Re: [vpFREE] Stimulus check

 

Glen,

It's worth noting that while Treasury was unwilling to increase the reporting thresholds when reviewing rules in 2017, the did propose the concession that casinos could elect to report net wins on any gaming day in which those net wins exceeded the $1200 threshold.

If implemented, it wouldn't have eliminated current reporting headaches for gamblers entirely, but it would have been a considerable assist for many $5+ players who now must gross up AGI by quad hits on "double bonus" like games (or $10 jacks players). 

However, casino owners balked at gaming day reporting, saying that current tech couldn't assure who was actually playing (as anyone who has picked up an abandoned card in a casino will attest) and thus exposed them to potentially inaccurately attributing wins to the wrong person.

The truth is that the processing of w2-g's is largely a minor expense to the casino, particularly now that tech has streamlined much of it.  The cost isn't worth making waves over.  Any there's no one lobbying for the player, least of all casinos.  (If it weren't that big casinos players are a bunch of skinflints ;), I'd have long ago suggested we form a PAC in order to register a "voice" in DC -- we live in a "dollar democracy")


-----Original Message-----
From: Glen Gronseth gleng4444@gmail.com [vpFREE] <vpFREE@yahoogroups.com>
To: vpFREE@yahoogroups.com
Sent: Wed, Apr 22, 2020 5:01 pm
Subject: Re: [vpFREE] Stimulus check


I've long wondered why the American Gaming Association https://www.americangaming.org/  has never turned its lobbyists loose on the law that requires a W2-G to be issued for wins of $1,200 or higher.  It  would make only a tiny dent in federal and state tax receipts, simplify casinos' bookkeeping, and connect the tax laws to common sense ...

Or, if Congress can't be that reasonable, at least increase the W2-G threshhold to a much higher amount.  It's been $1,200 for as long as I can remember.  $1,200 in 1980 had the same purchasing power as $3,759 today.  A $5,000 threshhold would suit this former $1 VP player but many people who have large actual net losses would need a higher threshhold to escape governmental abuse. 

GMan.


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