HR 2230 introduced - McDermott, Campbell, Frank bill - Page 10 - Poker Legislation

sangaman · 06-20-2011, 11:59 PM

Quote:

Originally Posted by PokerXanadu

This bill (HR2230) is the companion bill tho HR1174. It does not contain any changes to income taxes for gambling winnings and gambling losses. They would be calculated the same as now (see the US Taxes sticky in this forum for details).

Hopefully the Barton bill will be more specific on this point, and allow poker players to net their winnings for online play at a minimum. The current requirements on based on statutory tax code, so it isn't really something that can be changed at the regulatory level, imo. But I also think that if it isn't fixed in the bill, Congress will make the necessary adjustments to the tax code, as will the states, once it becomes abundantly clear how detrimental the current tax system will beto player participation, and therefore govt revenues. Perhaps our PPA lobbyists can get that message through before passage of the bill so we don't have to suffer through an adjustment period.

Player transfers are not a taxable event as gambling income. They might end up on the "1099" as part of the Amounts Deposited and Amounts Withdrawn. The circumstance of the player transfer would determine how it is treated for tax purposes. If you are giving the money to another player, it's a gift. If you are backing a player, it would fall under some sort of business arrangment, based on your backing contract. Or it might be looked at as a loan. These are points which could be determined by regulations, or simply by a common sense view of what the money is used for.

For the moment, we are expressing support for HR 1174 to our Congresscritters. After the Barton bill is introduced, we'll switch to that (and continue with HR 1174 if it advances in Congress). There is no reason to wait to express our support - just the opposite. If whatever bill gets moved through Congress turns out to be something we can't live with, then we'll have to change our tune at that time. All things considered, chances of that are very slim. Most any federal bill that will license and regulate online poker in the US will be acceptable at this point. We can always work to make improvements for players later on.

Thank you very much for the response. I have supported and will continue to support HR 1174, I just wasn't sure about HR 2230. Considering what you said about HR 2230 being a companion to HR 1174, I will explicitly tell my legislators that I support that bill as well.

sangaman · 06-21-2011, 12:08 AM

Here is an easy way to voice your support for the aforementioned bills:

https://www.popvox.com/bills/us/112/hr2230

https://www.popvox.com/bills/us/112/hr1174

ScreaminAsian · 06-21-2011, 02:21 AM

I have a suspicion my congressman reported my IP to a spam blacklist. when I go to http://Whatismyipaddress.com between the 2nd or third round of PPA emails I sent out since 4/15, my "Proxy: None" changed to "Proxy: Suspected Network Sharing Device"

and I'm definitely not using a proxy or vpn or network sharing device. it's the same ip I've had for years...

just speculation, I know nothing about how these things work and my congressman was a staunch opponent of ipoker in the years past.

The Warlord25 · 06-22-2011, 09:19 PM

Did you guys hear about how this bill, the poker companies will report your winning and losses every day to the US Treasury!?!

Not confirmed, as I saw it on one article, but can you imagine! They don't even do that with stocks, or your job!...can you image your boss having to tell the Treasury what you made every day! ...it's madness.

Online poker is the scariest thing ever!

**sajeffe** · 06-23-2011, 01:27 AM

Quote:

Originally Posted by The Warlord25

Did you guys hear about how this bill, the poker companies will report your winning and losses every day to the US Treasury!?!

Not confirmed, as I saw it on one article, but can you imagine! They don't even do that with stocks, or your job!...can you image your boss having to tell the Treasury what you made every day! ...it's madness.

Online poker is the scariest thing ever!

That's not realistic.

**sajeffe** · 06-23-2011, 01:28 AM

For those of you on facebook, may I please get some "likes" on these three comments I made? Only one was open posting, so the other two are comments in response to their latest postings.

Although the legislation they introduced is just for taxes, without it, the Barton (or other) bill will not pass so we need to show them some love.

Thanks.

http://www.facebook.com/home.php?#!/barneyfrank

http://www.facebook.com/CongressmanJ...ref=ts&sk=wall

http://www.facebook.com/home.php?#!/JohnCampbell

early325 · 06-23-2011, 01:29 AM

Quote:

Originally Posted by The Warlord25

Did you guys hear about how this bill, the poker companies will report your winning and losses every day to the US Treasury!?!

Not confirmed, as I saw it on one article, but can you imagine! They don't even do that with stocks, or your job!...can you image your boss having to tell the Treasury what you made every day! ...it's madness.

Online poker is the scariest thing ever!

If this were to happen, it'd be a legit reason to worry about the rake skyrocketing...but it's not going to happen.

**PokerXanadu** · 06-23-2011, 05:10 AM

Quote:

Originally Posted by The Warlord25

Did you guys hear about how this bill, the poker companies will report your winning and losses every day to the US Treasury!?!

Not confirmed, as I saw it on one article, but can you imagine! They don't even do that with stocks, or your job!...can you image your boss having to tell the Treasury what you made every day! ...it's madness.

Online poker is the scariest thing ever!

Quote:

Originally Posted by sajeffe

That's not realistic.

It's also not true. Warlord - you are rumormongering and fearmongering. Not everything you read is true. What's your source?

sba9630 · 06-23-2011, 07:26 AM

Quote:

Originally Posted by PokerXanadu

It's also not true. Warlord - you are rumormongering and fearmongering. Not everything you read is true. What's your source?

I found one "source", an online poker news site, with "Written by Marcus" as the author attribution:

US Politicians Still Trying to Regulate Online Gambling

In addition, McDermott’s bill puts forth the notion that Internet gambling operators would be required to supply a list of all the names and addresses of their players to the federal government, as well as reporting all gross wagers, wins, and losses to the US Treasury Department every day.

**PokerXanadu** · 06-23-2011, 07:42 AM

Quote:

Originally Posted by sba9630

I found one "source", an online poker news site, with "Written by Marcus" as the author attribution:

US Politicians Still Trying to Regulate Online Gambling

In addition, McDermott’s bill puts forth the notion that Internet gambling operators would be required to supply a list of all the names and addresses of their players to the federal government, as well as reporting all gross wagers, wins, and losses to the US Treasury Department every day.

Good find. Once again, not true. Probably just bad sentence structure. This would be more accurate:

In addition, McDermott’s bill puts forth the notion that Internet gambling operators would be required to supply a list of all the names and addresses of their players to the federal government, as well as reporting all daily gross wagers, wins, and losses to the US Treasury Department on a yearly basis.

But even that "daily" could be misleading, as the McDermott bill does not specify anything other than a yearly report on each player to the Treasury, as I laid out in my cliff notes for this bill early in this thread.

DeathAndTaxes · 06-23-2011, 11:14 AM

Quote:

Originally Posted by The Warlord25

Not confirmed, as I saw it on one article, but can you imagine! They don't even do that with stocks, or your job!...can you image your boss having to tell the Treasury what you made every day! ...it's madness.

Like you said not confirmed. Just one authors wild imagination. Can you imagine the cost and complexity this would cause for the Treasury.

Say 50 million players * 365 days = up to 18.25 billion transactions annually. All that work, cost, computing time, storage requirements for essentially no real value. Never going to happen.

prodonkey · 06-23-2011, 11:22 AM

Quote:

Originally Posted by PokerXanadu

Good find. Once again, not true. Probably just bad sentence structure. This would be more accurate:

In addition, McDermott’s bill puts forth the notion that Internet gambling operators would be required to supply a list of all the names and addresses of their players to the federal government, as well as reporting all daily gross wagers, wins, and losses to the US Treasury Department on a yearly basis.

But even that "daily" could be misleading, as the McDermott bill does not specify anything other than a yearly report on each player to the Treasury, as I laid out in my cliff notes for this bill early in this thread.

I'd love to see the treasury and irs go through millions of players daily reports.. they'd have to make a whole new department for that, and waste millions of dollars.. oh wait, it might happen then

funkyj · 06-23-2011, 05:44 PM

Quote:

Originally Posted by PokerXanadu

It's possible that there will be a provision that prevents them from opting out just so they can run intrastate exclusively, but we won't really know until a bill moves through Congress.

This issue will conclusively prove (or disprove) the existence of a benevolent god.

funkyj · 06-23-2011, 05:46 PM

Quote:

Originally Posted by prodonkey

I'd love to see the treasury and irs go through millions of players daily reports.. they'd have to make a whole new department for that, and waste millions of dollars.. oh wait, it might happen then

Does the IRS ask for a complete list of trades from each stock market high frequency trader, LOL.

**sajeffe** · 06-23-2011, 06:48 PM

Quote:

Originally Posted by funkyj

Does the IRS ask for a complete list of trades from each stock market high frequency trader, LOL.

Yes.