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

[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.

[DJARUM]

I'am in

[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

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.

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.

[SCUDSBROTHER]

Originally Posted by DogsUp

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?

[DogsUp]

Originally Posted by SCUDSBROTHER

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?

[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.