New Tax on poker

[R.Holynskyi]

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


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.

Trump, the good one. He will sign a law he hasn't even read. He is for good Americans and for a great America. He just doesn't read and just signs
America is greater than ever.

 

[hay734]

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

Weird decision

 

[dreamer13]

Under the new amendment, passed in the Senate by a narrow margin (51-50), all types of expenses, both gaming and business, are now counted toward one limit, which cannot exceed 90% of winnings.The famous American poker player Phil Gelfond explained on his platforms that these rules can de facto make professional play unprofitable even if the statistics are profitable.

 

[Trust.China]

Professional gambling isnt one of those professions that need to be protected at any cost but after what I've learned here this will ONLY lead in the direction of unregulated games where nothing is reported at all. It's not like all those live players are gonna stop, it's not like they will start giving handouts in taxes that can literally bankrupt them. Looks like poker players will have to be more like Doyle again, Nerds get robbed in that world.

 

[Iryna Stryzheuskaya]

Trump is a good showman, but does not always do what he says.

 

[S3mper]

The Fair Bet Act (The Fair Accounting for Income Realized from Betting Earnings Taxation Act) is being worked on to remove the 90% deduction law.

 

[MVCMelo]

In Brazil it's different, here we pay tax on tax. Everything we consume is taxed more than once by the same tax. I think it's even better in the USA in this regard.

 

[Nefr1ck]

The shortest joke: Trump the peacemaker.

 

[NKGB13]

well, it seems that not only here in Brazil we have dumbsh**** politicians trying to get a large piece of our efforts..

 

[bowserdon]

Like a lot of Trumps bright ideas makes no sense to me. online poker isnt legal in most states.

 

[Sparta77]

I don't really understand. If you lose at poker, do you still have to pay taxes? This is so ridiculous.

 

[EarnDAStack]

Like a lot of Trumps bright ideas makes no sense to me. Online poker isnt legal in most states.

Playing online poker is legal in every state except Washington ergo the government wants their cut from what they consider income or capital gains.

Providing online poker in the US is a tightly regulated industry where only a few providers are licensed to provide the games to US citizens.

So in simple words they will take their tax cut of your profits made on ACR, but it's possible ACR staff could face US criminal charges for providing online poker client to US citizens without proper licensing. You will never face criminal charges for playing on ACR (except maybe in Washington i dunno how that works there) but may face the IRS if you don't claim your wins properly

 

[TeUnit]

A very large % of winning players have win rates less than 10% - so this will make it very hard for a large % of previously winning players to be profitable.

It will probably end up pushing players more towards "grey market sites".

More of the "elite" players will probably move to non taxed jurisdictions.

Net-Net this is a losing deal for everyone involved. The government could have got more tax revenues through a more moderate tax, but this tax will push players away from paying tax. The players lose because the games become much harder to beat on a after tax basis.

 

[GrannySmit77]

If they don't make changes to that law, it will be less attractive for international and domestic players to come and play in Las Vegas. They will se tourism dip even further.

 

[SOLO22]

they always want to make a profit from all sides.

 

[pavel1111111]

Wow that îs something else😀😀..IT îs amaizing for You guys from U.S.A...in Romania there îs no such thing , only the tax....45% in the winnings 😭😭😭

 

[bapfel]

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

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

To be clear - in Germany they take 5.3 percent tax for every money you bring in your game. (So not for every pot) The poker room has to pay the tax, normally they finance it from the rakes.
GG poker takes parts of your win amounts to finance it, when you leave a tournament (3 percent - even in freerolls) and calculate a 1% higher rake in Cash games.

 

[szadka]

What I read is sad, I hope the government will withdraw these ideas.

 

[Highfish]

To be clear - in Germany they take 5.3 percent tax for every money you bring in your game. (So not for every pot) The poker room has to pay the tax, normally they finance it from the rakes.
GG poker takes parts of your win amounts to finance it, when you leave a tournament (3 percent - even in freerolls) and calculate a 1% higher rake in Cash games.

In Germany, politicians squeeze their citizens for every bullshit. This doesn't just apply to poker.

 

[MAFNL16061986]

so sadly news this trying to get an another game proffession canceled

 

[finaltable1]

Well, unlike previous Dementocrat it looks like Trump has a clear strategy: promise huge list of everything, something from this list will work.

The shortest joke: Trump the peacemaker.

"Comediant president" joke looks even shorter.

 

[Phoenix Wright]

Ugh. I heard this news too.