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BankrollMob Poker News

nov
14

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 played.

Now its up to the Danish tax department to decide if he have been living abroad long enough not to pay tax in Denmark.


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38 comments for "WSOP: Maint Event winner risk to lose $6,2 million in tax"

 Saint14/11/2008 17:02:12 GMT
HAHA! how mad is that? If the danes dont tax him, the UK should instead... why should everyone live here for free? Blink
 noobyfish14/11/2008 17:34:12 GMT
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?
 weakminded14/11/2008 17:42:52 GMT
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.
 GeneYuss14/11/2008 17:56:34 GMT
That sucks if you live in some countries. Luckily for me, no tax for Canadian players if you play as a hobby Smile
 MANUEDO14/11/2008 19:52:43 GMT
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 !!!!!!
 shokaku14/11/2008 21:09:19 GMT
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
 doomdy14/11/2008 21:12:14 GMT
I'm also thinkin of movin to monaco, my BR gettin out of proportion Blink
 M3turbo14/11/2008 23:08:50 GMT
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
 Klevenxxx15/11/2008 01:23:20 GMT
Here in norway you gotta pay 27% of prizes over $1500. I think that`s crazy, but 75%.... OMG! Shock
 bikebuster15/11/2008 14:00:55 GMT
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!!!
 jevo15/11/2008 15:44:38 GMT
Wow I can hardly believe Denmark is inhabbited at all with such ridiculous tax laws. :O
 2000fish200015/11/2008 21:51:09 GMT
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 ?
 T3ddyKGB15/11/2008 23:12:56 GMT
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.
 taavi1915/11/2008 23:19:07 GMT
Wow. This is so unfair :S
 GeneYuss16/11/2008 06:59:33 GMT
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.
 godlike66616/11/2008 14:54:12 GMT
Just stay in US or move to Switzerland or something .Good thing they do this tough, always loved taxes.
 FabZ16/11/2008 19:04:22 GMT
sick, pay 6.2 if u win 9...
 tibore17/11/2008 05:30:43 GMT
I've said it before and i'll say it again, democracy doesn't work
 T3ddyKGB17/11/2008 06:15:05 GMT
there has never been a democracy Cool its just a big lie
 Poeinkie17/11/2008 07:18:28 GMT
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
 medvedev17/11/2008 10:50:13 GMT
There are a lot of legal ways to avoid paying enormous taxes. I think Peter Easgate will find the at least one of these ways. Give me a million and I will find the way to avoid taxes.
 polevaulter17/11/2008 21:18:32 GMT
Good decision! If I played so high stakes, I would also move to another country from Danmark. Insane taxes...
 Buhl3r17/11/2008 22:52:13 GMT
that's insane! He won the money! why should he give money to danmark? Bahh! pay 6,3 million? I would run away ;D
 sherrymay1218/11/2008 07:16:41 GMT
he wont pay near that
 kraemer18/11/2008 13:12:02 GMT
WOW! 75% Taxes. I knew that the scandinavian states have high taxes for lots of things like cars, alcohol etc... but I think 75% is far to high. On the other hand he still would be a multi-millionare , that's not to bad....

[QUOTE]hat's insane! He won the money! why should he give money to danmark?[/QOUTE]

Maybe cause he went to school there, used their medical services, drove on the streets the state has paid for and all that other stuff that You can only have in a working society. Who shall pay all this if not some 22 Year Old who just won 9 Million Dollars? Though I admit that any Tax of more than 50% is obscene in my eyes.
 MCL5518/11/2008 13:14:38 GMT
But imaging you have to worry about the taxes..... if that is the case and you have to move to e.g Monaco, England or any other places with no or low tax - then U know U have success at the poker tables Smile
Don't think Eastgate worries about the taxes.... he is a great danish guy that knows that money come - money go....
But he will as other danish pro's live outside denmark to avoid the insane taxes which some other guy "gladly" pays.... Sad Angry Aww crap!
 intentcity418/11/2008 13:49:52 GMT
so if they can tax your winnings, can you deduct your losings????
 klEEh18/11/2008 19:43:54 GMT
"so if they can tax your winnings, can you deduct your losings????"

Gooooood question!! Have had a really bad year, will send a mail instantly to the ministry and ask 'em.. u can deduct a lot of things and its the time of year to do so - poker losses? Why not??
 Yukas18/11/2008 23:38:23 GMT
One of Belarussian internet pro-players in my country won 1 million $$$ so know the goverment structures such as FBI in USA is looking for him=)))) and if they will find him he would be in jail without money 100%=))))))))))! That! is sick! government=)))!!!! Love to have your government=DD
 pwned55519/11/2008 00:02:36 GMT
long live Canada. No taxes on poker or any other form of gambling.
 cyclonisz219/11/2008 15:57:49 GMT
oooooh dang now that really sucks so bad they dont deserve to tax his winnings they didnt play for hours on end rofl thats horrible
 FOLDFISH19/11/2008 16:17:25 GMT
every one does not live in the uk for free infact we pay a shit load of tax just not on poker winnings
 indelacio21/11/2008 11:00:22 GMT
Im sorry what were they smoking when they said the government could get 75% of all funds over 500k.. that is just ridiculous.. thats a third of his pot, making second place the better winner... that is one greedy government stealing 6 million out of his 9 million prize fund.. fucking hell... sriousely thats not on anywhere in the world....
 foleyseye21/11/2008 13:39:47 GMT
its a joke having to move for fear of tax, im from uk its the last place id be with that sort of money
 dunotra21/11/2008 13:58:16 GMT
Posted by foleyseye:
its a joke having to move for fear of tax, im from uk its the last place id be with that sort of money


Ha Ha
Well I'm from the UK but I did not move here to Holland to avode paying tax I moved here to pay tax...( i.e. to get some work ) so i can pay tax.

Nice to meet you where in the UK are you from i'm from Newark but lived in Doncaster for a few years before i came here.
 Buhl3r22/11/2008 01:05:17 GMT
Posted by kraemer:


Maybe cause he went to school there, used their medical services, drove on the streets the state has paid for and all that other stuff that You can only have in a working society. Who shall pay all this if not some 22 Year Old who just won 9 Million Dollars? Though I admit that any Tax of more than 50% is obscene in my eyes.


even so, that heavy too much. Those stuff you say. The country gives to all other ppl, if he win by himself the money... imo, 10% of taxes would be enought! Or are he working hard to give to country? Pff!
Evil
 hawkgman23/11/2008 14:57:14 GMT
god i love it, so amusing, haha, he should do what my uncle does and get a residence in the isle of sark tax is only 0.25% and am pretty sure gambling is tax free Big Smile , i personally would do a runner and never go back $6.2 million, i can move my whole family , there friends, my freinds and anyone else for that matter to the exotic isles for that kinda money and live like kings i tell you, dam fool kings!!! what do you reckon odds are he actually pays the tax??
 MrCyrudan23/11/2008 17:36:53 GMT
Kraemer, first off - We do not have high taxes on alcohol, theres a reason danish is on the 7th place in alcohol consumption pr. capita and raising every year ( source is who.org - world health organization, you might have heard about them ). Brits and Americans is not even on the list :S

Second of all, yes theoratical we pay 68% BUT almost everything is tax deductable in Denmark.
Stock losses, POKER losses ( yes it is deductable. ), loans(debt), travel - meh name it and theres probably a tax deductable formula somewhere. So when all is said and done, and taxes has been paid, we still have $57,136GDP per capita - which is 6th place in the world.

Then theres the free health care, school system, roads. Only thing that really sucks is the 180% registration and 25% VAT on new cars

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