Two Plus Two Publishing LLC Two Plus Two Publishing LLC
 

Go Back   Two Plus Two Poker Forums > >

Notices

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

Reply
 
Thread Tools Display Modes
Old 04-27-2017, 12:23 AM   #1
Gramps
Carpal \'Tunnel
 
Gramps's Avatar
 
Join Date: Feb 2004
Location: Checking out this year's crop
Posts: 6,466
Effect of Trump Tax Proposals on US professionals

Would post in the existing sticky thread, but it's locked.

Anyone think there's possible changes on the horizon affecting US professionals? (i.e. territorial system mention for expat grinders or potential for business income rates via pass-throughs, etc.)
Gramps is offline   Reply With Quote
Old 05-01-2017, 09:19 PM   #2
akashenk
old hand
 
Join Date: Mar 2013
Posts: 1,473
Re: Effect of Trump Tax Proposals on US professionals

I imagine it will have a much bigger effect on amateurs. Professionals should be able to continue to deduct tournament fees and cash buy-ins as business expenses. It seems like those deductions will go away for non-professionals unless gambling somehow becomes a separate category like capital gains.
akashenk is offline   Reply With Quote
Old 05-02-2017, 08:26 PM   #3
Gramps
Carpal \'Tunnel
 
Gramps's Avatar
 
Join Date: Feb 2004
Location: Checking out this year's crop
Posts: 6,466
Re: Effect of Trump Tax Proposals on US professionals

If the 15% tax rate for pass-through entities (Partnerships, Corps, S-Corps, LLCs, etc.) is enacted into law, that could have a huge effect on professionals who structure themselves/business in such a way.

*If* *could*
Gramps is offline   Reply With Quote
Old 05-03-2017, 04:05 PM   #4
akashenk
old hand
 
Join Date: Mar 2013
Posts: 1,473
Re: Effect of Trump Tax Proposals on US professionals

Yes, obviously if a business's taxes are significantly lowered, that would have a big effect. However, for amateurs, it is the deductions side of the equation that makes a big difference.
akashenk is offline   Reply With Quote
Old 09-28-2017, 02:51 PM   #5
Gramps
Carpal \'Tunnel
 
Gramps's Avatar
 
Join Date: Feb 2004
Location: Checking out this year's crop
Posts: 6,466
Re: Effect of Trump Tax Proposals on US professionals

Looks like sole proprietorships may be capped at a 25% top rate.

No specific mention of going to the territorial tax system yet (vs. worldwide income) - it's been in some articles leading up to this latest outline, but we'll see. And even if implemented, a territorial system *may* only apply to corporations, not individuals/sole proprietors.

[I.e. for US grinders abroad, that *could* give opportunities to live/grind in a tax-free location, and only pay self-employment (SSN/MC) tax. In best-case.]
Gramps is offline   Reply With Quote

Reply
      

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Forum Jump


All times are GMT -4. The time now is 03:46 AM.


Powered by vBulletin®
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
Copyright © 2008-2010, Two Plus Two Interactive
 
 
Poker Players - Streaming Live Online