‘Big, Beautiful Bill’ potentially very bad for poker (players) in the US + STAY ON TOPIC!!
This makes Black Friday look like a children’s birthday party.
There’s no chance this passes right? It would
You mean the same way that the Democrat party had zero spine when it came to Biden? People need to wake up and realize that both parties are exactly the same. They don't give a **** about you or me. They only care about what they can get from being a politician. Everything that can be said negatively about 1 party can also be said about the other.
Thank god someone with brains.
Both sides ****ing hate us. They want all we have and they both conspire to steal from us every chance they get.
The government is scum.
People cheerleading for one side make me absolutely sick.
Wake UP sheeple, BOTH SIDES
Thank god someone with brains.
Both sides ****ing hate us. They want all we have and they both conspire to steal from us every chance they get.
The government is scum.
People cheerleading for one side make me absolutely sick.
Yup, they do everything they can to divide us. They'll use ethnicity, socio-economic status, religion, sexuality, party affiliation, anything they can to show us how different we are from one another.
The last thing the people in power (on both sides) want is we the people united and working together. As long as we continue to demonize and hate one another, they win, maintaining their stranglehold on money and power.
Per NBC affiliate in Las Vegas 20 minutes ago Dina Titus, a congresswoman from Nevada, vowed to fix this shiz. https://news3lv.com/news/local/nevada-co...
This is one of the rare cases where lobbyists should be a good thing.
Like, look senator. This bill makes a lot of forms of gambling almost impossible and will be very bad for our giant corporation. Your 85 IQ nephew might lose his 400k job at the law firm we work with.
What special interests would be on the other side of this one?
You mean the same way that the Democrat party had zero spine when it came to Biden? People need to wake up and realize that both parties are exactly the same. They don't give a **** about you or me. They only care about what they can get from being a politician. Everything that can be said negatively about 1 party can also be said about the other.
They're not even remotely the same. This is a take I would've had when I was 14 years old and I didn't read or know anything about politics. There are very clear differences in both parties when it comes to policies and effect on the country as a whole.
Your first claim is easily disproven given some democrats literally wanted Biden step down months before the 2024 election. And there are reports that behind the scenes his party wanted him to go away essentially.
The GOP would never do that to Trump. Find me one major senator/house republican calling for Trump to step down. I'll wait. It's time to graduate high school buddy, join us in the real world and maybe read an actual article about current events.
No, because 90% of $200k is still more than $100k.
But if you have $100k in winning and $100k in losses, you could only deduct 90% of the loss, and still owe tax on the additional $10k.
Say you have 300k in tourney wins and 200k in losses under this new potential bill you would have to pay taxes on 120k instead of 100k, what would prevent someone from saying they had 20k in phony cash winnings and 60kk in loses so they can neutralize getting screwed from tourney winnings since there is no real records of cash wins tracked, obviously this isn’t good but I think players will be able to mostly get around some of it.
He cut USAID which is estimated to result in millions (yes, millions) of deaths to save a small fraction of the amount the tax cuts to people making over 500k per year will get from this bill, and *this* is the worst thing you think he's done? Wtf
This is way down on the list
Say you have 300k in tourney wins and 200k in losses under this new potential bill you would have to pay taxes on 120k instead of 100k, what would prevent someone from saying they had 20k in phony cash winnings and 60kk in loses so they can neutralize getting screwed from tourney winnings since there is no real records of cash wins tracked, obviously this isn’t good but I think
I mean, in general, there is nothing preventing you from committing tax fraud besides the fact that you might get audited and then you could very well go to jail. And I believe people who file large amounts of gambing winnings and losses are much more likely to get audited than the average citizen.
To be fair, probably like 98% of recreational gamblers don’t disclose any gambling winning (or losses) unless they have a win big enough to get a W2G. And probably 95% of these people don’t even realize you’re supposed to do this.
I mean, in general, there is nothing preventing you from committing tax fraud besides the fact that you might get audited and then you could very well go to jail. And I believe people who file large amounts of gambing winnings and losses are much more likely to get audited than the average citizen.To be fair, probably like 98% of recreational gamblers don’t disclose any gamblin
The tournaments people wouldn’t risk fudging the # but would proof of cash game results come from? I’m sure people already do this now and get away with it but people winning probably wouldn’t take risk but I don’t see what proof of cash game results players have even if audited.
You set up a corporation, and use the corporation to pay your buyins and deposit any winnings into the corporate account. The change is to the individual tax code, not corporate tax code.
Then you pay yourself a salary from the corporation, and you are just another employee. How your employer gets it's money is irrelevant, on your personal taxes you just report wages and pay taxes accordingly. For the corporation, tax implications vary depending on how you structure it (C.Corp, partnership, LLC, etc.) consult a tax pro on that, but the upshot is that corporations have very different forms for recognizing expenses, and this law only addresses expense recognition for individuals. It's a gigantic loophole for the pros who are playing for serious money, and I'm sure their accountants will handle it.
For the regular grinder who probably just reports on personal taxes, well they'll need to wise up or get burned. For recs, yeah it's going to hurt because are you really going to set up a corporation if your poker tournament is spending a week or two at the WSOP once a year?
I'm not a tax pro, but I set up and operate several small corporations. It is a pile of paperwork, but isn't particularly hard. I don't see why it wouldn't work.
Fyi, it was a Democrat who shoved this into the bill at the last second with intentions to sabotage Republicans...and yes I have definitive sources. It was a demonrat Senate Parliamentarian (a lawyer), Elizabeth MacDonough invoking the Byrd rule. She was appointed by Harry Reid. Congress asked for 99% in deductions and she only agreed to 90%. She hates Trump fwiw.
And just play cash games. Problem solved.
What on earth would the Byrd rule have to do with this? It’s clearly a budget provision whether it’s 99% or 90%.
What do mean? Uhh, that's what it was. It was literally an activist lawyer trying to sabotage the bill. She amended the Tax cuts and job act set to expire this year. It was brilliant on her part. She is a lawyer. But she did it. It's political warfare.
What do mean? Uhh, that's what it was. It was literally an activist lawyer trying to sabotage the bill. She amended the Tax cuts and job act set to expire this year.
The Byrd rule prohibits extraneous provision not related to the budget from being included in budget reconciliation packages. The parliamentarian can’t amend a bill by herself, she can just rule that unrelated legislation not be included. A change to the tax law related to gambing losses is related to budget, and permissible under the Byrd rule. It shouldn’t matter whether the change is 99% or 90%.
Unless you have some specific source to cite on this, I think what you are claiming here just isn’t true. It’s just not the way the budget process works.
Here is a list of the Senate parliamentarian’s rulings on the Senate version of the bill.
http://https://thehill.com/homenews/sena...
There’s nothing about taxes on gambling on the list.
The Byrd rule prohibits extraneous provision not related to the budget from being included in budget reconciliation packages. The parliamentarian can’t amend a bill by herself, she can just rule that unrelated legislation not be included. A change to the tax law related to gambing losses is related to budget, and permissible under the Byrd rule. It shouldn’t matter
She flagged the extension and said NO to the extension of current tax rules regarding gambling. The tried to negotiate and asked for 99% and she again said NO and only agreed with 90%. So apparently she held the power to do this. A change was introduced to the TCJA that temp removed the limitations that losses could not exceed 2% of AGI set to expire at end of 2025. It's over my head. But it was one lady that hates Trump who knew this would screw over the entire gambling industry and piss a lot of people off who would blame the bill and thus the hope would be to swing votes in midterms.
She flagged the extension and said NO to the extension of current tax rules regarding gambling. The tried to negotiate and asked for 99% and she again said NO and only agreed with 90%. So apparently she held the power to do this. A change was introduced to the TCJA that temp removed the limitations that losses could not exceed 2% of AGI set to expire at end of 2025. It's over m
What is your evidence of this?
The parliamentarian cannot force amendments to the existing law. She can only strike proposed amendments, and only if they are not germane to the budget.
What is your evidence of this?
The parliamentarian cannot force amendments to the existing law. She can only strike proposed amendments, and only if they are not germane to the budget.
No idea, but obviously she has power to decide what can stay or not due to Byrd rule. Congress was negotiating with her and she had the power to keep it at 90% according to what I read. I'm sure there'll be better sources tomorrow. I'm guessing since the current gamblings laws were set to expire and go to 90% instead of 100% she shot down the extension. She didn't actually amend it.
i thought in practice everyone reasonable who plays in usa just plays cash games then change chips like below 10k at time at cages
with online pokers use crypto swap it then somewhere
so what exactly gets affected and for who is some live tournaments where you are forced pay taxes
You mean the same way that the Democrat party had zero spine when it came to Biden? People need to wake up and realize that both parties are exactly the same. They don't give a **** about you or me. They only care about what they can get from being a politician. Everything that can be said negatively about 1 party can also be said about the other.
bingo.
If you can look through the provisions of this bill and think "both parties are exactly the same" you are already too far gone
If you can look through the provisions of this bill and think "both parties are exactly the same" you are already too far gone
Nobody thinks they are exactly the same. Each plays good cop and bad cop to different bases and the end result is special interests get what they want almost always and politicians make millions from passing legislation they know is bad.
American boomers/MSM consumers are the most brainwashed people outside North Korea and trying to get through to them is legitimately like talking to a Jehovas Witness.
These people still think Bush, Hillary, Biden, Cheney etc. Supported the Iraq War because of "bad intelligence" or something. Even if true, which is preposterous, but even if.... if you accidentally killed a million innocent people and cost your country trillions you'd probably drink yourself to death. These people laughed all the way to the bank and have never lost a wink.
Fortunately, younger generations from all political perspectives seem to realize that most of our rulers are demons. The recycled Iraq playbook is working on cable news brained old people, but very few young people.
