Quote:
Originally Posted by LegalEyesIt
Yeah? How you gonna make money playing online then? Can someone with actual knowledge please elaborate on this?
I mean, you're not, if you live in a bad tax state. The effect can be at least partially mitigated by playing very long sessions, but, depending on other conditions, state taxes could still be an arbitrarily large percentage of real poker earnings.
In practice, the vast majority of poker players currently choose the felonious route of not reporting their poker income. Forced reporting under future US licensing will have tremendous effects on the poker economy.
Hopefully, once the entire population of any given bad tax state is forced into compliance and the first few thousand casual players get their 4-figure tax increases from a losing year of poker, something can happen to fix the rules that are in place. There is no clear rational basis for these rules being the way they are. These are rules that happen to work fine enough for traditional gambling that just don't really fit for competitive strategy games like poker.
Everything is fixed (as far as within-year stuff) if an entire year of poker play is defined as a single session.