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.
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 So why not take tax as much possible. Is Bill Gates pay tax for his income 43%, too ? Not same income but same tax yeah rule of this world just like that .
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
It's almost unbelievable! In Poland, we have tax 10% from lottery, gambling, etc... But 43%??? 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
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? ]
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 ?
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?
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
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.
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.
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
------------ 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
Write a comment:
You must be logged in, to comment on news...
Disclosure: BankrollMob may earn a commission based on the advertisement material on this site. #AD