Attention all American poker players!
Come March 8th, any and all of your poker winnings exceeding $5,000 will have 25% slashed off the top and held by the casinos and/or poker rooms where the cash was won until tax time.
Now, newly legislated tax laws are normally met with the usual grumbling. But this time the issue is poker, yup, that God-given statute of liberty epitomizing America – that land of the free to gamble; just not online, that is. At least that’s what most of us thought when the US Congress passed the awful Unlawful Internet Gambling Enforcement Act (aka (UIGEA) last fall in an attempt to eradicate online gambling in the interest of protecting land casinos.
But through a strange twist of fate, or just plain stupidity on the part of Washington DC (da Capitalists), thousands of once content land-based poker players are now being scared off and into the safe tax-free hands of, get this… Internet poker rooms. Wow, talk about feeding the hand that supposedly bites you.
Unlike the USA’s great white north neighbor, Canada, where only ‘professional’ poker players must declare their earnings, and not recreational players, the US poker tax will be imposed on anyone winning more than five grand, pro or otherwise.
And if my prediction proves correct, the UIGEA will wind up as having been nothing more than a big, BIG BLUFF!