‘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
I suggest you get better sources of information. The ones you are currently using are taking advantage of you and feeding you BS.To be fair, some people are not looking for factual information, they are looking to be told stuff that makes them feel good about their views. The fact that you bring emotions about Trump onto this leads be to believe that you possibly fall into thi
this 100%
The bulk of this bill was simply,y to extend the 2017TCJA. If those were not extended, everyone, except those paying nothing and even many of them, would see a large increase back to preTCJA conditions.So yes many are very much in favor of this bill. Not passing something to extend those earlier cuts would be a huge painful loss for most.If TCJA was so horrible, Biden had 4 yrs
If by many you mean the minority you are right... Just do a quick google search on polls regarding this bill by what you posted here the results will surprise you...
If by many you mean the minority you are right... Just do a quick google search on polls regarding this bill by what you posted here the results will surprise you...
Last respected national poll I saw, before it passed, showed low 50%s favored. And that is with all the negative lies.
Saw one very small poll, basically a focus group where a moderate left and moderate right groups joined and presented a complete analysis of the bill and consequences of nothing passing.
After presenting what appeared to be quite balanced analysis, none of the group liked everything but the vast majority of about 85% iirc preferred this bill
vs passing nothing and letting TCJA expire and revert to 2016.
I am not posting from ignorance. I have looked into details. There are many things in the bill, I don’t like but it is better than the do nothing alternative.
Why didn’t Dems even try to offer an alternative? As fractured as GOP was, Dems likely could have pealed off enough GOP to pass a clean, no change extension of existing laws.
Why do you think Trump insisted on one bill? He knows if a clean extension of current laws would make it almost impossible to pass the new pieces. At least if any fiscal responsibility was maintained.
The bill is fiscally irresponsible but not for the revenue reductions, iow tax cuts, but on the spending side. Fed govt doesn’t have a revenue problem. Revs as % of GDP are within norms, low side but spending is dangerously out of control. Spendind is approaching WWII levels as % of GDP. IMO we need to reduce federal govt size and spending by 40%.
Thought a bit about the implications of this today and came up with the following, which shows how stupid this idea is.
Let's say you make $60,000 in net profit ...
If you made and lost the following amounts, you'd pay tax on:
Won $500,000 and lost $440,000, you owe tax on $104,000.
Won $100,000 and lost $40,000, you owe tax on $64,000.
Won $60,000 and lost $0, you owe tax on $60,000 (obviously not possible in professional poker to lose $0)
This makes no sense at all; no other business or profession is taxed this way and despite generating more action (which in turn generates more revenue and taxes paid by casinos) you are punished.
Last respected national poll I saw, before it passed, showed low 50%s favored. And that is with all the negative lies.Saw one very small poll, basically a focus group where a moderate left and moderate right groups joined and presented a complete analysis of the bill and consequences of nothing passing.After presenting what appeared to be quite balanced analysis, none of the gr
Washington Post, Pew Research Centre, Fox News, Quinnipiac University, and the Kaiser Family Foundation, -19, -20, -21, -26, and -29 percent, respectively. Here comes the part that you say these are not respected pollsters....
But hey go ahead ... Im out...
Really quite frustrating as they continue to change the tax code in ways that punish those of us that honestly pay our taxes more and more.
It already feels like lighting money on fire when I pay taxes on poker income, knowing full well that the odds I would ever get caught for not reporting are quite low. And of course, the tax code actively discourages people from filing by not just letting people report their net amount won for the year.
Now, for being an upstanding citizen, I get taxed on phantom income.
Thought a bit about the implications of this today and came up with the following, which shows how stupid this idea is.Let's say you make $60,000 in net profit ...If you made and lost the following amounts, you'd pay tax on:Won $500,000 and lost $440,000, you owe tax on $104,000.Won $100,000 and lost $40,000, you owe tax on $64,000.Won $60,000 and lost $0, you owe tax on $60,00
Either they rushed this bill which i don't think they did... or they needed to balance this out by getting tax from somewhere else to implement no tax on tips/bonus/qbi.
I think they will revert this mandate back from 90% -> 100% before the next 4 years, maybe Kalshi needs to offer this as a wager?
Either they rushed this bill which i don't think they did... or they needed to balance this out by getting tax from somewhere else to implement no tax on tips/bonus/qbi.
I think they will revert this mandate back from 90% -> 100% before the next 4 years, maybe Kalshi needs to offer this as a wager?
It seems you're lacking context. Of course the bill was rushed. July 4 was chosen arbitrarily and they sprinted to make it happen.
This sort of tax doesn't make money. It kills the economy of the industry by shrinking it until it dies.
The Republican who added this to the bill is from Idaho where gambling is a crime. They want gambling outlawed because it's sinful in theory. In practice,this was probably written and paid for by Draftkings or someone similar in a short sighted attempt to nerf winners.
The Republican who added this to the bill is from Idaho where gambling is a crime. They want gambling outlawed because it's sinful in theory. In practice,this was probably written and paid for by Draftkings or someone similar in a short sighted attempt to nerf winners.
I think this sums up American politics. The Republican who hates gambling has the same goals/incentives as the company that offers gambling services to gambling addicts.
It seems you're lacking context. Of course the bill was rushed. July 4 was chosen arbitrarily and they sprinted to make it happen.This sort of tax doesn't make money. It kills the economy of the industry by shrinking it until it dies.The Republican who added this to the bill is from Idaho where gambling is a crime. They want gambling outlawed because it's sinful in theory. In p
DK already limits people to dust. Of course they don't know what the hell they're doing so they also limit a bunch of losers in the process. There is no reason for a betting site to support this. I'd also be surprised if within a few years everyone on these sites wasn't getting tax forms listing net winnings sessions and net losing sessions.
Really quite frustrating as they continue to change the tax code in ways that punish those of us that honestly pay our taxes more and more.
I think this is an important point.
Congress probably doesn’t really care how this will affect recreational gamblers because they don’t really expect recreational gamblers to honestly and accurately report their gambling winnings anyway.
I remember about 12-15 years ago back when I was a grad student, I had a reasonably successful year as a recreational poker player where I won about $15k.
According to my records, this broke down as something like $38k in winnings and $23k in losses. And this is how I reported it on my federal income tax in April.
About on month later, I get a letter from the IRS claiming I owed several thousand dollars more in taxes. It seems, absurdly, like they wanted to interpret my declared gambling losses as additional gambling winnings. That is, they were denying my loss deduction and actually claiming I had $61k in winnings!
I was pretty alarmed by this and called the IRS to see if I could speak to someone about it. I was on hold for about 2 hours, but eventually was able to speak to an actual person with some authority over the returns. To her great credit, she listened to my explanation and spent just a few minutes looking over my filing. Her response was, “Oh wow, you actually did everything correctly! You don’t owe us anything. I apologize, I wish there were more people like you.” And she immediately closed the inquiry on the file.
So in the end this was resolved just fine with only a minimum of hassle. But my biggest takeaway was that it seems like people at the IRS are generally shocked and confused by recreational gamblers who attempt to correctly file their winnings and losses.
Right. I also probably massively increase my audit risk by including gambling income and itemized losses.
I think this is an important point.Congress probably doesn’t really care how this will affect recreational gamblers because they don’t really expect recreational gamblers to honestly and accurately report their gambling winnings anyway.I remember about 12-15 years ago back when I was a grad student, I had a reasonably successful year as a recreational poker player where I won a
what sucks is if you actually reported it correctly letter of the law you still paid taxes on phantom income since you lost the standard deduction. It might not have mattered if 15k was all of your income that year but if you made much more than that it would hurt you.
I'm surprised there isn't more pushback from the community about this. From what I can work out, this will be devastating for professional poker/sports betting. I'd also be sceptical that this will even generate the government more revenue as people will gamble on the black market and not report winnings etc.
Dina Titus is coming up with an act to roll back the changes. I'd email your local representatives if you care about the issue.
Zero chance that legislation passes, don’t understand why people are promoting a minority party marker bill, even if it is now “bipartisan” when there’s not even a must-pass bill left to include it in. It’s almost like the more people discuss politics nowadays in every facet of life, the less they understand it.
The current policy will probably hurt the tournament scam industry the most and make cash games juicier but that’s years out because the IRS will have to issue further guidance and probably go through a long rulemaking process.
Anyone that wants to actually do something to prevent this should read up on the Corporate Transparency Act and utilize the playbook that got that law delayed.
I can only see this 90% rule having an affect if the sites are forced to report their customers wins to the IRS. If sports betting and poker sites start reporting your earnings directly to the IRS the entire industry would die overnight.
You would think professional tournament players are most affected since they would write off all their tourny buy ins BUT anyone who files professionally is allowed to net their wins and doesn't have to itemize.
How can we show this bill to our reps? Currently there is a (D)Rep in Ca that is drafting a bill to ban sweepstakes sites with no replacement option.
Here is a link to find your rep, again hopefully we can come together and stop these greedy pigs from ****ing with our lives and pockets.
I can only see this 90% rule having an affect if the sites are forced to report their customers wins to the IRS. If sports betting and poker sites start reporting your earnings directly to the IRS the entire industry would die overnight. You would think professional tournament players are most affected since they would write off all their tourny buy ins BUT anyone who files pro
This actually applies to schedule C and schedule A filers, if i'm reading the new mandate correctly. If it only applied to "itemized gambling deductions" or schedule A that would be good for accountants since more people would want to file as a professional player on schedule C and try to get structuring with that.
Talked with some people today about it, and some high stakes poker player will probably hire a specialized tax attorney and claim 100% instead of 90% then fight the mandate in the US Tax Court and that should get the ball rolling on this.
You don't pay taxes on tips over time and SS. Has to be made up somewhere. Jeez stop whining.
You don't pay taxes on tips over time and SS. Has to be made up somewhere. Jeez stop whining.
tips up to 25000 (overtime and ss didn't make it into the bill)
To be fair, given the parasitic nature of poker, maybe this is comeuppance for a community filled with degeneracy? Sometimes trolling is the only way to rightsize society. It's okay tho, private games were where the only actual money is made. Network better.
You don't pay taxes on tips over time and SS. Has to be made up somewhere. Jeez stop whining.
been here since 2007 and still isn't a critical enough thinker to figure out what's absolute bullshit and what isn't
what's your excuse for being a ding bat because you were on the internet before social media made everyone 5x more gullible
Actually both did make it. Though not unlimited. Also due to the Byrd rule preventing any changes to SS, they got a little creative and just added a new special senior deduction. It is only $6000 or $12000 filing joint but due to how SS is taxed a large flat deduction would have exempted too much income.
But in theory, and definitely for OT, both are in OBBBA.
