It's so ridiculous that the government penalizes you on gross wins. You could have lost $100,000 for the year and they will increase your medicare premium. People who gamble recreationally are suffering for the decades when horse racing was popular in this country before casino gambling. At the track there were people who went just to cash tickets for a price for the patrons that didn't want to pay taxes on their winnings tickets at the taxable threshold. The IRS and federal government attempted to make it more difficult and penalize the people who cashed those tickets. I don't know the history behind the $1200 and above taxable figure but I know it had it's origins at the race track. There was probably a time they didn't withhold part of the winnings. This came about because people who won money at the track making exotic bets never paid their taxes on the winning. The state and federal government should have been thrilled with these people wagering money at the track. The percentage take that came out of the betting pool filled their coffers. No matter what they won they eventually gambled it back and lost. The amount of lifetime winners at horse racing is probably a couple percent at best. The track hold is 17-25%.
Let's face it. The state and federal governments are all hypocrites. They flood every state with casinos to fund their treasuries. Stop worrying about jackpot wins. Almost every dollar goes back into the casinos just like the tracks. Isn't their goal to keep the casinos full and watch the dollars roll in. The casino drop and profits are taxed like crazy. If the premise is that almost everyone will lose in the long run you will end up with the patrons money. Profits will go up as the casino will no longer have to waste time and paperwork on taxable jackpots. No, that would be too logical so you chase away the group with largest amount of disposable income, seniors. They don't want to pay increased premiums when they are actually losing money. You could try to explain this to those who are elected to office to your blue in the face. Tell them to change the IRS code in regards to gambling winnings so they could devote their time to collect money from where it is really being hidden and they turn a deaf ear.
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Posted by: vpking77@yahoo.com
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