To me, the biggest hit is for people who play in states that have income tax. I haven't seen anything saying if this will apply to state taxes but I don't casinos doing different paperwork for jackpots between $600 and $1199 vs $1200 and above.
Here in Michigan, if the $600 W2 limit is passed, I think it will be end of $5 video poker for anyone who doesn't file professionally.
In Michigan, every W2 costs me 4.6% on state tax with no way to offset it. So, if I play $5 Jacks or better, the state of Michigan gets 4.6% of my royals, straight flushes and quads. They currently get $5 of the RF and SF for an additional 0.116% hit.
Quads contribute 5.91% to the return, SF is 0.55% and RF is 1.98% for a total of 8.44%. 4.6% of that is 0.388%. Now, my $5 JOB is down to about 99.15% and that doesn't include any of the federal taxes.
I don't see the State of Michigan doing anything besides grabbing every nickel they can. I doubt the session method will work on the state return.
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Posted by: greeklandjohnny@aol.com
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