Stop Punishing Gamblers Lose Form W-2G Certain Gambling Winnings

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/

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.

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.

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.

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.

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?

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.

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


And CRJ, obvii.

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.

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?