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Poker Legislation & PPA Discussion hosted by Rich Muny Discussions of various poker-related laws and steps players can take to push for better laws.

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Old 05-02-2017, 04:19 AM   #1
Stone Manly
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Effect of Trump Tax Proposals on US recreational poker players

http://www.arahcpa.com/blog/what-tru...business/42476


Itemized Deductions – During the campaign, Trump proposed limiting itemized deductions to $100,000 for single filers and $200,000 for joint filers, which would cause an increase in taxes for the wealthiest taxpayers and not impact middle-income taxpayers. However, the current proposal would do away with all itemized deductions except those that incentivize home ownership and charitable deductions. The theory is that the other deductions primarily benefit the wealthiest taxpayers. However, this would also have a significant impact on other taxpayers as well. Here are a few examples of its effects:
Medical deduction – Medical deductions would be eliminated, impacting seniors with significant medical costs during the year.
State & Local Tax – Taxpayers living in states with income tax would no longer be able to deduct the state and local income taxes they pay.
Employee Business Expenses – It would also eliminate the deduction for employee business expenses.
Recreational Gambling – Those who gamble recreationally would have to pay taxes on all their winnings and would not be able to deduct losses.
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Old 05-02-2017, 06:42 AM   #2
PokerXanadu
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Re: Effect of Trump Tax Proposals on US recreational poker players

Quote:
Originally Posted by Stone Manly View Post
Recreational Gambling – Those who gamble recreationally would have to pay taxes on all their winnings and would not be able to deduct losses.
That would be horrible for many poker players, obv. But it's a little early in the process to be alarmed. The Trump proposal so far is just a one-page outline and is likely to have many changes before being introduced as a bill. I imagine the casino industry will be throwing some money around in D.C. to keep the itemized deduction for gambling losses.

Or maybe they can take this opportunity to change the tax code to make only net gambling wins taxable (thereby eliminating the need for an itemized deduction for gambling). This could be very easily accomplished with this simple tax code amendment:

Quote:
SEC. xxx. GROSS INCOME FOR GAMBLING.

Section 183 of part VI of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to activities not engaged in for profit) is amended by adding at the end the following new subsection:

‘(f) Gross income for gambling

‘In the case of betting or wagering (as such term is defined in section 802 of the Unlawful Internet Gambling Enforcement Act of 2006), gross income is calculated by subtracting the total amount of wagers from the total winnings from such wagers for any specified period of time.’.
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Old 05-05-2017, 01:43 PM   #3
Black Aces 518
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Re: Effect of Trump Tax Proposals on US recreational poker players

Yeah, which would make the tax code simultaneously simpler and fairer. Let's do it.
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