Check out our brand new Local Poker Communities! Get updates and interact with poker players in your area.
Visit the United States Poker Community | Visit the California Poker Community | Read more about the Launch of P5s Local

Why Gamblers Should Dislike PelosiCare

Reply to Thread
  1. bad4yahealth bad4yahealth is offline

    Grand Forks, ND
    United States

    Posts: 38
    Joined: Jan 09

    Nov 24th, 2009 (11/24/2009 6:32pm)

    http://taxabletalk.com/?p=1823
    <H3 id=post-1823>Why Gamblers Should Dislike PelosiCare</H3>[size="1"]Wednesday, November 4th, 2009[/size]
    Suppose youre an amateur gambler. Say youre a college student. You net $45,000 playing poker tournaments. When you determine your annual wins and losses you find that your gross winnings are $800,000 and your gross losses are $755,000. You take the losses as an itemized deduction, and you pay tax based on the $45,000 of income (less your exemption and any other itemized deductions).

    Under the House Health Care Plan (aka PelosiCare), the hypothetical gambler would be hit with a 5.4% surtax on his $800,000 of Adjusted Gross Income, or $43,200. Ouch.

    So lets see what the taxes would be (using 2008 rates, except for PelosiCare):

    Federal Income Tax: $6,113
    California Income Tax: $1,907
    PelosiCare Surtax: $43,200

    Total Taxes: $51,220

    Yes, an individual would owe $51,220 of tax on $45,000 of income; he would actually lose $6,220 by earning $45,000! Ignoring the substantive issues with health care reform, the tax portion of the legislation is mind-boggling. It would also lead to more amateur gamblers not reporting their true income (e.g. more tax evasion) and would lead to lower tax collections in the United States.

    Hopefully this proposal (which apparently is now 43 pages longerup to 2,033 pages!) will die and something thats a lot more reasonable will take its place.
  2. cloudyspirits cloudyspirits is offline

    Posts: 2,022
    Joined: May 06

    Nov 24th, 2009 (11/24/2009 8:23pm) in reply to bad4yahealth

    unreal
  3. Blake801 Blake801 is offline

    United States

    Posts: 338
    Joined: Jun 07

    Nov 24th, 2009 (11/24/2009 8:32pm) in reply to cloudyspirits

    The surtax only affects the marginal rate, so in your example the Surtax would be 300k*5.4% not 800k*5.4%. Obviously the surtax goes away completely if your hypothetical student just files as a professional (as he undoubtedly should anyway given his volume of play) albeit at the cost of having to pay his SE tax.
  4. wet348 wet348 is offline

    Gallatin, TN
    United States

    Posts: 29
    Joined: Feb 05

    Nov 24th, 2009 (11/24/2009 8:38pm) in reply to bad4yahealth

    Prime example of another ill-informed ditto head.
  5. RagTopDoc RagTopDoc is offline

    Waukesha, WI
    United States

    Posts: 293
    Joined: Dec 07

    Nov 24th, 2009 (11/24/2009 9:12pm) in reply to wet348

    Forget the $s. The reason you should hate ObamaCare is because it will get in between you and the best quality healthcare in the world. Look at the statistics on survivability of major diseases and trauma - if you have any disease or are in a serious accident you want to be in the US as your chances of living are higher than anywhere else, period.
  6. Skitz0Frenik Skitz0Frenik is offline

    Zrich
    Switzerland

    Posts: 521
    Joined: Feb 08

    Nov 24th, 2009 (11/24/2009 9:13pm) in reply to bad4yahealth

    <h3 id="post-1823">Why Everyone Should Dislike PelosiCare</h3>
    FYP
  7. Hughes4 Hughes4 is online now

    Scranton, PA
    United States

    Posts: 7,273
    Joined: Jul 08

    Nov 24th, 2009 (11/24/2009 9:23pm) in reply to bad4yahealth

    I'll be sure to 'dislike' it when she posts it on facebook.
  8. Cabo Cabo is offline

    Cumming, GA
    United States

    Posts: 2,027
    Joined: Feb 05

    Nov 24th, 2009 (11/24/2009 10:53pm) in reply to Hughes4

    If I was locked in a room w/ 2 terrorists and Nancy Pelosi, and I had a gun with only 2 bullets, I'd shoot Nancy Pelosi twice!
  9. I Spew Chips I Spew Chips is offline

    United States

    Posts: 2,763
    Joined: May 07

    Nov 24th, 2009 (11/24/2009 11:17pm) in reply to Cabo

    lol @ a part of the tax code being simple multiplication
     
  10. Abratzzi Abratzzi is offline

    TX
    United States

    Posts: 785
    Joined: May 09

    Nov 25th, 2009 (11/25/2009 12:02am) in reply to Cabo

     
    Originally Posted by Cabo View Post

    If I was locked in a room w/ 2 terrorists and Nancy Pelosi, and I had a gun with only 2 bullets, I'd shoot Nancy Pelosi twice!

  11. Duckworth1 Duckworth1 is offline

    Media, PA
    United States

    Posts: 89
    Joined: Nov 06

    Nov 25th, 2009 (11/25/2009 3:54am) in reply to Abratzzi

    lol, don't know what forum this thread belongs in but it has very little poker discussion
     
  12. bad4yahealth bad4yahealth is offline

    Grand Forks, ND
    United States

    Posts: 38
    Joined: Jan 09

    Nov 25th, 2009 (11/25/2009 5:58am) in reply to bad4yahealth

    I think Russ Fox probably knows what he's talking about. http://taxabletalk.com/?p=1823
    Thread Starter
Reply to Thread

Similar Threads