Mission146
Mission146
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May 14th, 2019 at 10:51:31 AM permalink
Quote: Gialmere

So 1977 gives a date missing from that earlier thread. Using an inflation calculator I get 1200 1977 dollars is equal to 5026 2018 dollars.



Yeah, and $278.89 now is worth $1,200 then.
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Mission146
Mission146
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May 14th, 2019 at 10:55:21 AM permalink
Quote: DRich

Why would the IRS want to lower it? They want as much income reported as possible.



The idea is it doesn't matter what the IRS wants.

Of course, I think the mandatory tracking that they supported along with the $600 threshold was totally stupid. In addition to being unduly burdensome on small locations (bars, parlors) that may only have a few machines, I think it could have also been counter-productive for the IRS. If we assume that most players incur a gambling loss for the year and that they would be more inclined to offset wins with losses (especially since the casino would essentially have to track accurately and mandatorily provide both player and the IRS with the information) players who had, in fact, lost overall would be more likely to offset.

I should imagine that a good percentage of the revenue comes from players who actually did lose money gambling overall for the year but are either unaware, unconcerned or too lazy to offset the winnings with recorded losses.
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darkoz
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Mission146Rigondeaux
May 14th, 2019 at 12:11:09 PM permalink
Quote: DRich

Why would the IRS want to lower it? They want as much income reported as possible.



Just hazarding a guess.

Casinos want higher w2g requirements so less wait and paperwork = higher profits.

Lobbying to politicians and their campaign donations since they want higher profits

Politicians influence the IRS decision results in success for higher w2g reporting.

So to answer your question its politics vs. Higher income reported to the IRS
Mission146
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May 14th, 2019 at 12:20:23 PM permalink
Not just that, but we also have to consider that the average bet amount has increased across the board since 1977. Even on, "Penny," machines the max bet is generally greater than it was on quarter machines (and maybe even dollar machines, in some cases) in the 1970's.

From a slot manufacturer perspective and a casino perspective, a greater W2G threshold will enable them to create higher Variance machines that can return x times the bet more than they can now if the goal is to avoid a W-2G. This will be good for players who might like games where you can bet $5.00 and hit pays that are greater than a few hundred bucks with more frequency.
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billryan
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May 14th, 2019 at 12:21:57 PM permalink
I may be mistaken, but I think the top paying slot in AC when it first opened was $500.
Mission146
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May 14th, 2019 at 12:25:23 PM permalink
Quote: billryan

I may be mistaken, but I think the top paying slot in AC when it first opened was $500.



I'd believe it, I believe that MickeyCrimm has stated that Montana has a limit of $600 for a jackpot even to this day.
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darkoz
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May 14th, 2019 at 12:53:58 PM permalink
Quote: Mission146

I'd believe it, I believe that MickeyCrimm has stated that Montana has a limit of $600 for a jackpot even to this day.



That's the same in NYS

EDIT: think I read that wrong. You saying no one can win MORE than $600 or that is the jackpot trigger?
CrystalMath
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May 14th, 2019 at 1:36:48 PM permalink
Quote: Mission146

I'd believe it, I believe that MickeyCrimm has stated that Montana has a limit of $600 for a jackpot even to this day.



It is actually $800 and a max bet of $2. A player cannot win more than that and W2-Gs are never issued. Every cash out is paid by the attendant, sort of like playing at the Las Vegas airport. Each casino is limited to 20 machines, so they hear every ticket being printed and they’ll usually walk over and pay the ticket. Those printers are loud, like a dot matrix with a carbon copy that stays in the machine.
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ChumpChange
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May 14th, 2019 at 1:38:42 PM permalink
The NYS racinos have video lottery terminals (slot machine networks), and I haven't hung around to win anything there, but there might be a $600 tax form to fill out instead of the $1200 at non-racinos.

You'd think with the standard tax deduction going from whatever it was to $12K or $24K, they could raise the tax form amount to $10K, but I think the gov't wants to lower it to catch tax cheats instead.

BTW, those $10,000 CTR's could probably be raised to $75K based on inflation over the last several decades.
Last edited by: ChumpChange on May 14, 2019
darkoz
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May 14th, 2019 at 2:12:37 PM permalink
Quote: ChumpChange

The NYS racinos have video lottery terminals (slot machine networks), and I haven't hung around to win anything there, but there might be a $600 tax form to fill out instead of the $1200 at non-racinos.

You'd think with the standard tax deduction going from whatever it was to $12K or $24K, they could raise the tax form amount to $10K, but I think the gov't wants to lower it to catch tax cheats instead.

BTW, those $10,000 CTR's could probably be raised to $75K based on inflation over the last several decades.



In NYS over $600 does not generate w2g. Just a jackpot. They check if u owe back nys taxes, child support, parking tickets or welfare reimbursement

I doubt they will raise the CTR. Even with inflation I notice the average American walks around with less than $10gees in his pockets. $30 or $40 gees in cash still is enough to raise suspicion

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