This one is dedicated to mickey. Trumps biggest fan.
https://x.com/PhilGalfond/status/1940144127657877591
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This one is dedicated to mickey. Trumps biggest fan.
https://x.com/PhilGalfond/status/1940144127657877591
More liberal attention-seeking & Trump-hating nonsense. And if you don't like it and cant afford whats claimed, don't gamble.
Really very simple stuff.
What are you talking about you old fool? You wrote a whole book on demonstrating how stupid you were yet too stupid to realize this.
Just like Kewl, you're another guy whose sole purpose on this board is to pretend you were an actual winning gambler. Such a clown to the core. And not even intentionally.
Really very simple stuff.
Now for the pro gamblers out there - I'd love to hear some thoughts.
Table game winnings aren't reported anyway. Up to you what you report, or do not report.
I am not assuming that Phil read the bill correctly, but if he did, sounds like the average AP will have a hard time making it if he reports or is forced to report (due to...reporting) exact figures.
UNKewlJ may breath a nasally sigh of relief however, as it will not affect her income.
Why is that stupid cunt MCunt commenting when this has nothing to do with him. He's a lifetime loser at gambling.
Here's what I posted on my PFA site about it....
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Many of the people clutching pearls are either losing gamblers, non-gamblers, or ones who blatantly lie to the IRS about their wins-losses anyway.
There's confusion about this law.
It does NOT limit your loss deduction to 90% of your winnings. That would be an absolute disaster, as everyone would be responsible for gambling taxes, even those who get absolutely destroyed by the casino.
Instead, it is essentially a reduction to your loss claim. So whatever you claim is a loss against your taxable winnings, you now have to multiply that number by 0.9 first.
So here's how it would work:
If you won $100k and lost $100k, your tax liability would be on $10k of gambling income, despite breaking even.
If you won $100k and lost $112k, your tax liability would be zero. That's because your claimed gambling income would be $100k - (0.9 * $112k), which equals less than zero.
If you won $900k and lost $800k, your tax liability would be on $180k worth of gambling income, despite only being up $100k. That's calculated by $900k - (0.9 * 800k).
From what I can tell, nothing else changes. Much of this is self-reported, especially poker cash game results.
The burden of proof is on the IRS, not you.
Finally, there's the matter of "sessions". The above does NOT apply to sessions, which are accounted for by strictly subtracting losses from wins.
For example, if I won $200k in a session but lost the $200k back in the same session, my session income would be 0, and this 90% loss reduction would not apply. So this would be entered into the records as a $0 win, and thus not affect taxes.
But what defines a session? The IRS isn't clear, and has never been clear. And that leaves a lot open to interpretation.
If you're on a gambling trip and win the first day but lose the second, how many sessions is that? One? Two? More?
If you go to dinner in the middle of gambling and take 3 hours, is it considered the same session when you resume?
What about online poker? If you remain logged in for the entire year, can you claim it's one long session? And if it's based upon logins, what if you're in the middle of playing and your computer crashes, and you restart it? Is that a new session, or a continuation of the old one? If you're sitting and waiting for opponents to sit with you heads up after a match is done, and finally one sits with you 6 hours later, is that a new session or the same session?
Without accurate definitions from the IRS, gamblers can rely upon broad definitions of "sessions" to somewhat neuter this new law (and do so legally).
Finally, there's the matter of audits.
Very few pro gamblers get audited. As you might imagine, I know a LOT of pro gamblers -- through poker, sportsbetting, and casino advantage play worlds. Of all those gamblers, very few have been audited due to their handling of their tax filings. Of those I know who did get audited, almost all of them were people who simply didn't file tax returns for a few years in a row, and the IRS eventually came knockin'. But among those who file taxes and voluntarily send money to the IRS that they weren't otherwise expecting to receive, they tend to get left alone.
This law could be difficult on tournament players, though. It's much easier for the IRS to claim that one tournament comprises a "session" (though there's a valid argument against that), and casinos keep meticulous records of tournament buyins versus cashes. Sportsbettors could also have an issue for this, especially if a "session" is thought to be a day's slate of games.
We will have to see what happens. It's possible the Big Beautiful Bill won't pass. It's possible this bill will get amendments in the House, and this law could be dropped or modified. It's also possible that the IRS will simply choose not to enforce this.
This isn't good, but it's not going to have the earthshattering impact that many on X are predicting.
That's your only issue with the big beautiful bill? Well, I guess the deficit spending wouldn't bother a liberal. No, I don't like this provision in the bill. I'm still trying to figure out exactly who put it in the bill? Overall, I have to support the bill, not for myself but for my large extended family who are not gamblers. They are working stiffs. No tax on tips, no tax on overtime, tax deduction for car loan interest, no tax on SS. etc., will effect probably over 100 million americans for the good. All 47 Dems voted against these policies. So the working class voting for dems is voting against their interests.
The bill is still not final. Politicians suck at math. They have to be shown how stupid this tax provision is in order to get it out of the bill. The poker lobby should be working hard on this because I think it has the potential to kill tournament poker.
Are there any provisions of this bill that will help the Crimmster, or is he solely going to get his Medicare docked, his duly reported slot income tax increased, and then come back and ask for more?
https://www.youtube.com/watch?v=Jyz8PTWReWo
Anything good from this bill just helps big earners like me, locking in the benefits I've been enjoying on my corps and personal income since 2017. Increased deductions for my businesses? Check. Nice to eliminate that fed estate tax too. Not one of those things is going to help someone who lives hand to foot.
Lol. Agreed about tournament poker. I agree that therr are provisions in there that help working class. I'm fairly certain the bill is not in their advantage overall but the complexity of that discussion goes over their head.
If people would only vote in their interest but as I like to point out only a handful of people brought us civilization. Most of these Fuckers would be living in huts.
Trump, the country, no comment.
Your opinion that it goes over their heads does not mean it goes over their heads. Dems haven't done anything for the working class in 30 years and still continue to stiff them. Republicans, while they are not all sweethearts, have done much for the working class. Dems did not put those provisions for the working class in the bill. Republicans did.
Leftys want the country to fail so Trump will look bad. Leftys hate Trump more than they care about America. Your mantra is: I HOPE AMERICA FAILS SO I CAN BITCH ABOUT TRUMP!
No tax on OT or tips?
What moron thought that one up?
Income is income, we all should pay our fair share.
The bill doesn't affect machine pros much because we don't have many losing days. You can define a session as 1 day. A lot of gamblers are now calling a 4 day trip to vegas 1 session....and the IRS is not firing them up about it.
So let's say a machine pro books a typical 10K win for the month. He had two losing days totally $400. He ran $1600 in expenses. He can write off only $1800 of the $2000.
So instead of paying tax on an 8K net he has to pay taxes on an 8.2K net.
The other moron did, too.
https://youtu.be/kzW7-1TKg7g
I don't want to say too much about this, although I have shared it before, but I was audited a number of years back. Not an audit where I had to go in and sit down and go over everything line by line....what do they call that....a cavity check type audit. :D
My audit was a written request for documentation. I had a financial guy that handles my taxes and he told me what they wanted.
So for a little context this was at the height of the VP machine play my partner and I were doing. And I had a lot of W-2 for that year. I suspect that is what triggered the action.
So they wanted detailed records of all play. So I put that together from actual records as best I could and submitted it in handwritten form in a little ledger type notebook purchased at the dollar store. My financial guy submitted it and the only other correspondence was notification a while later, that the case was closed.
My own personal feeling was it was some IRS dude harassing a low level winning player, trying to see if he could get that player to cough up some more money. And when he couldn't, it was dropped.
And now with cuts in IRS staffing, you would think there would be even less of this petty type shit.
Sounds like a story you read on a forum.
Has anyone ever proposed a theory that would justify not taxing tips as opposed to, for example, lowering a marginal tax rate?
Ron Paul backed the idea during his 2008 presidential campaign:
https://www.lewrockwell.com/2007/10/...taxes-on-tips/
He characterized tips as basically a performance bonus, so taxation would penalize performance.
Thomas Massie says he introduced similar legislation.
The logic is not totally immediately obvious to me, but if Paul and Massie agree on it, I'm inclined to give them a pass.
Of course the finalized legislation when approved by the swamp will likely be twisted and counterproductive.
Thanks.
I see the point to an extent but a couple of objections occur to me...
1. Tips in the US are largely perfunctory, moreso than performance bonuses paid by employers (in finance or sales for example),
2. We still tax those latter forms of income anyway.
3. Many(?) states have laws that allow employers to pay restaurant staff below minimum wage, which will now have the effect of arbitrarily giving one class of employees a lower tax burden than any other, regardless of how much they make.
I keep wondering who is behind this gambling tax provision. The IRS would know this rule will kill action so revenue would go down. What purpose would this new tax rule serve? Who benefits from it? Is it meant to chase professional sports bettors away from the books? Someone had to think up this shit and get it into the bill. Is the sports betting industry behind it?
Idiots DO get recorded saying how they grab women by the pussy...and lie about the 2020 election...and get felony convictions for cheating on taxes...and owe millions for sexual predation...
You MAGA types look at the oaf the way the krauts did Hitler: "Ach, he ist a bad man but 'dat is what Deutschland needs right now..."
Yeah wtf kind of America is this? The people so grossly not represented, they can be shit on like this to pay out to the Lords and Dukes that have bought the USA out from under us. The government leaders have grossly enriched themselves while our country is locked into debt we cannot possibly ever pay. Healthcare cuts will kill off so many to pay for tax cuts and ignore the reality of the debt. Our system is broken.
Isn't is just MAGAnificent?
https://www.youtube.com/watch?v=h0iAcQVIokg
Actually, mcap is MCunt.
I love when gamblers and scamblers live in this subculture, on the fringes of society, and worry about tax laws.
Like, I better list all this shoplifting I did on my taxes, lol.
Or I better list all this stuff I sold on ebay, offer up or at my yard sell on my taxes.
You Fags make me sick.
The gambling amendment was included by U.S. Sen. Mike Crapo, R-Idaho
https://www.reviewjournal.com/busine...blers-3392020/
I would guess it was some moralizing asshole. Really every fucking line in these bills should be traceable to the author.
People can make fun of gamblers but they do wield some amount of power and tend to have big mouths. If you're going to get out there and put it on the table then you're going to be willing to tell mother fucking MAGA douches how it is.
Gentlemen,
I have yet to see a mention of the most salient aspect of this -- Trump had to be aware of this add-on, and of all the signees, he was likely most aware and sensitive to it, which means draw what conclusions you may.
This is a man who bankrupted three NJ casinos, ran the most high profile casino (Taj) at the time, tried to get a casino license in LV (and failed somehow), and so on. To me the idea that he wasn't aware of these lines in the bill is very, very far-fetched. It's his business, or was until he kind of mangled his investors (he did alright, as he generally does).
I also like to tell the story, which I will another day, of my superior half being in the room when Trump tried to acquire a loan from Stardust-type connections in LV for an LV casino. I guess save that story for a rainy day.
The point is, it is unlikely the Trumpster did not know he was sending poker players and select other gamblers over the proverbial falls without a life raft. Rough break, some might say.
Dietz, someone might also suggest, you seem unsurprised. Well, honestly, I am surprised (a little). But if you guys put two and two together, and think for a second about the second-level consequences of this, it sort of makes sense. But you need a little more common sense and historical perspective than gets displayed at most casino-sponsored poker tournaments (that's a dig at the folks who have hypnotized themselves into swallowing the "+EV " Koolaid).
Trump of all people is not going to know every provision of a 1,000+ page tax bill that he signed shortly after it passed the Senate.
He also doesn't have a line item veto so even if he knew and cared there's no way he would have scuttled the whole bill over this one item.
You are analyzing this backwards.
You are correct that Trump would not know every line of a thousand page tax bill. So one question you might ask would be, "What lines would he know more about?" And then, "Why?"
Anyone who has any insights into Trump's personal history and locale would then say, "Ahhh, maybe I get it."
This is not terribly opaque, but it takes a little grasp of the president's gestalt and owes-ies.
Anyway, that's enough. If the response is, "He doesn't read every line of a thousand-page bill," well, no kidding, Sherlock.
Sometimes I wonder how you guys, bright as you are, make it across the street without a signal. I mean, holy fuck, some of you think the world began with your birth.
By report Trump isn't much on reading anything at all.
"Just tell me, hit the high points" kind of a guy.
Argh...
You seem to be taking for granted a premise (that Trump would know about this item) that seems far from obvious and then building some sort of sandcastle of insinuations upon it.
I rated the thread 5 stars, purely for "sandcastle of insinuations" :D.
If I could rate the thread 6 stars, I wouldn't do it. Because 5 is the maximum.
I wasn't trying to change my vote. I was trying to vote again :cool:.
I should have voted 6 stars when I had the chance.
Leave it to the little people to be worried about this provision.
Here's a brilliant idea: just figure out how to win....it solves every tax issue known.
Unreal.
Ditz doesnt mention sportsbettors being affected. WTF? Or I should say honest sports bettors. Aint that right, ditz? The easiest thing in the world for a pro gambler to do is pencil the IRS. Ain’t that right, ditz?
Ooooooooooooops!
The loss column in ditz’ gambling log book goes up 10% this year. Aint that right, ditz?
But dont pencil yourself so much that your bills amount to more than your declared income. And make sure that your win/loss isnt traceable, or do your penciling on the part that isnt traceable. The IRS looks for lifestyle larger than declared income can support. Otherwise, they are at the gambler’s mercy.
“Honest gambler” is an oxymoron just like ‘honest tout.” Aint that right, ditz?
I’m sure you’ve got your pencil sharpened.
So let me get this straight. I'm the moron for still having the majority of my money in offshores not associated with US companies? LOL.
And mickey is the brilliant, sophisticated gambler whose president (and mine, to be clear) just threw him a curve ball that honestly I did not see coming either, but that does not surprise me in the least because (1) it makes sense in the overall scheme of things and (2) really, I should have anticipated this.
I kind of always felt this was a real possibility, but I idiotically assumed it was more likely under Harris than Trump. My bad. If I had rubbed a few neurons together, I would have realized I was likely dead wrong.
I was stupid, but I am prepared. And according to mickey, that makes me a bad man. LOL. Sorry, dude, I quit the Boy Scouts 50 years ago.
So I will get a kick out of this. Ninety percent of whatever edges I have are intact. I'm thinking, for some people who will go unmentioned, 90% of their edges just went out the window. And somehow I am to blame for this being the situation.
We need a new term. You know, for the "sharps" who suddenly became "squares" overnight.
How ironic that the folks who helped establish casino gambling in LV by loaning the wise guys money when nobody else would are now taking actions antithetical to gambling.
Mike Crapo is a member of The Church of Jesus Christ of Latter-day Saints. He has been a member of the church since at least the time of his marriage in 1974, according to Wikipedia.
Looks like the Mormons as well as the christian right are using politics as opposed to proselytizing and persuasion to achieve social change which parallels their teachings.
Call it a "sin tax."
Gamblers starting to complain.
https://www.msn.com/en-us/news/polit...45952d0f&ei=25
I knew about the gamblers tax in the bill before it was finalized and still supported the bill. To much in there that my relatives like. I like 90% of what Trump has done. Trump didn't know anything about it anyway. It was snuck into the bill by a Mormon. Was Trump supposed to kill the bill because of one little piece? Use your head redietz.
And he didn't throw me a curve ball. Slot AP's are least affected by the bill. See if you can figure out why and get back to us. I'll wait.
A quote off twitter:
"The .000000002% of gamblers that were honest about their winnings will now be reduced to .000000000!%."
The no brainer is the loss column goes up 10%. But you know that.
Use your head, mickey. Do you really think "a Mormon" sneaked this into that bill? Or do you think it's a classic "red cape" political move?
In other words, find some front man unaffected by consequences of introducing something and have him play masthead. He drapes himself in a red flag, and the bulls decide he's the problem. It's so textbook, it'll probably show up in political textbooks a hundred years from now.
Call me a cynic. LOL. Or maybe I like to squint a little bit when the sun's in my eyes.
Honestly, I have a pretty good idea what's going on here, but that'll stay with me 'til the worms get me. I'm just annoyed that I didn't grasp it sooner. I had to be hit over the head with the skillet.
And redietz, you didn't answer my question about why slot AP's are the least affected by this gambler's tax. You don't know the answer or you would have rubbed my nose in it. So you are doing what you always do, ignore the question and maybe it will go away. I'll give you a little more time.
LOL. I'm not a slot AP. Unlike some people, the whole Leonardo Da AP schtick is not my thing. If you think I'll be bothered to look it up so as to appear erudite, you are wrong. I do not know off the top of my head. Moreover, I do not care. Why would I?
But here's one for the resident "slot AP" -- which sounds like you ripoff hookers somehow. What has recently started occurring for slot jackpots at Native American casinos that tips you off to the fact that there may be routes around the new tax laws? Assuming, of course, that Native American casinos aren't jury-rigging the slots, which would really fuck up the "slot APs."
Wait, wait, could it be that the answer to my question is the same as the answer to the resident genius "slot AP's" question? That would, however, mean that the guy who knows nothing might know something, and still not care!
So, does that answer your question, mickey?
That was way too easy, dude. But I'll let you off the hook. It's pretty much sheer luck that I knew the answer. I just happened to witness it live the other day. But I will emphasize, because you tend to play first then figure things out more precisely after ballparking, that Native American casinos are not beholden to anyone. If they want to fuck you, you are fucked.
The American Gaming Association tweet on X is posted below. They got flooded with negative comments which they erased then turned off comments.
The next day Rep. Dina Titus of Nevada posted:
On Monday I’m introducing the FAIR BET Act, the Fair Accounting for Income Realized from Betting Earnings Taxation Act, to permanently restore the 100% loss deduction from gambling winnings. I welcome all other members to join this common sense fix.
Then Derek Stevens of Circa posted:
Derek Stevens
@DerekJStevens
Thank you Congresswoman Titus. Three things needed:
1. Eliminate the .25% Federal Excise tax on sports wagers.
2. Eliminate the 90% deductibility and go back to what worked.
3. Raise the Slot threshold. $2,000 is better than $1,200 but it needs to be $5,000.
The dichotomy here is Circa is a member of the American Gaming Association. But here is Stevens pushing for a lot more than just the gamblers tax repeal. He understands, as do other casino owners, that this measure is bad for the industry.
I took a look at the leaders of AGA. They don't appear to have any experience in gaming.
Of further note, Sen. Mike Crapo is the Chairman of the Senate Finance Committee. Two other members of the committee, Grassley and Cornyn have said they don't know how the gamblers tax measure got into the bill. Cornyn said he doesn't know what purpose it would serve.
Then again it could be that he, like me, simply enjoys flaming idiots, assholes and fellow trolls.
The internet is great: it gives us near impunity to insult those we deem worthy without the risk of physical repercussion.
Life's a bitch, then you die.
I agree. There's an absolute joy in tossing around insults to those who truly deserve them, and damaging direct hit-zingers are especially satisfying. And this place is a smorgasbord of low-life losers and little people who have always been easy to chew up and spit out.
Actually, anybody with any brains could have and should have anticipated this. i did not, and should have. I am an idiot. Anybody with open eyes and an open mind should have a pretty good clue what's happened. I mean, it's not like the Trumpster came from the hairdressing industry. I was, I repeat, an idiot. Don't know why mickey thinks being an idiot makes me smarter than everyone else.
Not sure what that makes mickey. I guess a step below idiot.
I'm being mean? WTF? Do you not read ditz' posts? They are filled with insults. I'm just responding in kind. Snap out of it. If you want to complain about someone being mean then complain about all the assholes being mean on this site. Don't try to blame it all on one person. Either that or fuck off.
I also made the huge mistake of voting for Trump instead of third party. I was just thinking of money when I voted for Trump. We had a good economy under Trump until Covid suddenly came and fucked the economy over worldwide and I wanted to get back to the GOOD economy we had during most of Trump's Presidency.
Kamala Harris made me uncomfortable. Kamala came across as creepy and disturbing. This was a Presidential Case where both Candidates were NOT good choices.
Donald Trump honestly should have been in prison for being a convicted Felon, convicted of multiple crimes. If MOST people were convicted Felons, convicted of multiple crimes, they would be rotting in prison, not being elected President.
Kamala Harris LAUGHED at serious questions such as," Miss Harris what are your thoughts on global warming and climate change?" Kamala responded,"Joy comes in the morning," while LAUGHING. The interviewer honestly looked confused and disgusted by Kamala as if thinking,"This potential President comes across as STUPID. God help us all!" :eek: The RIGHT answer would have been,"I feel there needs to be more focus on the dangers of global warming and climate change," with a serious expression like -.- , not :D Even Judge Joe Brown, an ex coworker of Kamala called Kamala stupid and they were ex co
This retard has never had a gambling year where his losses didn't outpace his wins by an order of magnitude. This retard should stay out of this thread because it doesn't concern him at all.
My post wasn't ready to be sent yet and I tried to edit, but my Internet turned off on me and by the time my Internet came back, the edit window was closed.. My sentence about Joe Brown wasn't completed the right way. I wrote,"And they were ex co when I meant to erase that part completely since I already mentioned Joe Brown and she were ex coworkers. Damn Internet turning off on me! :/
Kamala was asked,"If you were President , what would you do differently than Joe did?" She answered ,"Nothing," which was the wrong answer. Joe Biden came across as VERY senile and VERY incompetent during his Presidency. WHY did Kamala think that saying she would do nothing different than Joe did was the RIGHT answer? :confused:
The right answer would have been something like,"As President, I would run America much better than Joe did. I would lower taxes for poor people, lower inflation to 2000's Economy, and make America safer. "
Donald Trump caused some of my Family to be deported. I didn't even know my sime of my Family would be getting deported under Trump's Presidency. And we did NOT get a good economy under Trump's Presidency. Our economy is fucked with inflation and Tariffs. Voting for Donald Trump was a huge mistake.
What good Presidential Candidates. Donald Trump is a convicted felon who caused some of my Family to be deported and Kamala was a creepy, disturbing, stupid, joke. Third party would have been the best choice.
Hmm. I could see a Gay, Third Party being elected President. :) My Customer in 2015 said something like," America is actually BEHIND the times. I live in Brazil and our President is a Woman who is married to another Woman. I can't believe America STILL doesn't have a Female President, Straight or not."
I voted Libertarian in the presidential election as I have always done since first voting for McGovern back in the day; I vote that way as my form of protest against the lousy two party system, and could care less if the candidate is a pole smoker.
I don't much care who or how a candidate fucks as long as the target isn't me.
BTW Oregon has a gay governor and she seems to be doing just fine.
If he is going third party then he isn't messing with primaries. If you want to burn money to get your way, it might very well be easier to put up a candidate that'll steal votes away from Republicans in battle districts.
It is going to be a beautiful thing. So beautiful. So wonderful.
Brazil has never had a lesbian president.
The only confirmed lesbian president to date was the president of Iceland from 2009-2013.
In 2015 Brazil did have a female president, but she wasn’t a lesbian (although she sort of looks like one.)
At least not a confirmed one, your customer if she was a woman, might have been her lesbian lover & she just never came out of the closet.
In fairness though, Brazil & Iceland can be easy to mix up.
While they seem a lot different on the surface they have a lot in common too.
They both have a lot of volcanic activity. They both take soccer very seriously. And both are major contributors to music.
Brazil gave the world Samba & Bossa Nova, & Iceland gave the world Bjork.