Horse Racing Keeps Eye on Internet Poker Bill. Elimination of the withholding tax???

[andymays]

http://www.bloodhorse.com/horse-racing/articles/60238/racing-keeps-eye-on-internet-poker-bill

Excerpt:

The benefits include, but aren’t limited to, issues the NTRA has been working on for years: clarification of the legality of interstate and online pari-mutuel wagering on horse races; tax exemptions for advance deposit wagering; elimination of the withholding tax; and changes in the reporting requirements for winnings to mirror those of casinos.

Read more: http://www.bloodhorse.com/horse-racing/articles/60238/racing-keeps-eye-on-internet-poker-bill#ixzz17S1sxsvw

[Fox]

Any idea how much is withheld on an annual basis? I would guess about $100,000,000. You then have to figure $100,000,000 kept in the hands of horseplayer would result in another $400,000,000 in handle. That would be a nice boost to the industry.

[andymays]

Any idea how much is withheld on an annual basis? I would guess about $100,000,000. You then have to figure $100,000,000 kept in the hands of horseplayer would result in another $400,000,000 in handle. That would be a nice boost to the industry.
I'm sure the amount withheld is significant.

I have no idea how much support this bill has and what the chances of it passing are. I guess we'll find out.

[lamboguy]

in england there is no income tax on any type of gambling winnings. they do have big percentages in lotteries though. if they revised the way they collected taxes here that would certainly be a boost to the game. a person that looks at gambling on horses see's the takeout and the kicker if he wins, he is paying taxes. eliminate taxes on winnings and see how much more revenue there would be for the government and more players in this game.