THE MARGIN TAX IS ON THE BALLOT NOW!!!
VOTE NO on #3 either today, Fri till 7P (early voting, call 702-255-VOTE for loc.), or next & last is Tues 4 Nov, Election Day (no voting Sat, Sun, Mon)

2% TAX ON POKER PROS WINS -- EVEN IF YOU HAVE A LOSS FOR THE YEAR!
Proposal #3 will tax poker pros wins at 2% of GROSS. ALL tourn cashes, AND possibly even cash game POTS.

Ex: 2.5M cashes - 2.6M buy ins = 100k loss, but NV will still tax u 50K in the wins! (So, you loss goes to 150K & IRS won't let u carry the 100K to next year!)

It's supposed to be for schools, BUT, IT WON'T HELP SCHOOLS IF ECONOMY SINKS and state loses on other taxes.

Suggest: Vote NO on #3 to save your "jobs." Jobs in other NV industries. If it passes it will be a disaster for NV economy & won't help schools if tax base shrinks.

Vote and take your friends to save your poker "job" and lots of other NV businesses. If it wins, get ready for "shock inflation: gas, food, rent, insurance all to go up 2-10% on Jan 1st !!!

^^^ applies to businesses, not poker.

Read the initiative. It applies to anyone who files a federal Schedule C to report Profit or Loss from business. This would include professional poker players.

More info at: http://stopthemargintax.com

Download pdf initiative at: http://stopthemargintax.com/wp-conte...e%208.7.12.pdf

X-post from the NVG thread, but maybe more relevant here:

Something about this seems wrong. What are other examples of taxation that targets not just a specific behavior, but a specific profession? Are there laws that add an extra tax on the trading of stocks if you make a living from trading stocks?

Seems like if you ask the general population on if they want to tax a specific group of people the answer is often unfairly going to be yes.

Reading through the initiative, there are some provisions which make this applicable only to some pro poker players.

The tax will apply only to businesses (including any pro player who reports poker income on a federal Schedule C) that have revenues of more than $1M in the year. For poker players, this would be based on gross winnings from both tournaments and cash games, so it's not hard to go over the $1M mark. If you end the year with $1.2M in winnings and $1.15M in losses, you will be obliged to pay the state of NV 2% of the $1.2M ($24,000).

The tax only applies to the portion of revenues that are derived in the state of NV. So, in the example above, if only 500K of the $1.2M winnings took place in NV, you would still owe the NV tax, but just on the 500K (2% x 500K = $10,000).

Also note that the tax is not on "cash game pots", but rather cash game session winnings (plus tournament net winnings). The tax is based on what is reported as income on federal tax returns for businesses (Schedule C, etc.).

K, I spoke too fast.

But "some" is a questionable word. In reality, very few players would be effected.

Does it matter how many are affected? NV players should vote no on this, whether it affects them or not. Don't just roll over and accept it when your gov wants to give you the bone

Once the law is on the books, it would be easy for them to lower the $1M threshold.

The ballot question will appear as follows:

Shall the Nevada Revised Statutes be amended to create a 2% tax to be imposed on a margin of the gross revenue of entities doing business in Nevada whose total revenue for any taxable year exceeds $1 million, with the proceeds of the tax going to the State Distributive School Account to be apportioned among Nevada’s school districts and charter schools?


I voted No on this.

It never occurred to me that this would impact poker players directly. Though, I admit that I cast my No vote after reading only about halfway through the question.

Thanks, but I fear people will parse the following and vote yes...

That was my concern as well, but - fortunately - it was resoundingly defeated.

http://www.lasvegassun.com/news/2014...ax-initiative/

Even if you take poker out of the mix, this just appeared to be a really bad plan, taxing businesses regardless of whether they made money, barely turned a profit or even lost money.