Senate to Kill Poker (Again)

[S3mper]

Once again poker and this time all of gambling is being threatened using the Rider/Stealth Amendment strategy much like the UIGEA where some ass clown tries to sneak in their desires last second in hopes that their peers don't actually read the changes. Which they often don't because like them their peers are ass clowns.

Meet: SEC. 70114. EXTENSION AND MODIFICATION OF LIMITATION ON WAGERING LOSSES.

“ WAGERING LOSSES.—
(1) IN GENERAL. For purposes of losses from wagering transactions, the amount allowed as a deduction for any taxable year—
(A) shall be equal to 90 percent of the amount of such losses during such taxable year, and
(B) shall be allowed only to the extent of the gains from such transactions during such taxable year.
(2) SPECIAL RULE. For purposes of paragraph (1), the term ‘losses from wagering transactions’ includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.”

(b) EFFECTIVE DATE. The amendment made by this section shall apply to taxable years beginning after December 31, 2025.

In other words it is entirely possible to break even or even lose money on the year and owe taxes on net losses.

eg:

• Total winning sessions (gross wins): $150,000
• Total losing sessions (gross losses): $151,000
• Actual net result: –$1,000 loss

Under the New 90% Cap (Senate bill):​

• Losses deductible: 90% of $151,000 = $135,900
• Taxable income: $150,000 − $135,900 = $14,100
• You owe tax on $14,100 (Despite losing money on the year.)

Also your expenses travel, hotel, etc can also only be deducted at 90% in accordance with this bill.

I do not see how if this passes it doesn't kill tournament poker. It'll probably have a huge impact on all of gambling as a whole.

 

[SOLO22]

I think that every time they are looking for ways to put work and get more benefit from where millionaires see an opportunity.

 

[thedarkman]

Wonder if they'll seize the domains like they did in 2011.

 

[rifflemao]

WT actual F?

 

[LUKADONCICMVP]

a gambling game getting killed insteresting.

 

[rei signo]

Mais uma vez, o pôquer, e desta vez todos os jogos de azar, estão sendo ameaçados pela estratégia da Emenda Rider/Stealth, muito parecida com a UIGEA, onde algum palhaço tenta se infiltrar nos desejos deles no último segundo, na esperança de que seus colegas não leiam as mudanças. O que muitas vezes não acontece porque, assim como eles, seus colegas são palhaços.

Conheça: SEC. 70114. EXTENSÃO E MODIFICAÇÃO DA LIMITAÇÃO DE PERDAS EM APOSTAS.


(b) DATA DE ENTRADA EM VIGOR. A alteração introduzida por esta seção aplicar-se-á aos anos fiscais iniciados após 31 de dezembro de 2025.

Em outras palavras, é perfeitamente possível atingir o ponto de equilíbrio ou até mesmo perder dinheiro no ano e pagar impostos sobre perdas líquidas.

por exemplo:

• Total de sessões vencedoras (ganhos brutos): $ 150.000
• Total de sessões perdidas (perdas brutas): $ 151.000
• Resultado líquido real: – prejuízo de US$ 1.000

De acordo com o novo teto de 90% (projeto de lei do Senado):​

• Perdas dedutíveis: 90% de $ 151.000 = $ 135.900
• Renda tributável: $ 150.000 − $ 135.900 = $ 14.100
• Você deve imposto sobre US$ 14.100 (apesar de ter perdido dinheiro no ano).

Além disso, suas despesas de viagem, hotel, etc. também podem ser deduzidas em apenas 90%, de acordo com esta fatura.

Não vejo como, se isso for aprovado, não acabará com os torneios de pôquer. Provavelmente terá um impacto enorme em todo o setor de jogos de azar.

The government wants not only to collect exorbitant taxes on winnings, but also a 10% cut in the expenses incurred, just like the poker houses already collect with the games. This is very inconvenient for players who just want to win big prizes against others. The government should let the player keep their winnings and charge much lower taxes, because they're great financial transactions, not just taking a third of the winners' money!

 

[GrannySmit77]

I guess we'll see if the law stays in it's actual format. It might be very detrimental to Las Vegas and poker events organized there, but we'll have to wait for next year's wsop numbers. Tourism is already down in Vegas. If no changes are made to the law, international players might travel to other locations.

 

[G0930]

It won't kill poker but it will hurt the poker scene in USA . ...

 

[hjuosh]

Well, now GGPoker is managing WSOP. So. They can move the tournaments to another place. Like Bahamas. And there is taxes free already.

 

[ScooperNova]

I don't think everyone is understanding what this does. If you're a loser on the year, you can only deduct 90% of your losses from your wins. It used to be 100% of your losses. That doesn't mean you owe the 10%, your taxed at your bracketed rate (likely 25-30%) on the remaining taxable income. You can lose on the year, and still owe taxes, which does surely suck lol. OPs math is good.

I'm not sure if it was even intentional lol. I think it was maybe just incompetence. Some are working to fix it. Sadly, they vote on bills they've never read. They've never even been afforded the opportunity to read them as far as time constraints.

I'd prefer the way it was before, but I can also understand the need for people gambling tens or hundreds of thousands of dollars to be liable to pay some taxes instead of being leeches. If you can lose $100,000, you can contribute to society. Yes, very unpopular, I know. And again, I prefer they leave it alone.

OP explained it better than I did anyway lol.

 

[CDNMAN 42]

Here is an ideas. Move to canada. where gambling winnings/losses are not taxed at all

 

[TeUnit]

This is just silly, this will push most winning poker players either underground or out of business. When what they should do is regulate and tax it on the federal level.

 

[Four Dogs]

I'd prefer the way it was before, but I can also understand the need for people gambling tens or hundreds of thousands of dollars to be liable to pay some taxes instead of being leeches. If you can lose $100,000, you can contribute to society. Yes, very unpopular, I know. And again, I prefer they leave it alone.

If you lose $100,000 you can contribute to society? ....Huh? This is some peoples living. Would you apply that reasoning to any other business or do you just believe that gamblers got it comin'?

 

[ScooperNova]

If you lose $100,000 you can contribute to society? ....Huh? This is some peoples living. Would you apply that reasoning to any other business or do you just believe that gamblers got it comin'

You realize that to lose $100,000, you had to have $100,000 to lose, right? Do you know how gambling works? Yeah, if you have $100K, you can contribute to society. If it's down to your last penny, and you lost it gambling, you're an absolute dimwit and should seek psychological treatment.

 

[ScooperNova]

Here is an ideas. Move to Canada. where gambling winnings/losses are not taxed at all

I don't think many amateurs are worried enough to move to a different country. Pros still have to pay taxes in Canada.

 

[ScooperNova]

This is just silly, this will push most winning poker players either underground or out of business. When what they should do is regulate and tax it on the federal level.

Underground would be absolutely fabulous!!!

 

[Debi]

Well, now GGPoker is managing WSOP. So. They can move the tournaments to another place. Like Bahamas. And there is taxes free already.

That will never happen imo. Too many US poker players - it would never be the same again. Traveling to the Bahamas to play would cost more than what most would lose to taxes.