IRS shift could be bad news for Las Vegas

[notes1]

Caesars AC took all the seating out of its second floor smoking room earlier this year. It's a pathetic move and I'm not even a smoker. The entire floor is non smoking. They want you either at the machines or downstairs for the duration.


  not making an excuse for them, but do you think it was also to eliminate the homeless that sometimes came in to sleep??

[notes1]

I didn't read the article but my guess is this has more to do with states other than Nevada. Nevada is I'm not mistaken does not hold out state taxes on hand pays but most other casinos take 4% out of those winnings for the state. I'm thinking the other states who are looking for new revenue see this as a chance to double the revenue they are already taking in.
  this will be an IRS decision (a federal tax), so it affects every state. the public is fighting any effort to increase taxes, but apparantly 'sin' taxes are more acceptible. i would guess the hope is that the majority will just pay the extra tax on winnings and not keep the records to deduct the same amount of losses.  high income earners have had substantial tax increases, millions (middle class) are paying more in 'tax' increase due to obamacare. but, many are still demanding more free stuff, so the money has to come from someplace. some folks are great at spending other people's money.

[ko king]

[QUOTE=ko king]I didn't read the article but my guess is this has more to do with states other than Nevada. Nevada is I'm not mistaken does not hold out state taxes on hand pays but most other casinos take 4% out of those winnings for the state. I'm thinking the other states who are looking for new revenue see this as a chance to double the revenue they are already taking in.
  this will be an IRS decision (a federal tax), so it affects every state. the public is fighting any effort to increase taxes, but apparantly 'sin' taxes are more acceptible. i would guess the hope is that the majority will just pay the extra tax on winnings and not keep the records to deduct the same amount of losses.  high income earners have had substantial tax increases, millions (middle class) are paying more in 'tax' increase due to obamacare. but, many are still demanding more free stuff, so the money has to come from someplace. some folks are great at spending other people's money. [/QUOTE]

Well sure it will be the IRS who decides but like every tax federal or state it has backing or support coming from somewhere. As far as the IRS is concerned these amounts are supposed to be reported in the first place, we're just talking about paperwork now, I doubt the IRS is a big fan of this idea because they seem pretty snowed under as it is. No, I'm going to stick to my way of thinking that this has the backing of states seeking additional revenue. Around these parts (which includes 3 different states) the states take an automatic 4% from a $1,200 hand pay, seeing as how so many states have casinos now, that additional 4% take on wins above $599 probably makes them water at the mouth. You can claim the losses up to the amount of your winnings at the federal but that luxury doesn't exist at the state level, that 4% goes for who knows what. Like I said I bet the states are watering at the mouth and can't wait to get their hands on that money because it will be taxed on the spot at the state level.

[notes1]

i have no idea who started the idea of lowering the threshold for casino win reporting.  what i do know is that there are government employees, both state and federal, whose sole responsibility is to find more sources of revenue. as long as people keep asking for more stuff from the government, they will keep taking more of your money to pay for it. and, 'sin' taxes are easy pickings.  

[albatross]

Look at the bright side, Now you can write off a lets say a $500 losing session. Just will be a pain in the ass waiting for them to record it.