Topic: Big companies finally had enough of the excessive tax - page 2. (Read 2425 times)

Heavily depends on the country you are living in. I know some countries raise quite hefty taxes for gambling, but a lot of countries raise no taxes or very close to zero. There are a lot of European countries who raise no taxes for gambling.

There are two types of taxes. First one of the tax paid on winnings by the gamblers. As you have stated, this tax is zero in most of the European Union nations (because the gambling industry is already taxed, and if you tax the winnings as well, then it will account as double-taxing). But the winnings are taxable in countries such as USA and India. Now the second type of tax is the tax paid by casinos on their revenue. The OP is talking about this tax, and as far as I know, all the EU nations have very high tax rates for the gambling businesses.

I am always happy to see guys like you add helpful information to whatever I say!

Sure, I can't know it all but you are definitely right. Anyway, gambling and the winnings of it depend heavily on who we are dealing with!

bryant.coleman

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Heavily depends on the country you are living in. I know some countries raise quite hefty taxes for gambling, but a lot of countries raise no taxes or very close to zero. There are a lot of European countries who raise no taxes for gambling.

There are two types of taxes. First one of the tax paid on winnings by the gamblers. As you have stated, this tax is zero in most of the European Union nations (because the gambling industry is already taxed, and if you tax the winnings as well, then it will account as double-taxing). But the winnings are taxable in countries such as USA and India. Now the second type of tax is the tax paid by casinos on their revenue. The OP is talking about this tax, and as far as I know, all the EU nations have very high tax rates for the gambling businesses.

tabas

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Quote from: tabas on July 09, 2021, 03:37:30 PM

Quote from: Lucasgabd on July 10, 2021, 08:13:24 AM

The big companies in gambling eventually had extra taxes because the government increased the amount of taxes when the economy went down because of inflation more gamblers are addicted to gambling because they have higher taxes so many gamblers give up gambling and do not pay taxes.

Gamblers has to pay taxes too unless they keep winning and they know that there's a responsibility but if it's more of losing, then there's nothing that they can pay taxes because they've gain nothing. But for the bigger companies, they're the ones that usually pay taxes, bigger taxes and if the government says that they have to pay with an increased tax percentage, they have to follow the order.

Heavily depends on the country you are living in. I know some countries raise quite hefty taxes for gambling, but a lot of countries raise no taxes or very close to zero. There are a lot of European countries who raise no taxes for gambling.

Hey, thank you with that. It is true that it also depends to the country you are with. He's right that some countries are very open to have no taxes for their players.
But since most of the countries are imposing taxes to their people including the gamblers, that's what I've said in general.

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Quote from: Silberman on July 07, 2021, 04:34:20 PM

Inflation is in fact a tax, for example if the government wants a million dollars in additional cash on their coffers how they do this? They can do this by raising taxes which brings them an additional million dollars, but people hate to be taxed even further so how to get one million dollars on their coffers but at the same time not produce that reaction from the population? They use the inflation tax, basically they just print one million dollars obtaining the same result that they will get by raising taxes, but this has the effect of raising prices, it makes the economy more unstable and it steals from the wealth of their citizens.

And even more, inflation helps concentration of wealth to increase

have you heard of the Cantillon Effect?

I have not heard about it but now I have, I took the time to look for it but it seems I was already familiar with its effects I just did not knew it had that name, after all we know that when the government prints money like it did during the crisis of 2007 it gave that money to the owners of big banks because they were too big to fail, but by saving them with all of that printed money they stole from the general population, a classic case of privatizing the profits and socializing the losses, and somehow governments think they can get away playing this game forever, fortunately now with bitcoin we have a currency that allows us to escape those effects and governments do not like this one bit.

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Quote from: tabas on July 09, 2021, 03:37:30 PM

Quote from: michellee on July 08, 2021, 06:00:10 AM

The big companies in gambling eventually had extra taxes because the government increased the amount of taxes when the economy went down because of inflation more gamblers are addicted to gambling because they have higher taxes so many gamblers give up gambling and do not pay taxes.

Gamblers has to pay taxes too unless they keep winning and they know that there's a responsibility but if it's more of losing, then there's nothing that they can pay taxes because they've gain nothing. But for the bigger companies, they're the ones that usually pay taxes, bigger taxes and if the government says that they have to pay with an increased tax percentage, they have to follow the order.

Heavily depends on the country you are living in. I know some countries raise quite hefty taxes for gambling, but a lot of countries raise no taxes or very close to zero. There are a lot of European countries who raise no taxes for gambling.

Of course, the application of taxes to casinos depends on where the casino is located, because I agree each country imposes different rules and
taxes on gambling industry. Indeed, most casinos do not actually experience a tax increase, because raising taxes on casinos will have an impact
on reducing gambler interest. So it's not surprising that there are still many countries that don't raise taxes on casinos, because the government is
more focused on raising taxes for big companies right now.

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Quote from: Lucasgabd on July 07, 2021, 02:39:23 PM

Quote from: michellee on July 07, 2021, 11:30:52 AM

Quote from: mv1986 on July 09, 2021, 03:23:55 PM

Going to other countries is somewhat a hassle thing to be done by a business owner considering on overall expense that you would need then that would really be a headache

unless if your business is already too big and you can support all the possible expenses then its your choice but i would say that it is much better to deal with higher tax instead.

If you do saw your business can still sustain despite of additional tax then i dont see the worth of transferring to other countries just for that sole reason.

If they do not mind to moves to other countries because they do not want to pay high taxes, they will do that because the business owner will do many things to have less expense. But if they can sustain with all things and even get a profit, they will not do that.

But before the business owner opens their business, they already have to know how much their expenses every month. Maybe it's not about the right amount, but they have the calculation about that. They also discuss that with their consultant so the business owner can get help from them.

would be curious to have the data on how many business close each year solely by the fact that they didnt do the correct calculations if they are profitable or not after-tax

regarding gambling, tax are problably not the biggest problem since the margins are quite high, am I out of my mind?
how high are the margins for casinos? (probably a huge difference for physical vs. digital too here

The only data will be in the government hand and the government will not give that data to the public. Maybe if you contact the business owner and ask them about that, you will know the data. But I guess they will not give that data easily as we do not relate to them. I am not sure about the difference, but the physical casino will be the government's main concern.

probably varies from country to country but some countries have data-checking agencies that are independent from the government, this could be a way.

Not sure if that data is of any value because if a company fails to make correct calculations whether or not they can operate at a profitable level, it is solely them who are to blame. I mean they could of course consult tax advisories and certainly get accurate data. That's nothing you could blame a government or any tax rate for. That's the responsibility of any and all businesses.

I agree with part of your point but in some countries the process of running a business could be much easier and have less bureaucracy

Quote from: Silberman on July 07, 2021, 04:34:20 PM

Inflation is in fact a tax, for example if the government wants a million dollars in additional cash on their coffers how they do this? They can do this by raising taxes which brings them an additional million dollars, but people hate to be taxed even further so how to get one million dollars on their coffers but at the same time not produce that reaction from the population? They use the inflation tax, basically they just print one million dollars obtaining the same result that they will get by raising taxes, but this has the effect of raising prices, it makes the economy more unstable and it steals from the wealth of their citizens.

And even more, inflation helps concentration of wealth to increase

have you heard of the Cantillon Effect?

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Quote from: tabas on July 09, 2021, 03:37:30 PM

The big companies in gambling eventually had extra taxes because the government increased the amount of taxes when the economy went down because of inflation more gamblers are addicted to gambling because they have higher taxes so many gamblers give up gambling and do not pay taxes.

Gamblers has to pay taxes too unless they keep winning and they know that there's a responsibility but if it's more of losing, then there's nothing that they can pay taxes because they've gain nothing. But for the bigger companies, they're the ones that usually pay taxes, bigger taxes and if the government says that they have to pay with an increased tax percentage, they have to follow the order.

Heavily depends on the country you are living in. I know some countries raise quite hefty taxes for gambling, but a lot of countries raise no taxes or very close to zero. There are a lot of European countries who raise no taxes for gambling.

tabas

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Quote from: michellee on July 08, 2021, 06:00:10 AM

The big companies in gambling eventually had extra taxes because the government increased the amount of taxes when the economy went down because of inflation more gamblers are addicted to gambling because they have higher taxes so many gamblers give up gambling and do not pay taxes.

Gamblers has to pay taxes too unless they keep winning and they know that there's a responsibility but if it's more of losing, then there's nothing that they can pay taxes because they've gain nothing. But for the bigger companies, they're the ones that usually pay taxes, bigger taxes and if the government says that they have to pay with an increased tax percentage, they have to follow the order.

mv1986

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Quote from: Lucasgabd on July 07, 2021, 02:39:23 PM

Quote from: michellee on July 07, 2021, 11:30:52 AM

Quote from: Lucasgabd on July 07, 2021, 02:39:23 PM

Going to other countries is somewhat a hassle thing to be done by a business owner considering on overall expense that you would need then that would really be a headache

unless if your business is already too big and you can support all the possible expenses then its your choice but i would say that it is much better to deal with higher tax instead.

If you do saw your business can still sustain despite of additional tax then i dont see the worth of transferring to other countries just for that sole reason.

If they do not mind to moves to other countries because they do not want to pay high taxes, they will do that because the business owner will do many things to have less expense. But if they can sustain with all things and even get a profit, they will not do that.

But before the business owner opens their business, they already have to know how much their expenses every month. Maybe it's not about the right amount, but they have the calculation about that. They also discuss that with their consultant so the business owner can get help from them.

would be curious to have the data on how many business close each year solely by the fact that they didnt do the correct calculations if they are profitable or not after-tax

regarding gambling, tax are problably not the biggest problem since the margins are quite high, am I out of my mind?
how high are the margins for casinos? (probably a huge difference for physical vs. digital too here

The only data will be in the government hand and the government will not give that data to the public. Maybe if you contact the business owner and ask them about that, you will know the data. But I guess they will not give that data easily as we do not relate to them. I am not sure about the difference, but the physical casino will be the government's main concern.

Not sure if that data is of any value because if a company fails to make correct calculations whether or not they can operate at a profitable level, it is solely them who are to blame. I mean they could of course consult tax advisories and certainly get accurate data. That's nothing you could blame a government or any tax rate for. That's the responsibility of any and all businesses.

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Quote from: michellee on July 07, 2021, 11:30:52 AM

Quote from: Oshosondy on July 05, 2021, 04:13:12 AM

Going to other countries is somewhat a hassle thing to be done by a business owner considering on overall expense that you would need then that would really be a headache

unless if your business is already too big and you can support all the possible expenses then its your choice but i would say that it is much better to deal with higher tax instead.

If you do saw your business can still sustain despite of additional tax then i dont see the worth of transferring to other countries just for that sole reason.

If they do not mind to moves to other countries because they do not want to pay high taxes, they will do that because the business owner will do many things to have less expense. But if they can sustain with all things and even get a profit, they will not do that.

But before the business owner opens their business, they already have to know how much their expenses every month. Maybe it's not about the right amount, but they have the calculation about that. They also discuss that with their consultant so the business owner can get help from them.

would be curious to have the data on how many business close each year solely by the fact that they didnt do the correct calculations if they are profitable or not after-tax

regarding gambling, tax are problably not the biggest problem since the margins are quite high, am I out of my mind?
how high are the margins for casinos? (probably a huge difference for physical vs. digital too here

The only data will be in the government hand and the government will not give that data to the public. Maybe if you contact the business owner and ask them about that, you will know the data. But I guess they will not give that data easily as we do not relate to them. I am not sure about the difference, but the physical casino will be the government's main concern.

Silberman

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Quote from: Silberman on July 04, 2021, 04:19:59 PM

In a way I am surprised this is the path that Biden took, the democrats have being stating that they will make use of modern monetary theory which basically states that they can print as much money as they want with no repercussions, after all we know that inflation is in fact a tax and the higher the inflation the higher the tax people need to pay, it seems he took a more orthodox path but even then it is going to be difficult to force businesses to pay those taxes as they have the best experts around the world to help them to avoid doing it.

Although, I am not good in economics like that but I think what you comment here is not absolutely perfect, how is tax related to money printing and inflation? Let me make an illustration. For example, if there is an inflation and the economy has been affected, if the country fiat currency has been devaluated, still know that it does not affect the tax value because tax is in percentage. If $20 of 2011 is now $200 in 2021, someone that will bet with just $1 in 2011 will want to bet with $10 in 2021 to achieve the same aim as a result of inflation and currency devaluation. If the printer won, tax will be deducted in percentage which would have also increased but of almost the same worth of certain time in the past.

Inflation is in fact a tax, for example if the government wants a million dollars in additional cash on their coffers how they do this? They can do this by raising taxes which brings them an additional million dollars, but people hate to be taxed even further so how to get one million dollars on their coffers but at the same time not produce that reaction from the population? They use the inflation tax, basically they just print one million dollars obtaining the same result that they will get by raising taxes, but this has the effect of raising prices, it makes the economy more unstable and it steals from the wealth of their citizens.

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Quote from: Lucasgabd on July 07, 2021, 02:39:23 PM

Quote from: michellee on July 07, 2021, 11:30:52 AM

Quote from: michellee on July 07, 2021, 11:30:52 AM

Going to other countries is somewhat a hassle thing to be done by a business owner considering on overall expense that you would need then that would really be a headache

unless if your business is already too big and you can support all the possible expenses then its your choice but i would say that it is much better to deal with higher tax instead.

If you do saw your business can still sustain despite of additional tax then i dont see the worth of transferring to other countries just for that sole reason.

If they do not mind to moves to other countries because they do not want to pay high taxes, they will do that because the business owner will do many things to have less expense. But if they can sustain with all things and even get a profit, they will not do that.

But before the business owner opens their business, they already have to know how much their expenses every month. Maybe it's not about the right amount, but they have the calculation about that. They also discuss that with their consultant so the business owner can get help from them.

would be curious to have the data on how many business close each year solely by the fact that they didnt do the correct calculations if they are profitable or not after-tax

regarding gambling, tax are problably not the biggest problem since the margins are quite high, am I out of my mind?
how high are the margins for casinos? (probably a huge difference for physical vs. digital too here

Even just making out some calculations or does have numbers in mind then i dont see for a gambling business to be having a problem regarding of tax as long it is reasonable then they wont really be
opposing on whats been mandated for them to do so.As long gambling business is profitable then those amounts wont really be that a big hindrance for them to close their doors.
Its just way too naive kind of reasoning just because of tax and doesnt limit out on gambling business alone but also in other business as well.

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