New Tax on poker

[eetenor]

Synopsis of video---
there is a rider in the new legislation here in the USA that they are trying to pass right now that states we can only deduct 90% of losses up to our wins in any gambling format that means we will be paying tax on 10% of our losses

 

[userX]

That's pretty cool. Trump is doing everything he promised, improving the lives of ordinary Americans in every way possible

 

[Poker Orifice]

Trump is a scumbag

 

[Baurzhan11]

This may be the beginning of a realization in the world of poker Perhaps this will be the beginning of a new era of poker)))

 

[Trust.China]

Imagine being used to a 100% write off on a high risk investment, not even a London banker could even dream about it. Poker players are quite special, the crypto scammer is funny at least

 

[S3mper]

That's pretty cool. Trump is doing everything he promised, improving the lives of ordinary Americans in every way possible

This is a rider and has nothing to do with Trump other than the fact that it was snuck into his 900 page bill. He probably isn't even aware of it.

That said I'm personally against large, bloated bills like this for exactly this reason - Legislation should be made by a case-by-case basis. They are creating laws of the land not stew. But that's my opinion

Imagine being used to a 100% write off on a high risk investment, not even a London banker could even dream about it. Poker players are quite special, the crypto scammer is funny at least

Gambling losses can only be written off against your gambling wins. If not for this people will be paying taxes on "phantom" wins. If your London Banker makes 100k on investment A and loses 100k on investment B guess what they're doing. They are writing off investment B and not being taxed on the 100k they made as if they didn't break even on the year. In fact, selling stocks at a loss intentionally to write them off is a strategy most investors use.

This isn’t some poker loophole. it’s a basic fairness principle so people are taxed on net income, not gross wins or losses in isolation.

 

[Trust.China]

This is a rider and has nothing to do with Trump other than the fact that it was snuck into his 900 page bill.


Gambling losses can only be written off against your gambling wins. If not for this people will be paying taxes on "phantom" wins. If your London Banker makes 100k on investment A and loses 100k on investment B guess what they're doing. They are writing off investment B and not being taxed on the 100k they made as if they didn't break even on the year. In fact, selling stocks at a loss intentionally to write them off is a strategy most investors use.

This isn’t some poker loophole. it’s a basic fairness principle so people are taxed on net income, not gross wins or losses in isolation.

my point is if you run a taxi company you still have to pay taxes on fuel and other sh...even you already pay VAT taxes. everyone gets double and tripple dipped nowdays. 90% sounds awesome to me in germany they steal 6% out of every cash game pot played, way more than 10%, would be a huge upgrade for me

 

[S3mper]

my point is if you run a taxi company you still have to pay taxes on fuel and other sh...even you already pay VAT taxes. everyone gets double and tripple dipped nowdays. 90% sounds awesome to me in germany they steal 6% out of every cash game pot played, way more than 10%, would be a huge upgrade for me

You're changing the subject from the unfairness of this amendment to about high taxes in Germany. That’s a different conversation. I don’t know the details of Germany’s tax system, but saying “the U.S. is lucky” isn’t the same as saying this amendment is fair or should be accepted

The U.S. doesn’t have VAT, and taxi drivers here can deduct gas and other legitimate work expenses that’s the whole point of taxing net income.

A 90% cap on loss deductions isn’t awesome it’s a 10% phantom tax increase. If you lose money overall, you could still owe taxes as if you won which is unjust (And IMO not sustainable for the gaming industry.) And rake isn’t the same as taxes. But if you’re saying 6% rake is bad, why would a 10% tax hike on poker winnings be good? That’s like saying you want more rake as long as someone else is getting it.

 

[Trust.China]

You're changing the subject from the unfairness of this amendment to about high taxes in Germany. That’s a different conversation. I don’t know the details of Germany’s tax system, but saying “the U.S. is lucky” isn’t the same as saying this amendment is fair or should be accepted

The U.S. doesn’t have VAT, and taxi drivers here can deduct gas and other legitimate work expenses that’s the whole point of taxing net income.

A 90% cap on loss deductions isn’t awesome it’s a 10% phantom tax increase. If you lose money overall, you could still owe taxes as if you won which is unjust (And IMO not sustainable for the gaming industry.) And rake isn’t the same as taxes. But if you’re saying 6% rake is bad, why would a 10% tax hike on poker winnings be good? That’s like saying you want more rake as long as someone else is getting it.

I just got that they want to tax you per session and not per year, damn, thats way worse than even stealing 6% out of the pot. That wasn't clear to me, taxes are done yearly for private persons here. under the new law you can owe a bunch even tough you lost because they tax per session, you need to point that out imo.

 

[S3mper]

I just got that they want to tax you per session and not per year, damn, thats way worse than even stealing 6% out of the pot. That wasn't clear to me, taxes are done yearly for private persons here. under the new law you can owe a bunch even tough you lost because they tax per session, you need to point that out imo.

They tax you per session? As in the government or do you mean they have a 6% drop?

Either way remind me not to play poker in Germany. lol

The casino takes their cut (The rake) and then those of us who are lucky enough to be up after the year is over give another cut to uncle Sam after we deduct our expenses. This amendment makes it, so the Casino takes their cut and then the government takes a cut from anyone who didn't lose more than 10% on the year. Even though there is no cut to be had to those who did not profit. And those who did profit are now paying 10% more than they otherwise would have.

Oh, and the government takes their cut from the casinos too, and the dealers and the floor and the fly on the wall...

 

[23maxim88]

Synopsis of video---
there is a rider in the new legislation here in the USA that they are trying to pass right now that states we can only deduct 90% of losses up to our wins in any gambling format that means we will be paying tax on 10% of our losses

Did I understand correctly that the tax is not on poker winnings, but on losses? What kind of absurdity is that? I'm shocked.

 

[LUKADONCICMVP]

more tax the better trump 2025

 

[TeUnit]

It would be great for poker if we could get it regulated at the federal level.

 

[Trust.China]

They tax you per session? As in the government or do you mean they have a 6% drop?

Either way remind me not to play poker in Germany. lol

The casino takes their cut (The rake) and then those of us who are lucky enough to be up after the year is over give another cut to uncle Sam after we deduct our expenses. This amendment makes it, so the Casino takes their cut and then the government takes a cut from anyone who didn't lose more than 10% on the year. Even though there is no cut to be had to those who did not profit. And those who did profit are now paying 10% more than they otherwise would have.

Oh, and the government takes their cut from the casinos too, and the dealers and the floor and the fly on the wall...

in germany they tax every pot not just the session, imagine what service you can do to this country when you have a proper plo game running, lol

 

[thedarkman]

This was discussed on the Tim Pool livestream. Some Democrat has sneaked in a provision to Trump's so-called Big Beautiful Bill in order to sabotage it. They often do things like this. Hopefully, they won't get away with it.

 

[SOLO22]

I really hope that these escalations will not go any further, otherwise it will no longer be attractive.

 

[thedarkman]

I really hope that these escalations will not go any further, otherwise it will no longer be attractive.

I think you can count on it being thrown out, if it hasn't been already.

 

[CDNMAN 42]

That's pretty cool. Trump is doing everything he promised, improving the lives of ordinary Americans in every way possible

You have to be kidding??? a convicted Felon, sexual assaulter and habitual liar. is your choice as a Leader? Really

 

[massautv]

The information was not very clear, but doesn't this tax limit harm the player in the end? Reduced player losses, just seeing it to believe it.

 

[Poker Orifice]

That's pretty cool. Trump is doing everything he promised, improving the lives of ordinary Americans in every way possible

And he's even doing a bunch of things he didn't promise (and actually said he'd do the opposite of)... ie. withholding aid & weapons to Ukraine.
Trump is worse than garbage.

 

[Shooter74]

He is a liberal.....i can´t believe it...

 

[mssmotilda]

It would be better if he lifted the ban on free online poker in all states.

 

[Poker Orifice]

I saw this hypothetical example on 'X'

 

[hardongear]

It would be better if he lifted the ban on free online poker in all states.

It's quite surprising Trump isn't more supportive of online poker and thought of this already or someone hasn't put it in his ear already. All that potential tax money to be collected. Such a greedy man just wouldn't be able to resist. Right now should be the easiest time ever to get online poker legalized in the US.

Cheers!!!

 

[KrazyKoo]

I feel awful for the people that voted Trump based on his false promises