedsawin]

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

[DogsUp]

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.

[DogsUp]

Originally Posted by GBBob

As I understand it, the rate isn't in question but rather when it's deducted. Racing is the only form of gambling that pays you in the already reduced form thus automatically lowering it's available handle and churn. If you win a milion bucks on a river boat, they pay you in full and then send you the documents so you square up when you file your return.

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.

[GBBob]

Originally Posted by DogsUp

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?

[scanman]

Done.

[DogsUp]

Originally Posted by GBBob

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?

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.

[SCUDSBROTHER]

Originally Posted by DogsUp

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.

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?

[SCUDSBROTHER]

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.

[DogsUp]

Originally Posted by SCUDSBROTHER

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?

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

[DogsUp]

Originally Posted by DaHoss9698

Fair? How so?

If I go to the track Monday through Thursday and bet $1000 a day and lose, by Friday I'm down $4000. So, on Friday I go and invest another $1000 only this time I hit a pick 4 and it pays $5100. I end up with a profit of $100 for the week. I'd have no problem paying 25% on that $100. The problem is, I'd have to pay 25% on the $5,100 hit I made. So my $100 profit for the week just became a loss after uncle Sam takes their unfair cut. Again, what's fair about it?

I took that almost word for word from Exotic betting. I'm not this smart.

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.

[DogsUp]

Originally Posted by DaHoss9698

yeah that's how it works. So how is that fair? For the week I show over a $1000 loss when in reality i actually won. Then at the end of the year I have to hope I have lost enough so I can get that $1000 or so back. So I'm basically loaning the government money that I might not get back. Sweet.

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

[ALostTexan]

Originally Posted by DogsUp

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

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...

[dalakhani]

Originally Posted by DogsUp

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

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?

[DogsUp]

Originally Posted by DaHoss9698

Nevermind. I give up. Lets just give them all of our money. They're going to get it anyway....

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.

[SCUDSBROTHER]

Originally Posted by DogsUp

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.)