MikeH
10-12-2004, 08:33 PM
I've been reading the Corporate Tax Reduction Bill passed by Congress yesterday and trying to not fall asleep.
I understand that George W. plans to sign it October 22, and if he does, and if I can read it correctly, we have finally opened the U.S. betting pools up to the world! No more taxation of Canadian individuals (or anyone else) who want to bet into our pools.
Now, the summary that I'm reading says "Certain gambling winnings," so there are probably some restrictions - say you're a Canadian and you hit the Pick 6 while on vacation in the U.S., that may (or may not) be exempt. We'll need to see how the details work out.
If you were planning on buying a Hummer or other large SUV and deducting it all this year, you need to buy it before George W. signs the bill.
Just to show you that the special interests still control Congress:
The excise tax on: 1) bows and arrows; 2) fishing tackle boxes; and 3) sonar devices suitable for finding fish has been reduced or repealed.
Some taxes on booze have been suspended.
Private jets have received some extra favorable tax treatment.
Custom duties on ceiling fans have been suspended.
People who buy sports franchises are receiving some extra breaks.
On the flip side, Congress has made a small (but feeble, IMHO) attempt to close tax loopholes used by the wealthy and big business (I was told that Disney paid NO tax last year - haven't verified it myself.)
I understand that George W. plans to sign it October 22, and if he does, and if I can read it correctly, we have finally opened the U.S. betting pools up to the world! No more taxation of Canadian individuals (or anyone else) who want to bet into our pools.
Now, the summary that I'm reading says "Certain gambling winnings," so there are probably some restrictions - say you're a Canadian and you hit the Pick 6 while on vacation in the U.S., that may (or may not) be exempt. We'll need to see how the details work out.
If you were planning on buying a Hummer or other large SUV and deducting it all this year, you need to buy it before George W. signs the bill.
Just to show you that the special interests still control Congress:
The excise tax on: 1) bows and arrows; 2) fishing tackle boxes; and 3) sonar devices suitable for finding fish has been reduced or repealed.
Some taxes on booze have been suspended.
Private jets have received some extra favorable tax treatment.
Custom duties on ceiling fans have been suspended.
People who buy sports franchises are receiving some extra breaks.
On the flip side, Congress has made a small (but feeble, IMHO) attempt to close tax loopholes used by the wealthy and big business (I was told that Disney paid NO tax last year - haven't verified it myself.)