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nov
1

"The Taxman" Will Take 43% of Merson's Winnings

Tags: 2012 wsop, greg merson, las vegas, main event, poker, russ fox, taxable talk, world champion.
Posted on Thursday, November 01, 2012 by "T".

Russ Fox, a tax consult based in Las Vegas, has in the past few years been calculating how much the WSOP Main Event finalists will get to keep after paying taxes. This year $10,028,396 of the $27,258,025 final table prize pool should be taxed. The biggest tax bite will be taken from the winner Gregory Merson...

"Mr. Merson had tremendous success at the WSOP this summer. He also won the $10,000 buy-in six-max no-limit hold'em event (there are a maximum of six players at each table throughout the event). Most poker professionals consider that event to be one of the toughest (if not the toughest event) of the WSOP. He earned $1,136,197 for his earlier victory. Mr. Merson won "Player of the Year" honors at the WSOP. For his win in the main event, Mr. Merson earned $8,531,853. He'll owe self-employment tax ($247,424), state income tax to Maryland ($469,252), and federal income tax ($2,976,850), for a total tax bite of $3,693,526. He'll actually get to keep $4,838,327 (he'll lose an estimated 43% of his winnings to taxes)," Russ Fox wrote on Taxable Talk.

 


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19 comments for ""The Taxman" Will Take 43% of Merson''s Winnings"

 bullettooth111/1/2012 11:19:36 AM GMT
we're all in the wrong game. being a tax man is the way to go. lol
 littlegreg6811/1/2012 11:40:58 AM GMT
HMMM!!!!!!!!!!!!!! Move to Australia! Or somewhere they have no such a law. Silly Yank laws!
 Serpang11/1/2012 12:40:54 PM GMT
Posted by littlegreg68:
HMMM!!!!!!!!!!!!!! Move to Australia! Or somewhere they have no such a law. Silly Yank laws!



Right ! and inhumane ! They think to be winning poker just need 1 month to play and get surprized prize $ 8,5 M Big Smile Big Smile So why not take tax as much possible. Is Bill Gates pay tax for his income 43%, too ? Not same income but same tax Big Smile Big Smile yeah rule of this world just like that . Sad Sad Sad
 pochui11/1/2012 3:40:21 PM GMT
that's way too much imo- i would "accept" a loss of 25% max, but even in that case would consider moving to some tax heaven, since we are talking about serious money...if i would have to choose what to do: pay taxes, and lose 3-4 millions or move to a place safe of taxes- i would pick the latter option
 ZmxPowah11/1/2012 5:37:24 PM GMT
Quite sad to see something like that going. 43% is kinda much :o
 Mysik8611/1/2012 9:41:55 PM GMT
It's almost unbelievable! In Poland, we have tax 10% from lottery, gambling, etc... But 43%??? Shock Shock Shock This "taxman" must be very very rich guy...
Unfortunately, poker is treated almost as illegal, so I don't know how to "laundry" so much cash Blink

PS. How pro-players from countries with no regulated poker law (like in Poland, and pro Marcin Horecki) are tax their cashes? Do you know? ]
 byng011/1/2012 10:56:04 PM GMT
Everyone is taxed and then you must file income tax forms, but only way to get a refund on any of it is to win small as its considered the same as working and unless you have deductions that qualify its all Uncle Sams.
Only in America EH ?
 fcumred11/1/2012 10:57:17 PM GMT
Yes they will tax his winnings, but think of the money he's going to get in terms of sponsorships, endorsements, free entry into tournaments...

Adding up all the perks he will get from being the WSOP chamption he is guaranteed to earn at least three times that amount in his lifetime from winning the main event.

 J_ermaine11/2/2012 12:14:56 AM GMT
goddam taxxx
 nipitiri311/2/2012 8:53:47 AM GMT
geez 43 precent ... its like almoust half wtf lol
 Fakiry11/2/2012 12:00:03 PM GMT
Recently the Portuguese government decide to tax prizes above €5,000 on lotteries, and this will give them a big return, because Portuguese people plays a lot on this games and they also win many times, which will have the consequence of reducing the prizes they won and increase the Government profits. Just hope they apply it in the best way. And the same goes for US Gov, guaranteeing $10M in a few seconds just for re-writing a law. What should Gregory Merson be thinking when he reads this?
 jsantos7511/2/2012 3:11:25 PM GMT
wot this to much tax lol suck ****$$$$$$$$$$$$$$$$$
 sandtrap77711/2/2012 4:03:32 PM GMT
Doesn't matter where you live, you'll all get taxed by the US tax man
WSOP should move to Canada where the winnings aren't taxed
or the Cayman Islands, Bahamas or any other place where winnings aren't taxed
 WinAllDay11/2/2012 5:16:47 PM GMT
yea, if greg merson was a canadian hew could apply to receive up to all of this taxed winnings to be returned (and then he declares it as an income when he files his annual incometax.) there are several companies that will do this for canadians on consignment.
 Jibberish11/2/2012 11:05:56 PM GMT
thats why i love canada! you take the 3.6m but we'd get it back in a matter of months!

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and sandtrap, if your american your government will just tax it when you get back
 Greenmohave11/3/2012 2:02:04 AM GMT
I know that's way to much to be going towards taxes, but that's the United State's for you. Totally ridiculous to have to pay out so much. It's just like anyone who win's a million dollars on the lottery will pay in excess of $350,000.00 toward taxes. So you end up just over $600,000.00 Grated it was free money and all, but for crying out loud the U.S. gov kills us.
 Jibberish11/3/2012 3:57:40 AM GMT
us governments ROI +43% lol
 byng011/3/2012 4:09:57 PM GMT
God Bless America
16 trillion in DEBT and climbing at least 1 trillion per year
Twice the debt load per person as in Canada

Never be able to climb out of this hole
As we are all gamblers here, my take is:

U.S. goes in the tank within 7 years
 Indo36M11/30/2012 6:55:44 PM GMT
in holland above the 454euro,u must pay 35%,but in the end off the year that u won 100k,then u get a letter for the tax of the money that you had earned+a few
% tax,bcoz u had more money then before the winning,denmark took from 9 million
a 2/3 off 9 million,dolllars or denish kroon,still 2 much,they are crooks,like most goverments

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us in tank 7years,weird countrey,a niple on tv is not ok!drivers license in some state iff u are 15 y old, whit 18 y.old u may buy any gun u want,and 21 y old then u are adult and allowed drink alcohol!!! weird

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