Just a rant here, but I feel like there is a clear difference between taxing someone's earnings from a job made possible by a country, as opposed to taxing winnings on gambling. With the movement to make sports gambling legal in the U.S., I feel like it's going to become nearly impossible to turn a profit now that Uncle Sam is going to be sniffing out every penny. The government didn't help any of us find an edge on a game, how is it ethical that they get yet another cut? Like they don't take enough of our money already..... I'll be staying offshore. Thoughts?
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I agree, but I'm biased. And it sucks even more that technically all wins count as income and losses need to be put as itemized deductions unless filing as a professional. It can really wreak havoc on one's adjusted gross income and phase you out of a lot of deductions as well as the personal exemption. I doubt it will change anytime soon though. Horseplayers did get some relief recently as they changed some regulations regarding withholding requirements this past year.Comment -
Government says:
"If you win, I want my cut."
"If you lose, tough shit."Comment -
Hell no, it's bullshit they want to tax gambling winnings. I'm staying off shore as long as I can.Comment -
I saw a guy walk away from a poker table when a jackpot hit. Would have gotten over$1,200 and would have had to do the paperwork And pay taxes. He obviously didn't want to be apart of thatComment -
Its wrong in principle to tax earnings as well.
Jefferson wrote extensively about societies need to encourage as much production from individuals and cited taxation of ones labour as a deterrent. Boy was he right!
Corporate tax, sales tax, excise tax, property tax and toll tax should be the extent of govt fundraising.Comment -
If youre allowed to write off your loses its reasonable to think you can be taxed on winningsComment
