Bloodhorse – Frank Angst – NTRA Concerned About Tax Change on Gambling Losses
Phil has a question:
How much tax do Canadians who are not professional gamblers pay on their gambling winnings.
Why do the Americans keep believing the lies that spew from Fat Fucking Don the Fat Fucking Con’s ugly mug.
Have any of the horsemen running around claiming victory have read the fine print.
“Let’s say that over the course of all the sessions we play throughout the year, we won $5.2 million and we lost $5 million for a net of $200,000,” said Galfond in his post.
“Now we would pay as if we won $5.2 million minus 90% of $5 million, which is $4.5 million, for a fake net of $700,000. So, you would make $200,000 during the year, [but] you would pay tax as if you made $700,000. Meaning, in almost everybody’s case you would pay more tax than you made during the year,” said Galfond.
That is “completely untenable,” said Galfond. “You can’t be a professional gambler in the U.S. if this goes through. And that will have a ripple effect on industries that depend on professionals [gamblers].”
TDN – Dan Ross – Gambling Tax Changes in ‘Big Beautiful Bill’ Could Hit Bettors, Racing
Paulick Report – ‘Big Beautiful Bill’: Good News For Horse Owners, Bad News For Horseplayers
Paulick Report – Chelsea Hackbarth – Report: ‘Big Beautiful Bill’ Contains Troubling Tax On Gambling
Phil has a question:
How much tax do Canadians who are not professional gamblers pay on their gambling winnings.
When will people learn that a snake is a snake by nature.
Phil M. Stockmen
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