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Check out this article: Ante Up: Congress Wagers That Legal Online Poker Could Be a Jackpot | BNET
Possible federal regulation of online poker as a means to increase tax revenue... Exactly what I have been preaching on for YEARS!!
I'm excited just thinking about it.
ill be happy when i can plat fulltilt again until then it sucks lol
i sure hope they do this cause we need it here and i know it can raise alot of tax money for them
right on poker stars is my home and wish i could play there again...till then..
ya i think there is just going to be one or two universal sites for all us players eventually. then they can tax it like crazy, and the ppl stay happy too
Realistically, if this passes taxation would be fairly easy: any winnings a U.S. player makes (every rake or tournament win) immediately take a certain % and place it in an income tax pool. At the end of the year, all you would need to do is go into your account, request the appropriate IRS form and then have the money from the income tax portion of your account withdrawn into a check made directly to the IRS.Quote:
Originally Posted by dbbc_0169
All that would need to happen on the poker site's end of it is to have a calculation for the taxes, an account where the income tax accumulates, and then a button that prints a form and sends out a check.
This would be great for the poker site because they can accumulate the interest the income tax account to offset any administration costs incurred due to this process change. This is great for the player because they will always have the money to pay that income tax (account frozen until the end off the year) and they won't "accidentally" tilt it away!
I'm so money, I don't even know it.
Wonder how they would figure in for people like me who are on Social Security. If they held back.
that would be epic if that legalized it
Yep, feds get 2 percent, states get 6 percent and pokersite gets 5 percent for a rake. Just so we can keep having our addiction. When am I going to realise that the juice is getting too high to play a game I love. Remember the house only having a 1% advantage in some house games. This might not be one of them.
Very good news, hope this time works.