LOL Taxaments (This is terrible...) - Page 4 - Poker News

What am I missing? Why is everyone saying they're "glad they're Canadian?" Canadians already have 30% or something chopped off the top of their US tournament cashes, so they're already subject to the same withholding everyone's freaking out about...or you're all just glad you're Canadian and wanted to remind us?

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09-01-2007 , 03:38 AM

#77

EWS87

banned

Join Date: Jun 2007 Posts: 6,428

[x] glad i'm not canadian
[x] glad i do not play donkaments
[x] glad bad poker players who have donkament success will be hurt by this

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09-01-2007 , 03:47 AM

#78

DoGGz

Carpal \'Tunnel

Join Date: Oct 2005 Posts: 17,315

The biggest problem I see is with tournament professionals. If you travel and have a near breakeven year, you'll be way down net cash wise.

I mean, imagine someone winning a tournament for 1mm, then losing 700k of it back playing cash games or other tournaments. Requesting a $100,000 refund is surely going to raise the eyebrows at the IRS. I pay and file my taxes, , but I'd much much rather to avoid a situation like this.

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09-01-2007 , 06:29 AM

#79

Hume

old hand

Join Date: Jun 2005 Posts: 1,537

Quote:

[x] glad i'm swedish
[x] glad i do not play donkaments
[] glad bad poker players who have donkament success will be hurt by this

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09-01-2007 , 07:44 AM

#80

ActionStan

adept

Join Date: Aug 2006 Posts: 931

That is somewhat true. Point taken. I would be willing to bet the biggest revenue impact is that fewer people default on taxes they owe. That is probably a bigger impact than any interest or cash flow consideration, but that impact is there for sure. There is certainly a cash flow impact for the player.

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09-01-2007 , 11:14 AM

#81

Todd Terry

Carpal \'Tunnel

Join Date: Apr 2006 Posts: 16,301

Quote:

Is the income earned when you win the tournament or when you cash the chips?

Win the tournament. It's when you have dominion and control over the winnings. If you have the ability to cash the chips, then you have dominion and control.

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09-01-2007 , 01:32 PM

#82

davidlong14

grinder

Join Date: May 2007 Posts: 577

OMFG

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09-01-2007 , 03:08 PM

#83

StrongArm

adept

Join Date: May 2007 Posts: 927

i had a dream last night, i didnt pay my taxes. I was a renegade that ran from the law, while killing canadian tourist inbetween. I was like the punisher/evil kanevil/doyle brunson all in one.

good times

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09-01-2007 , 03:13 PM

#84

rafiki

Carpal \'Tunnel

Join Date: Jan 2006 Posts: 40,141

Quote:

thank god i am canidan

disclaimer: most of us Canadians are smarter then this one. Thank you.

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09-01-2007 , 03:50 PM

#85

GaryTheGoat

grinder

Join Date: May 2007 Posts: 630

Quote:

thank god i am canidan

disclaimer: most of us Canadians are smarter then this one. Thank you.

cool

gg

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09-01-2007 , 06:04 PM

#86

pete6969

centurion

Join Date: Aug 2007 Posts: 163

We will get it all back the 30% taken off by your goverentment. Casue winfall and lottery is not taxed in canada

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09-01-2007 , 06:05 PM

#87

pete6969

centurion

Join Date: Aug 2007 Posts: 163

Quote:

thank god i am canidan

disclaimer: most of us Canadians are smarter then this one. Thank you.

So ty sir

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09-01-2007 , 06:10 PM

#88

btmagnetw

Pooh-Bah

Join Date: May 2007 Posts: 3,486

i am from canada and they think i'm slow, eh??

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09-01-2007 , 07:19 PM

#89

silkyjonson

adept

Join Date: May 2005 Posts: 925

You can apply and get it all back. I had a friend that won a huge bad beat jackpot playing at Greektown in Detroit and they took a large chunk right off the top, he provided proof he was Canadian filled out some forms and got it all back.

Also in Canada we are not taxed on any gambling wins which is very fair and shows a fundamental difference between the US and Canada. Canada taxes the hell out of the casino that is making millions rather than put the burden on the gambler which has more to do with games in the pit/lotto then poker though as the casino's are'nt directly making huge sums off of poker compared to all other games they provide.

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09-01-2007 , 07:43 PM

#90

disco_stu1978

old hand

Join Date: Nov 2005 Posts: 1,259

Quote:

Ya, I am not sure why shaniacs canadian friends do not know this....

except we do have to give a charity rake in most provinces, which is actually something that should make you feel good about yourself, but it is no where near the amount of BS the US players have to put up with.

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09-02-2007 , 05:15 AM

#91

Emperor

old hand

Join Date: Feb 2003 Posts: 1,725

Quote:

Is it safe to assume that if the Congress were still Republican this would not have happened?

This has nothing to do with Congress.

Oh, really? Why don't you read how the US Tax Code is enacted, and then report back to me.

It actually doesn't really have anything to do with Congress.

This change is the result of a regulation, not a change in the tax code.

Tax regulations are passed by the IRS, which is an executive agency. The Commissioner of the IRS and other employees of the agency are appointed by the president.

If Congress doesn't like a regulation that the IRS has promulgated, they can change the tax code to override it. The Court could also rule that the regulation is not a reasonable interpretation of the code. But as it is, this change was the result of executive branch action alone.

Personally I would like to see the law that allows them to collect income tax in the first place. Didn't the Supreme Court rule that the 16th Amendment gave Congress no new taxation power?

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09-02-2007 , 05:51 AM

#92

xxThe_Lebowskixx

Carpal \'Tunnel

Join Date: Aug 2006 Posts: 6,512

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I am never going to pay taxes in my life. Also. If you have like 5 million on full tilt but haven't cashed it out can you renounce your citizenship in order to not pay taxes on it? I know some rich ppl do this in other areas.

Where do you plan on living then? Also, I believe there are laws against doing something like this. In addition, if it's already earned, then it really doesn't matter anyway.

you have to pay taxes for ten years after you renounce your citizenship. The USA government is the most efficient criminal organization in the history of man.

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09-02-2007 , 07:58 AM

#93

jimmytrick

banned

Join Date: Sep 2006 Posts: 770

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Online taxaments to follow next year if any online poker bills get passed in congress. The bad side of legalizing online poker. Might be better to not support PPA anymore lol.

I think about this all the time.