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[QUOTE="zachvac, post: 863339, member: 26306"]
Oh I definitely agree with you, but that's not the only place it happens. We pay income tax and then sales tax with post-income tax dollars plus there are things like the estate tax, gift tax, etc. that charge for simply transferring wealth. Personally I'm all for lower taxes (although that means lower spending, which neither the Democrats nor Republicans seem to want), but what I want and the cold hard facts are different. Right now if this scenario occurred and I failed to report, I'd end up paying a huge fine for tax fraud or evasion if not jail time.

By the way, you say it's 6 years in Canada, it's infinitely back in the US, tax fraud has NO statute of limitations.

The one good thing is though the taxes will only be on winning players. We assume that if you have a net positive over the year you are a winning player, so technically it is actually income, and not just money going around. If you had to pay taxes on each session and DIDN'T get to deduct your losses, this would be extremely unfair. But as long as the effective taxes paid are the net, the winning players only pay on the part that they make, and unless they have a horrible year where they lose money (in which case there would be some losses that couldn't be deducted) they're only paying on profits, and the others are spending for entertainment.
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