POLITICAL ACTION CALL: Time For Players/Fans To Help..

[Mall]

What I'm asking everyone who reads this post to do will take less than two minutes of not particularly strenuous effort.

Steve has been kind and patient enough to have me on his show to discuss this very subject, most recently during his final broadcast from the Spa. Steve's also graciously agreed to be a member of the Players' Panel which will try to make certain that the proposed withholding legislation, which would eliminate one of the fundamentally unfair tax burdens placed on horseplayers, namely the requirement that unlike other gamblers, horseplayers have 25% in federal taxes withheld on tickets of $5k or more on bets with odds of 300-1 or more, becomes law. If there's any reason a horseplayer want to keep the current system in place, I've yet to hear it.

That's why I was shocked yesterday to see the total number of horseplayers who have contacted their Representative to support this legislation. The only possible explanations I can think of for why the number isn't much higher are two:

(1) Players are under the false impression that only members of the Horseplayers' Coalition are being asked to and can participate. Nothing could be further from the truth. As much as the Coalition would love to have you join, everyone can and should follow the steps outlined below to contact his or her Representative.

(2) Players are not clear on exactly what they need to do, and as a result don't realize how little time and effort is involved. An email has already been written and all you need to do is click on the following link from the NTRA site:

http://www.capwiz.com/ntra/issues/al...ertid=11739961

All you need to do once you're there is type in your name, address, and zip, and click "send." Capwiz does the rest.

If you have a problem with the link, or prefer to do it this way, all you need to do is go to the NTRA homepage, where, on the right hand side, you’ll see two links, one to “Withholding Bill” and another one to “Horseplayers’ Coalition.” If you click on the “Withholding Bill” link, you’ll go directly to the spot where you enter your name and address to send the email to your Representative. Alternatively, if you click on the "Horseplayers’ Coalition" link, you’ll see three additional links---(1)“Contact Your Congressman” (2) “Help Support Withholding Legislation” and (3) “Alert Help Support Withholding Legislation”. If you click on any one of those three, you’ll also end up where you need to be to send the email to your Representative

The introduction of this important legislation is only the first step in a long process, and its chances of actually becoming law depend in large part on whether and to what extent those who are in favor of passage make their support known. For literally decades I've been hearing horseplayers complain that they don't have a seat at the table where the decisions that impact them directly are made. On this issue at least, each of you is being offered a seat, and I can only hope everyone understands that for this and future issues, it's important that as many players as possible take advantage of the opportunity to let their voice be heard.

[SlewsMyHero]

Just sent mine. Thanks for link.

[Payson Dave]

used the link....my email has now been sent

[Swale84]

Sent mine
Hope it gets some attention

[Bigsmc]

On it.

[joeydb]

I just used the link to send to my congressman also.

Joe

[Holland Hacker]

Done & will forward to some friends as well.

[booner]

Thanks for the explanation and help.

[GPK]

Giddy up...I'm in.

[zippyneedsawin]

Done. I told my rep to raise it to 50% to help the stock market... not.

[DogsUp]

I am in the minority here, but I do not feel that the law needs to be changed. I feel that the 25% is fair. I certainly understand both sides of the debate here. But, I take the position that the 25% is fair and adequate.

[DogsUp]

Originally Posted by GBBob

As I understand it, the rate isn't in question but rather when it's deducted. Racing is the only form of gambling that pays you in the already reduced form thus automatically lowering it's available handle and churn. If you win a milion bucks on a river boat, they pay you in full and then send you the documents so you square up when you file your return.

I disagree with the method that taxes should be left up to the person to file. Take the taxes up front to avoid any sort of potential tax fraud by the winner. This is just my opinion.

[GBBob]

Originally Posted by DogsUp

I disagree with the method that taxes should be left up to the person to file. Take the taxes up front to avoid any sort of potential tax fraud by the winner. This is just my opinion.

I had actually pulled my post because I wasn't sure if I was right or not. But if I am, why are other forms of gambling allowed to risk "tax fraud" and have more money in play while there's a double standard for the racing industry?

[scanman]

Done.

[DogsUp]

Originally Posted by GBBob

I had actually pulled my post because I wasn't sure if I was right or not. But if I am, why are other forms of gambling allowed to risk "tax fraud" and have more money in play while there's a double standard for the racing industry?

They shouldn't be able to pass on the tax responsibility to the winner/player. I think the law should mandate that the entity providing the winnings should take out the tax at the time of the winnings being distributed. This would get a little difficult when it comes to things other than money--but they could find a way.

[DJARUM]

I'am in

[SCUDSBROTHER]

Originally Posted by DogsUp

I disagree with the method that taxes should be left up to the person to file. Take the taxes up front to avoid any sort of potential tax fraud by the winner. This is just my opinion.

All the money in the pools is money people have left over after taxes.
I don't understand the whole idea of taxing this money again. I guess they consider gambling to be a degenerate act, and that's why they penalize people when they make some money doing it. Do they do this in other countries?

[DogsUp]

Originally Posted by DaHoss9698

Fair? How so?

If I go to the track Monday through Thursday and bet $1000 a day and lose, by Friday I'm down $4000. So, on Friday I go and invest another $1000 only this time I hit a pick 4 and it pays $5100. I end up with a profit of $100 for the week. I'd have no problem paying 25% on that $100. The problem is, I'd have to pay 25% on the $5,100 hit I made. So my $100 profit for the week just became a loss after uncle Sam takes their unfair cut. Again, what's fair about it?

I took that almost word for word from Exotic betting. I'm not this smart.

In your scenario, you have wagered $5000 and won $5100. $1275 was deducted from the $5100 (if my math is right). You are able to deduct your losses equal to the amount of your winnings. So you are able to deduct $5100 for losses and claim income of $5100 from your winnings. However, $1275 has already been deducted from your winnings so you have overpaid this portion by $1275. Now my philosophy could be wrong here, but I think this is how it would work.

The gov't is going to get theirs, I would prefer that the law to be that it is paid upfront is all.

[SCUDSBROTHER]

Actually it's triple taxation.

1) All the money going into pools has already been taxed.

2) They take money out of the pools, and give it to the state.

3) Tax people who do well on that day of racing.

[DogsUp]

Originally Posted by SCUDSBROTHER

All the money in the pools is money people have left over after taxes.
I don't understand the whole idea of taxing this money again. I guess they consider gambling to be a degenerate act, and that's why they penalize people when they make some money doing it. Do they do this in other countries?

It is considered additional income is how it is taxed. Sort of like an investment.