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WSOP: Maint Event winner risk to lose $6,2 million in tax

Tags: Peter Eastgate, WSOP 2008 Maint Event Winner, WSOP Main Event
Posted on 14 November 2008 by "T".
According to Danish law and some tax experts, Peter Easgate might have to pay 45% tax on $500,000 and 75% tax on the rest of the winnings after that he won over 9 million dollars for the 1st place in WSOP Maint Event a few days ago.   Peter Eastgate was well aware of the high tax he had to pay if he stayed in Denmark and therefore he decided to move to England before the final table was p[...]   Read more » WSOP: Maint Event winner risk to lose $6,2 million in tax

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  14-Nov-08, 17:02   #1
WSOP: Maint Event winner risk to lose $6,2 million in tax 0 
Saint 

Joined: Nov '08
Location: United Kingdom
Age: 33 (M)
Posts: 36
HAHA! how mad is that? If the danes dont tax him, the UK should instead... why should everyone live here for free? Blink

     
  14-Nov-08, 17:34   #2
  0 
noobyfish 

Joined: Apr '08
Location: Germany
Age: 38 (M)
Posts: 160
so in germany there is the issue of the double-tax if u live in "both" countries. so u pay the lower tax rate in the cheaper country and the difference to the higher one in the other country...

why isnt this everywhere?

     
  14-Nov-08, 17:42   #3
  0 
weakminded 

Joined: Sep '08
Location: Belgium
Age: 32 (M)
Posts: 442
I would do the same. you went trough all that trouble to earn that money and some governement comes and takes more than half of it Smile if it was me I'd be off to monaco playing poker with my tax-free money Big Smile


@ Saint, if the guy lives in the UK, he'll spend his money there so that means that your economy only profits from millionaires like that guy Smile.

     
  14-Nov-08, 17:56   #4
  0 
GeneYuss 

Joined: Jan '08
Location: Canada
Age: 31 (M)
Posts: 2697
That sucks if you live in some countries. Luckily for me, no tax for Canadian players if you play as a hobby Smile

     
  14-Nov-08, 19:52   #5
  0 
MANUEDO 
Joined: Apr '08
Location: Italy
Age: 53 (M)
Posts: 1955
Ok Gene but after winning 9 million, could you be still considered '' player for hobby " ?
In Italy the situation is similar to german one: pay taxes in the country you earned money in and the difference ( if italian taxes were higher ) in Italy.
Any way you can make me pay 75% tax !!!!!!

     
  14-Nov-08, 21:09   #6
  0 
shokaku 

Joined: May '08
Location: Germany
Age: 54 (M)
Posts: 6677
The UK is not known to have that low taxes. Gus Hansen lives in Monaco. There will be a reason for this. Blink

75% tax is really harsh Shock

     
  14-Nov-08, 21:12   #7
  0 
doomdy 

Joined: May '08
Location: Netherlands
Age: 48 (M)
Posts: 6197
I'm also thinkin of movin to monaco, my BR gettin out of proportion Blink

     
  14-Nov-08, 23:08   #8
  0 
M3turbo 
Joined: Dec '07
Location: Denmark
Age: 36 (M)
Posts: 2644
There is a litlle bit more to the case than it's put here but it's very complicated.

Top tax in DK is as I know it 68% so 75% is out of the question.

Lets take it tomorrow im drunk Agree

     
  15-Nov-08, 01:23   #9
  0 
Klevenxxx 

Joined: Nov '08
Location: Norway
Age: 37 (M)
Posts: 22
Here in norway you gotta pay 27% of prizes over $1500. I think that`s crazy, but 75%.... OMG! Shock

     
  15-Nov-08, 14:00   #10
  0 
bikebuster 
Joined: Apr '08
Location: Denmark
Age: 41 (M)
Posts: 3
M3TURBO.. Im danish, and i can confirm the 75% tax... it is a winning tax... it also applys if my far out grand uncles wife, (or other non related people) dies and leaves me $10mill... Thumbs Down

------------
We also pay 180% tax on our cars..! so if you drive a $100000 car, it would cost me $280000 to do the same... THATS CRAZY!!!

     
  15-Nov-08, 15:44   #11
  0 
jevo 

Joined: Oct '08
Location: United Kingdom
Age: 39 (M)
Posts: 1086
Wow I can hardly believe Denmark is inhabbited at all with such ridiculous tax laws. :O

     
  15-Nov-08, 21:51   #12
  0 
2000fish2000 
Joined: Oct '08
Location: Poland
Age: 41 (F)
Posts: 4
And who is the biggest cheater - our goverments - the real MOB, what the fu...is going on ....is it not a legal cheating ?
Winning such an event is a real hard work and than come tax office and will take its % .... for what ?

     
  15-Nov-08, 23:12   #13
  0 
T3ddyKGB 

Joined: Oct '08
Location: Germany
Age: 44 (M)
Posts: 2023
some tax is ok or our society wouldnt work out as it is. but 75% !? this is just a joke. no question i would immediatly move to monaco..

edit: and then the gouverments wonder why rich people move to monaco or other taxfree countrys...so at end they lose more money by this as if they put lower tax.

     
  15-Nov-08, 23:19   #14
  0 
taavi19 

Joined: Oct '08
Location: Estonia
Age: 29 (M)
Posts: 232
Wow. This is so unfair :S

     
  16-Nov-08, 06:59   #15
  0 
GeneYuss 

Joined: Jan '08
Location: Canada
Age: 31 (M)
Posts: 2697
Posted by MANUEDO:
Ok Gene but after winning 9 million, could you be still considered '' player for hobby " ?


Why not? You can't put a price on a hobby.

Joe Hachem didn't pay tax on his 2005 WSOP win.

     
  16-Nov-08, 14:54   #16
  0 
godlike666 

Joined: Feb '08
Location: Netherlands
Age: 33 (M)
Posts: 312
Just stay in US or move to Switzerland or something .Good thing they do this tough, always loved taxes.

     
  16-Nov-08, 19:04   #17
  0 
FabZ 
Joined: Sep '07
Location: Netherlands
Age: 30 (M)
Posts: 8
sick, pay 6.2 if u win 9...

     
  17-Nov-08, 05:30   #18
  0 
tibore 
Joined: Sep '08
Location: Australia
Age: 30 (M)
Posts: 49
I've said it before and i'll say it again, democracy doesn't work

     
  17-Nov-08, 06:15   #19
  0 
T3ddyKGB 

Joined: Oct '08
Location: Germany
Age: 44 (M)
Posts: 2023
there has never been a democracy Cool its just a big lie

     
  17-Nov-08, 07:18   #20
  0 
Poeinkie 

Joined: May '08
Location: Netherlands
Age: 37 (F)
Posts: 314
If you win some kind of price in Holland like the lotery, you have to pay 29% tax. This money will be automaticly deducated from your price money, I guess if they don't do it automaticly every winner will take the first flight to hawai and never come back Blink

     
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