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New Tax Law Withholds 25% of Winnings
- 9-3-2007
It is also important to consider the amount of money that is at stake in events such as the Las Vegas World Series of Poker tournament and the national poker league, just two examples of the multitude of poker tours and organizations that pay out in large amounts, certainly exceeding the $5,000 level cap limit on a regular basis throughout the year. The harsh truth about gambling income is that many players actually do not report all gambling income or do their best to disguise much of their income as some other type of personal or professional wages, rather than the gaming and gambling revenue that they are. Even at the professional establishment level, the taxes on gaming and gambling revenue are staggering and can leave some gaming establishments with minimal income after paying off the Internal Revenue Service and its crushing tax revenue obligations.
With this discouraging new
law in place, it remains to be seen what type of gaming and gambling my still flourish
in the
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