Here's what I've done:
In years when I have received no W2-G's I don't report gambling income or losses.
When I have received them, I report income and losses as laid out above: https://taxattorneyoc.com/blog/2019/...ur-tax-return/
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Here's what I've done:
In years when I have received no W2-G's I don't report gambling income or losses.
When I have received them, I report income and losses as laid out above: https://taxattorneyoc.com/blog/2019/...ur-tax-return/
Don, I think I was basically agreeing with you that the tax situation regarding gaming is pretty much ridiculous. Not sure what you are after here??
I'll quote from the LP platform since they've pretty much got it covered:Quote:
Originally Posted by jdog
https://www.lp.org/platform/
Quote:
Since all persons are entitled to keep the fruits of their labor, we oppose all government activity that consists of the forcible collection of money or goods from individuals in violation of their individual rights and strive for the eventual repeal of all taxation. To further that end, we call for the repeal of the income tax, the abolishment of the Internal Revenue Service and all federal programs and services not required under the U.S. Constitution. We oppose forcing employers to serve as tax collectors. We support any initiative to reduce or abolish any tax, and oppose any increase on any tax for any reason. To the extent possible, we advocate that all public services be funded or allowed to be provided in a voluntary manner.
What country is the closest to such a policy? Afghanistan?
That's pretty amazing. Now I see the reason that MrV votes for them. To cut the head of actual "bloodsuckers" off at the source.
Quote:
Originally Posted by Don Perignom
I'm not aware of any other country that taxes the player on gambling winnings.
Not sure, possibly the USA in its first 100+ years of existence.Quote:
Originally Posted by accountinquestion
The only elevated periods were when someone started a war, but after those episodes the theftation diminished again.
It wasn't until the Federal Reserve era that the federal government began its permanent expansion.
It was never perfect though. Shortly after independence was achieved, there were incidents such as the Whiskey Rebellion.
I think in some countries you have to avoid being tagged a professional, but otherwise you're clear.Quote:
Originally Posted by MaxPen
I thought you were supporting the idea of no income taxes. Which presumably means you have reason to think that is an improvement. Was wondering if you had some other model to look at that wasn't from primitive days.Quote:
Originally Posted by Don PerignomNot sure, possibly the USA in its first 100+ years of existence.Quote:
Originally Posted by accountinquestion
The only elevated periods were when someone started a war, but after those episodes the theftation diminished again.
It wasn't until the Federal Reserve era that the federal government began its permanent expansion.
It was never perfect though. Shortly after independence was achieved, there were incidents such as the Whiskey Rebellion.
Taxes would most undoubtedly be shifted elsewhere or we'd be invaded.
On some level it seems like one of these immoral police type taxes.Quote:
Originally Posted by MaxPen
Lets tax gamblers because .. well.. they're doing bad things and won't organize against it.
I mean I get they want to tax all possible sources of income but I think it might make sense to raise the minimum for a signer to something more like $5,000. With that at least there would be a much better chance that a recreational gambler could actually be ahead the year they get one. Because the truth is, with the standard deduction where it is now, you typically can't deduct losses so most people are just getting F****d by a W2G.
A bit confusing, but it seems that they're out there.Quote:
Originally Posted by MaxPen
see: https://www.taxback.com/blog/the-ult...und-the-world/
I think that's a tough question which I'm not qualified to answer.Quote:
Originally Posted by accountinquestion
I don't know how to measure. You can compare government revenue to GDP, but both of those inputs can be problematic to interpret. Big government is now very much in vogue. This Wikipedia article has a big table near the bottom:
https://en.wikipedia.org/wiki/List_o...centage_of_GDP
Look back to 1900. USA at 2.7 was the smallest of any developed country except Japan at only 1.0. The biggest was Russia (!) at 23.8, followed by Greece and Germany.
Today, USA is middle of the pack with almost half the table above 50. Eventually the numbers must top out. They can't grow forever. Looking for clues of reversals, some of the LatAm leaders are talking tough -- particularly Nayib Bukele of El Salvador, and of course Javier Milei of Argentina. Possibly also some east Asian entities such as Singapore.
In some cases, I think reduced government could be facilitated by breakup, aka national divorce.
In many aspects, the 19th century was primitive compared to today, but those developments laid the groundwork for future success.
https://en.wikipedia.org/wiki/Gilded_Age
Quote:
In United States history, the Gilded Age is a term coined by Mark Twain and used to refer roughly to the period from 1865 to 1904, which occurred between the Reconstruction Era and the Progressive Era. It was a time of rapid economic growth, especially in the Northern and Western United States. As American wages grew much higher than those in Europe, especially for skilled workers, and industrialization demanded an increasing unskilled labor force, the period saw an influx of millions of European immigrants.
The rapid expansion of industrialization led to real wage growth of 40% from 1860 to 1890 and spread across the increasing labor force.
Those are the tax rates casinos and books pay. The US is the only country that taxes the player. The US even auto holds 30% on hand pays of foreign visitors. They have to file to get it back. The US is tyrannical....RIPQuote:
Originally Posted by MisterVA bit confusing, but it seems that they're out there.Quote:
Originally Posted by MaxPen
see: https://www.taxback.com/blog/the-ult...und-the-world/
Other countries such as Kenya, Uganda and Tanzania also tax the gambler.
see: https://www.theeastafrican.co.ke/tea...nnings-3892366
I have no problem with the idea of taxing gambling winnings: income is income, why should gamblers get a bye?
Lol the examples. If those are the examples you can come up with then we know the practical answerQuote:
Originally Posted by MisterV
The reason you dont tax gambling winnings is because by and large people are losing and not winners. If someone loses 10 years in a row then wins one year they should be taxed? It was never meant to be an income generating thing. Professional gamblers are a group you could ask why but gamblers in.a general sense?
As a rec, you can't write off losses on losing years so why pay taxes when you win some of it back?
This is interesting. I have a strong libertarian streak in me but the no federal income tax is a bit much. I am happy to take in your examples when I have more time but I also seem to recall the when the highest tax bracket was higher in terms of % then the US was measurably better off. I would need to read up again on the specifics though.Quote:
Originally Posted by Don PerignomI think that's a tough question which I'm not qualified to answer.Quote:
Originally Posted by accountinquestion
I don't know how to measure. You can compare government revenue to GDP, but both of those inputs can be problematic to interpret. Big government is now very much in vogue. This Wikipedia article has a big table near the bottom:
https://en.wikipedia.org/wiki/List_o...centage_of_GDP
Look back to 1900. USA at 2.7 was the smallest of any developed country except Japan at only 1.0. The biggest was Russia (!) at 23.8, followed by Greece and Germany.
Today, USA is middle of the pack with almost half the table above 50. Eventually the numbers must top out. They can't grow forever. Looking for clues of reversals, some of the LatAm leaders are talking tough -- particularly Nayib Bukele of El Salvador, and of course Javier Milei of Argentina. Possibly also some east Asian entities such as Singapore.
In some cases, I think reduced government could be facilitated by breakup, aka national divorce.
In many aspects, the 19th century was primitive compared to today, but those developments laid the groundwork for future success.
https://en.wikipedia.org/wiki/Gilded_Age
Quote:
In United States history, the Gilded Age is a term coined by Mark Twain and used to refer roughly to the period from 1865 to 1904, which occurred between the Reconstruction Era and the Progressive Era. It was a time of rapid economic growth, especially in the Northern and Western United States. As American wages grew much higher than those in Europe, especially for skilled workers, and industrialization demanded an increasing unskilled labor force, the period saw an influx of millions of European immigrants.
The rapid expansion of industrialization led to real wage growth of 40% from 1860 to 1890 and spread across the increasing labor force.
Tbh I'm suppprtive of what might be considered class warfare. At some point capitalism becomes another serfdom with some crazy ledger that is no longer serving people. It is kinda crazy to me how the system works and how it is sold. Trickle down and all that. Lol I haven't been buying that for many years now.
I don't think they have ever raised the amount from $1200 since they even started issuing w-2gs, so it's been like 30 or 40 years. $1200 then is a lot different than now. It's bsQuote:
Originally Posted by jdog
My guess is that most reasonable people believe we are overtaxed.
Also most reasonable people probably believe that the government does need some type of way to generate revenue.
Regardless of the tax situation I’m glad I live here and not South Sudan for example, even if they have lower taxes.
I pay no attention to the entire continent of Africa. India is another place I have no desire to have anything to do with...RIPQuote:
Originally Posted by MisterV