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

[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.

[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.

[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...

[DogsUp]

Originally Posted by ALostTexan

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...

I agree that taxing the pool is dumb. But it is taxed for now and I just think it should be taken upfront. Just a preference is all.

In my own life, I claim 99 and pay my taxes at the end of the year. And like you said, I reap the interest throughout the year and yet, I have to pay tax on the interest--it sucks to be honest. But not everyone is responsible enough to pay their taxes on winnings.

[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 dalakhani

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?

Why wouldn't it be prudent for the gov't to collect the taxes upfront? If it is a law to tax winnings, then I support the payment upfront.

[Bigsmc]

Got my response today.

Thank you for contacting me to share your support for H.R. 6631, the Parimutuel Conformity and Equality Act. I appreciate hearing from you.

H.R. 6631, sponsored by Representative Charles Boustany, would modify the withholding requirement with respect to proceeds from certain pari-mutuel wagers. H.R. 6631 has been referred to the House Committee on Ways and Means and is awaiting further legislative action. Since I am not a member of this Committee, I will only be able to vote on H.R. 6631 when the entire House considers it. However, you may be certain that I will remember your support with my House colleagues. I am certain that they will benefit from your views.

As a resident of Florida's Ninth District, your commments and opinions are an important source of information to help me carry out my duties as your federal representative. In that regard, please do not hesitate to contact me in the future on any issue important to you. Also, if you would like to be informed more frequently about my work in Congress and in Florida's Ninth Congressional District, please visit my website at http://www.bilirakis.house.gov to sign up for regular email or to send me a message.

Again, thank you for sharing your thoughts with me.

[SniperSB23]

Originally Posted by Bigsmc

Got my response today.

Pretty much the same thing mine said.