ByeByeW2G
ByeByeW2G
Joined: Apr 30, 2017
  • Threads: 1
  • Posts: 2
April 30th, 2017 at 1:51:06 PM permalink
Casino slot machine players are required by the Internal Revenue Service to sign a form W-2G on wins of $1200 or more. This unfair tax needs to be eliminated in new tax plan. Gamblers have already have paid taxes on their money. By ending form W-2G everyone wins. The Government and the Casinos win by saving on the processing expenses. Gamblers win by not having to pay tax on the rare chance that they do hit the big one.

I wanted to let you know about a new petition I created on We the People, a new feature on WhiteHouse.gov, and ask for your support. Will you add your name to mine? If this petition gets 99,999 signatures by May 30, 2017, the White House will review it and respond!

You can view and sign the petition at WhiteHouse.gov

/petition/stop-punishing-gamblers-lose-form-w-2g-certain-gambling-winnings/
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 165
  • Posts: 8834
April 30th, 2017 at 2:32:41 PM permalink
What taxes have you already paid on your casino winnings?
Why are you okay with them taxing your labor but object to them taxing your leisure?
As far as getting a response from this WH, don't hold your breath.
Deucekies
Deucekies
Joined: Jan 20, 2014
  • Threads: 47
  • Posts: 1210
April 30th, 2017 at 3:34:16 PM permalink
Quote: billryan

What taxes have you already paid on your casino winnings?



Any money you win from the casino had to have previously been lost to the casino by someone else. Eventually, all money can be traced back to somebody's paycheck, where it was taxed as income.

Not saying this is a good argument or not, but I believe that is the OP's argument.
Casinos are not your friends, they want your money. But so does Disneyland. And there is no chance in hell that you will go to Disneyland and come back with more money than you went with. - AxelWolf and Mickeycrimm
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
  • Threads: 206
  • Posts: 7923
April 30th, 2017 at 3:47:35 PM permalink
The strong prey on the weak and don't stop. The inheritance tax, etc., has a moral argument they use to screw the poor and middle classes, so things such as this can be.
In the land of the blind, the man with one eye is the care taker. Hold my beer.
DRich
DRich
Joined: Jul 6, 2012
  • Threads: 71
  • Posts: 5889
April 30th, 2017 at 5:12:34 PM permalink
Quote: ByeByeW2G

Casino slot machine players are required by the Internal Revenue Service to sign a form W-2G on wins of $1200 or more. This unfair tax needs to be eliminated in new tax plan. Gamblers have already have paid taxes on their money. By ending form W-2G everyone wins. The Government and the Casinos win by saving on the processing expenses. Gamblers win by not having to pay tax on the rare chance that they do hit the big one.

I wanted to let you know about a new petition I created on We the People, a new feature on WhiteHouse.gov, and ask for your support. Will you add your name to mine? If this petition gets 99,999 signatures by May 30, 2017, the White House will review it and respond!

You can view and sign the petition at WhiteHouse.gov

/petition/stop-punishing-gamblers-lose-form-w-2g-certain-gambling-winnings/



I hate to be this guy, but do you realize all wins are subject to tax? Yes, even if you win $1 it is taxable.
Living longer does not always infer +EV
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 165
  • Posts: 8834
April 30th, 2017 at 5:14:16 PM permalink
Quote: Deucekies

Any money you win from the casino had to have previously been lost to the casino by someone else. Eventually, all money can be traced back to somebody's paycheck, where it was taxed as income.

Not saying this is a good argument or not, but I believe that is the OP's argument.



You work. You get taxed. Now you take your leftover money and use some of it to buy a painting from me. As you paid for it with already taxed money, can I now not pay taxes on what I received?
Deucekies
Deucekies
Joined: Jan 20, 2014
  • Threads: 47
  • Posts: 1210
April 30th, 2017 at 9:39:54 PM permalink
Quote: billryan

You work. You get taxed. Now you take your leftover money and use some of it to buy a painting from me. As you paid for it with already taxed money, can I now not pay taxes on what I received?



Like I said, it's not a good point.
Casinos are not your friends, they want your money. But so does Disneyland. And there is no chance in hell that you will go to Disneyland and come back with more money than you went with. - AxelWolf and Mickeycrimm
RS
RS
Joined: Feb 11, 2014
  • Threads: 62
  • Posts: 8623
April 30th, 2017 at 10:29:41 PM permalink
The only good thing I can think of Canada is (apparently) they don't tax gambling winnings.


And CRJ, obvii.
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 165
  • Posts: 8834
April 30th, 2017 at 11:04:57 PM permalink
Quote: Deucekies

Like I said, it's not a good point.



And yet that is the argument against an estate tax.
Someone works for a man. They pay taxes on the money they get.
Now the man dies and leaves the money to his kids.
Why should the folks that work pay taxes on what they get but the kids pay nothing on what they get? In either case, the man had already paid taxes on the money.
PokerGrinder
PokerGrinder
Joined: Apr 30, 2015
  • Threads: 22
  • Posts: 3880
April 30th, 2017 at 11:24:55 PM permalink
Quote: RS

The only good thing I can think of Canada is (apparently) they don't tax gambling winnings.


And CRJ, obvii.



Yes no taxes in Canada on gambling. As well when I win a jackpot in the states I don't end up paying taxes either.

What's CRJ?
You can shear a sheep a hundred times, but you can skin it only once. Amarillo Slim Preston

  • Jump to: