Insane State Gambling Laws

[tech58]

Huh?
Taxes are part of the game we love to hate.

[onemoretry]

Taxes are part of the game we love to hate.

I think this little story is kind of relevant.

Many years ago, I was playing 50 line 5c 9/6 JOB (weren't those the days?) at Harrahs Laughlin. The person beside me was playing the same game, but at 10c denomination. However, he wasn't playing all 50 lines - he was playing only 47 of them. He seemed to be a competent player, so after a while, I let my curiosity get the best of me and asked why he wasn't playing all 50.

It turns out that it was tax related. A dealt 50 hand 10c straight flush would be worth $1250, and generate a tax form. Playing only 47 eliminates that "problem". Granted. a straight flush is not dealt all that often, but he had taken the possibility into consideration.

[olds442jetaway]

Yep. Gave been doing those kind of calculations for 2020 till they closed. Especially for games like 940/1 Joker kings, DDS deuces wild etc. After getting totally smoked on taxes for 2017, 2018, and 2019 I’m still working on, I am determined if the casinos reopen to never get a W-2G again. Especially, with 7 percent on gross winnings in Ct and the 2018 fed tax laws. Their loss/ my gain down the road a bit.

[Vman96]

Stick to video poker discussion. It’s pointless to try to change ones opinion these days

And this post revived the thread...lol

[OTABILL]

My dad always said he was happy paying more taxes as it meant his salary, savings interest and his investments were going up. He never went to a casino or gambled.

[olds442jetaway]

Yeah. I wouldnt mind if we were taxed on the net and not gross like my state does. Also on the federal side, forcing one to itemize to offset losses is just ridiculous. You dont have to itemize when you buy and sell stocks to offset those losses. This year again, the forced itemnize rule will cost me 4k extra on the federal side and a similar amount on the state side due to their taxing rules on the gross gambling income. Anyway, not for 2020 and forward. That’s for sure.

[Jstark]

I prefer dumping the IRS for a graduated national sales tax. Essentially $0.01 -$A.AA =0%, $B.BB - $C.CC x%, and so on.

[olds442jetaway]

People will say that is regressive, but I have been wishing for it since high school. Pay as you go. Sounds good to me. What would all the accountants and lawyers do? Even the drug dealers would be paying taxes.