david benefield '2.5 million downswing' - Poker News

smithsmath · 02-27-2009, 06:03 AM

Listen stop crying...

Do u really think someone who makes 500k in a year, and owes 200k in taxes...if they go to a casino and blow all 500k they dont owe the 200? Get a grip.

So someone who wins the lottery 1 million owes 400k in taxes, and spends the entire 1million without paying, then what? They dont owe the 400k because they blew it all on horse betting.

Ur a moron.

Pay the taxes and stfu...they actually are awesome.

Link since OP is too lazy.

ubeticall · 02-27-2009, 06:06 AM

????

smithsmath · 02-27-2009, 06:07 AM

Third paragraph in his blog

Well, yes, and no. See, the retarded stupid idiotic tax system in the united states stipulates that say, I make 500k in 2008 from Jan 1 to Dec 31 and leave it all in my FTP account. Then, on Jan 1 2009, I blow it all up, I lose EVERYTHING, all of my money. Well, the US government still wants its 230k or whatever in taxes. So, you are busto, ran it all up on a freeroll, have no job, no skills, and will be paying off that 230k in taxes for the rest of your life. Isn’t that awesome? I think it’s awesome.

lennie257 · 02-27-2009, 06:07 AM

context:

Quote:

Originally Posted by David Benefield

I am on a 750k downswing in poker (500ish today), and I just figured out my tax total that comes to around 1.1 or 1.15m. This means, I am down 2.5 million dollars. Now, that is a lot of money in anyone’s book. I highly doubt I am as rich as some of you all think (especially now).

Anyways, I was feeling pretty ok about the tax thing when I thought I had to pay out about 700-750kish. That was something I could handle. I mean, I can handle the 1.1-1.15, but I am really really unhappy about it. I know I can be like wow I am so lucky to get to pay that much money in tax! That means I made a whole lot!

Well, yes, and no. See, the retarded stupid idiotic tax system in the united states stipulates that say, I make 500k in 2008 from Jan 1 to Dec 31 and leave it all in my FTP account. Then, on Jan 1 2009, I blow it all up, I lose EVERYTHING, all of my money. Well, the US government still wants its 230k or whatever in taxes. So, you are busto, ran it all up on a freeroll, have no job, no skills, and will be paying off that 230k in taxes for the rest of your life. Isn’t that awesome? I think it’s awesome.

I wish my downswing happened at the end of last year instead of the beginning of this year. I have nothing to write my losses off against now, which is absolutely ridiculous. So basically, I need to go on mega heater for the rest of the year and cross fingers I break even. Isn’t that stupid? The last thing I want to do right now is play poker, but over the next year I am going to have to play a bunch just so I don’t get screwed on taxes. Sweet.

It does seem like a kinda retarded situation tbh

smithsmath · 02-27-2009, 06:09 AM

Yes you're right...let's exempt him from taxes.

pizarro1 · 02-27-2009, 06:09 AM

I wouldn't consider paying taxes part of a downswing.

bigweh8 · 02-27-2009, 06:10 AM

ok makes sense now. Yeh that is retarted

Wamy Einehouse · 02-27-2009, 06:14 AM

Move to England and pay nothing

murellus · 02-27-2009, 06:17 AM

how can he be taxed on it if he's keeping it online? it's not like ftp is sending you tax documents or reporting it. i would just report whatever i withdrew.

erizos17 · 02-27-2009, 06:17 AM

This is pretty messed up tbh. First of all supposedly online poker is illegal in US. Why do we have to pay taxes? lol. In a couple years even drug dealers will have to pay taxes in this country. Ohh and David if i was making as much money as you do i would simply move to Europe. And i wouldnt pay these scumbags a dime.

SizzlerFTW · 02-27-2009, 06:17 AM

No it's not. That's the law. It hasn't changed to *** him over or something. It was always the same. They didn't change the rules in the middle of the game...Do some research David and plan better.

Agreed with Smithsmath.

EmpireMaker2 · 02-27-2009, 06:19 AM

Quote:

Originally Posted by Wamy Einehouse

Move to England and pay nothing

Pretty sure he'd just have to pay more the next 10 years.

erizos17 · 02-27-2009, 06:21 AM

Quote:

Originally Posted by EmpireMaker2

Pretty sure he'd just have to pay more the next 10 years.

Even if he never came back. How does this law work?

pizarro1 · 02-27-2009, 06:23 AM

Quote:

Originally Posted by erizos17

This is pretty messed up tbh. First of all supposedly online poker is illegal in US. Why do we have to pay taxes? lol. In a couple years even drug dealers will have to pay taxes in this country. Ohh and David if i was making as much money as you do i would simply move to Europe. And i wouldnt pay these scumbags a dime.

Afaik drug dealers do need to pay taxes. Illegal income is taxable too.

erizos17 · 02-27-2009, 06:25 AM

Quote:

Originally Posted by SizzlerFTW

No it's not. That's the law. It hasn't changed to *** him over or something. It was always the same. They didn't change the rules in the middle of the game...Do some research David and plan better.

Agreed with Smithsmath.

We all know its the law but its a stupid law dont you think? I mean if you lose the money why do you still have to pay the taxes? Are we serious? If the guy cashes out 4 million and puts it in his bank then yes pay a mil even more thats different. When you lose it. Still you have to pay?