I'm just one of many American citizens that is under siege by the IRS. I've been paying every kind of tax imaginable, some for over 40 years. My tax liability has included payroll taxes, entitlement matching taxes socsec/med care, business lic taxes, income taxes, property taxes, ect. The biggest tax of all to me is the SIN TAXES, gambling, drinking, and some others. I'm going to post in here from time to time to cronicle my journey though a Tax Audit, here goes.
The IRS revenue code is unfair to American winners and it doesn't like losers either. The Feds tax gambling winnings at the highest rate allowable, up to 50% and more in some cases. Casino winners use W-2G's & split pools, lotteries use form 5754. The IRS currently collects more than 5 million W-G's and 5754's per year and that figure continues to grow. The entire system is stacked against anybody that gambles and it doesn't matter if you win or lose.
Since the "Moneymaker Effect" 2003, poker has exploded. The IRS see's this has it's own golden goose. For Example, Jonathon Duhamel, a Canadian, won the 2010 World Series of Poker Main Event and won $8.94 million and paid only 30% to the IRS, about $2.68 million. In 2009, Joe Cada won the title, a young man from Michigan USA and won $8.55 million, he paid about $4.275 million or @50%. In 2006 a Dutch kid, Peter Eastgate, won a record $9.15 million and paid $2.745 million in taxes. The only reason that Cada's tax bill was more is because he is an American citizen.
Over 80% of the developed countries through out the entire world do NOT tax their citizens on gambling winnings, The United States of America is one of the less than 20% that do. To make things even worse the American citizen gets hit about twice as hard as nonresident foreign aliens, if they win.
The current laws are so fucked up, something needs to change. The law states that a player can only deduct losses up to the amount of "recorded" wins. It doesn't give a fuck about the times in between the jackpots. It is the responsibilty of the player to provide documented proof of separate losing sessions. The Nevada Casino Operators convinced the IRS that they could NOT track players at table games. They admitted that when a player cashes out for say for $8000, they don't know if that player started with $25 or $25,000. There is an actual written law that there is no withholding or even reporting(W-2G) to the IRS for any amount won on a table game. If you walk into a Casino and lose say, $10,000 in cash from your pocket there is no acceptable method to declare the loss to the IRS. Casino boss/host statements are useless. Win/loss statements from Casinos also need suporting documentation to be considered and sometimes they will still be rejected. Are you Fucking kidding me!
I'm gonna fight these motherfuckers to my last dying breath.
Damn we should all be so lucky a free agent in the NBA 2010...
These guy's are making more money than anybody could've ever dreamed. These contract numbers are off the charts. What the fuck happened to the economic shit hole most Americans have been forced to live in. I doubt Lebron and the boy's will ever have to worry about the value of their house. I give Lebron props when he only signed a three year extension w/his last deal and was instramental in getting D.Wade and Bosh to do the same. Carmelo was in that loop too, but was questioning his own ability at the time so signed a max deal with Denver.
I have lived in Las Vegas for over 25 years, born in Akron Ohio., same hospital as Lebron. When they say you never lose your home town roots I know firsthand what there talk'n about. The day Lebron was drafted by the Cavs it felt like finally Cleveland fans just might get a championship before I die. I'm just lucky I moved to Vegas as long ago as I did cuz I'm not as passionate or as loyal as I once was, unlike family/friends from back home.
When Lebron and the Cavs quit vs. Boston in this year's playoffs I couldn't believe my eyes, I mean wtf, something was going on in that locker room that still has not been addressed. I'm surprised that hasn't been mentioned more. I still want Lebron w/the Cavs and here is how they can do it.
Gilbert is not affraid of the luxury tax, Lebron knows it, that's a big plus. They need to make a sign trade deal w/Toronto and get Bosh for Jamison. Unload the contracts of Gibson&Telfair and give the Hornets whatever it takes to get CP3 reunited w/Byron Scott. That crew would be dangerous.
Happy 4th of July.
i need more time on my daily clock, cuz the amount of ncaa hoops lines are driving me fuck'n crazy
wtf...head'n to red rock casino. double fisted, look'n for jackpot, can u dig it!
hawaii/nevada under145...a big wave is a com'in
The mgm/mirage opened game 3 @ Orl-3 -110/ 199.5 -110
early money is on Orlando...
The guard rotation by the Orlando Magic in game #2 is the reason this thing is 0-2 heading to Florida. The Magic let a golden opportunity slip through their hands. The dynamics to this series could'a done a complete 180 if Van Gundy had a clue.
wtf...JJ Redick gets 27min and goes 2/9, a rookie, C.Lee, gets the last shot in regulation, his line 12min 1/3 and the kid gets alligator arms at the worst possible time I would have found a way to Lewis the ball for that last shot
What the hell, Orlando guards shot 6/26...23%,...ouch.
Alston 1/8, Lee 1/3, Nelson 1/3, Pietrus 1/3 and Van Gundy's boy Redick 2/9 and a worthless 1/6 on three's.
Orlando was the play in gm2 and for those on the ML it was a bad beat. We deserved better