$670k royal flush

[Billy C1]

Depends on your vantage point

My statement about taxes isn't wrong. I was talking about MY implications if I were playing the game (a non professional gamer living in a state that screws its taxpayers to the max).
Tax ramifications are residency dependent for all of us.

BillyC1

 

[Nynefingers]

if it was a 1$ machine, I wouldn't be interested in 32.5cents a hand at bonus poker.

Then you definitely wouldn't be interested in the 3.25 cents/hand it would actually be worth either, right? Meh...I know you knew what you meant there :laugh: $26/hr for a dollar machine does sound pretty weak. Unless, as you said, it had a good meter or a good cashback card.

 

[The Chaperone]

You're right about the professional aspect, however, that does not help as much as you might think. Even on Schedule C, gambling winnings can only be offset by gambling losses up to the amount of the winnings minus business expenses, but at least losses are not subject to the Schedule D 2% limitation. There is no carryover of gambling losses on schedule C. Also, they are still subject to self employment taxes. To avoid self employment taxes, the gambler must form a separate entity, a corporation or equivalent.

ps-- I do believe the law precludes the carryover of gambling losses even under a corporate structure, same as it does under a Sch C filing.

Seriously, I mean why does anyone generate income when they have to pay taxes? It's a wonder people actually work.

 

[Blue Efficacy]

Seriously, I mean why does anyone generate income when they have to pay taxes? It's a wonder people actually work.

Two reasons:
Tax revenue pays for parks, roads, public safety, etc. In other words, things everybody (including tea baggers) benefit from.

Secondly, after paying your taxes, you still have money left over!

I hope your comment was being sarcastic, I thought most professional gamblers were smarter than that.

 

[Billy C1]

Too many takers

As always, working people are supporting nonworking people. The big problem now is that there's such an imbalance between the two.
The old saying that "people that want to work are working" is still pretty much true. Ambitious people find things to do. It may not be the desired job but anything is better than nothing.
Unemployment is way to easy for many to get and in this area a lot of them have no intention of looking for work as long as we keep supporting them.
Anyone counting on "pride" changing this truism is a big dreamer!
The Tea Party doesn't promote a "no tax system". They insist on wiser use of tax monies. Is that bad?????

BillyC1

 

[tthree]

Greedy government

About 10 years ago I kept track of how much taxes I pay all year. State and federal taxes, sales taxes, tolls, gas taxes and a myriad of fees. It totaled over 70% of my income!!!! How much worse it must be now that they have spent the last few years upping every one of them. Well maybe gas has a smaller take now that the fuel is more than the taxes. Most people have no clue that you pay so much of your income to the government. Think how good the economy would be going if we had twice as much money to spend every month.

 

[Machinist]

Blue??? Correct me if I'm wrong but your from minnesota? No?
Just wondering....

Mac

 

[aslan]

Seriously, I mean why does anyone generate income when they have to pay taxes? It's a wonder people actually work.

The tax system is unfair. The top 1% pay around 40% of the taxes and the top 5% pay 60% of all income taxes. The bottom 50% pay less than 3%. If anything, in the name of fairness, many who pay nothing should pay something so at least they have some skin in the game. Currently their only incentive is to live off the generosity of the government. The Federal gov't's role should be limited to national defense and protection of citizens from powerful private organizations that become abusive through monopoly power in commerce, unfair labor practices, and unsafe practices resulting in damage to human health and the environment. But in most cases, the states should have the power to determine their own destiny, and private enterprise should be allowed as much freedom as possible to pursue
their interests.

To answer your question, if taxes become too burdensome, it eventually will provide a disincentive to work and a disincentive for businesses to grow, hire new employees, or even continue in existence.

 

[tthree]

To answer your question, if taxes become too burdensome, it eventually will provide a disincentive to work and a disincentive for businesses to grow, hire new employees, or even continue in existence.

We are already there.

 

[Machinist]

Tthree correct on both. 1. 1/4% to 1/2% is 100%!!!! Tadaaaaaa..soooooooo huge...!!!
2. We r there and have been there with this stupid country with reguards to taxes.
Aslans post is dead on I believe about who pays taxes.......But yet some refuse to believe.
I know of lots of people just waiting to make money, ,,,, but it ain't gonna happen with Guber, Or Gubber? in power.

Tthree I find I feel that 100% of my money is pissed away on taxes...

Machinist

 

[creeping panther]

Blue

"Teabagger" is a very offensive term applied to a political movement operating within the law.

The term is "TeaParty".

When I see that term, ( the top term), used I figure the user has just lost all credibility.

CP

 

[Blue Efficacy]

Blue??? Correct me if I'm wrong but your from minnesota? No?
Just wondering....

Mac

Affirmative

 

[Blue Efficacy]

The tax system is unfair. The top 1% pay around 40% of the taxes and the top 5% pay 60% of all income taxes. The bottom 50% pay less than 3%. If anything, in the name of fairness, many who pay nothing should pay something so at least they have some skin in the game. Currently their only incentive is to live off the generosity of the government. The Federal gov't's role should be limited to national defense and protection of citizens from powerful private organizations that become abusive through monopoly power in commerce, unfair labor practices, and unsafe practices resulting in damage to human health and the environment. But in most cases, the states should have the power to determine their own destiny, and private enterprise should be allowed as much freedom as possible to pursue
their interests.

To answer your question, if taxes become too burdensome, it eventually will provide a disincentive to work and a disincentive for businesses to grow, hire new employees, or even continue in existence.

The problem lies in the fact that the top 1% has such a high percentage of the resources to begin with.

The country hasn't gone broke over the years. The wealth has simply shifted to the top. Started in the Reagan years. To imply the bottom half is not taxed enough is extremely disingenuous.

Also remember that non-working people (who desire to work) are essential to the economy's stability. If everyone "pulled themselves up by the bootstraps" and miraculously found jobs (while the wealthy hoard all of the wealth and refuse to create jobs) then the labor shortage ensuing would result in runaway inflation.

But whatever. All poor and unemployed people are evil and lazy. Rich people are beautiful and wonderful and should be taxed at most 5%. The tax system is unfair in that it puts proportionally a much higher burden on middle wage earners than anybody else.

 

[Blue Efficacy]

Tthree correct on both. 1. 1/4% to 1/2% is 100%!!!! Tadaaaaaa..soooooooo huge...!!!
2. We r there and have been there with this stupid country with reguards to taxes.
Aslans post is dead on I believe about who pays taxes.......But yet some refuse to believe.
I know of lots of people just waiting to make money, ,,,, but it ain't gonna happen with Guber, Or Gubber? in power.

Tthree I find I feel that 100% of my money is pissed away on taxes...

Machinist

If 100% of your money is pissed away on taxes, how do you eat, or pay for internet access, or play blackjack?

If you don't like government or taxes, you could try living in Somalia. Let us know how you like it there.

 

[tthree]

The problem lies in the fact that the top 1% has such a high percentage of the resources to begin with.

The country hasn't gone broke over the years. The wealth has simply shifted to the top. Started in the Reagan years. To imply the bottom half is not taxed enough is extremely disingenuous.

Also remember that non-working people (who desire to work) are essential to the economy's stability. If everyone "pulled themselves up by the bootstraps" and miraculously found jobs (while the wealthy hoard all of the wealth and refuse to create jobs) then the labor shortage ensuing would result in runaway inflation.

But whatever. All poor and unemployed people are evil and lazy. Rich people are beautiful and wonderful and should be taxed at most 5%. The tax system is unfair in that it puts proportionally a much higher burden on middle wage earners than anybody else.

When I am helping the poor and bring up this issue they call living of the government dole "ghetto fabulous". Most inner city people either work two or three jobs to pay their bills or live ghetto fabulous. It is all a matter of self esteem and values.

 

[KenSmith]

I didn't read the middle part of this thread to see how we got onto politics. Head over to the ZenZone though.