Gambling winnings should NOT be taxed - page 4.

coolcoinz

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Quote from: Don Pedro Dinero on June 19, 2024, 10:17:55 AM

I agree with the OP's proposal but I don't think the majority of politicians will pay attention. If not, don't be surprised if Australia imposes taxes on casino profits in the future.

To complete what others have said about how it is taxed in various countries, in Spain the net profits you obtain at the end of the year are added to your income tax, which discourages betting if you are in the highest bands, 37% or 45% (in some regions a little more). The people who are in these bands either don't bet, or if they are poker or sports betting professionals they have long since emigrated, or they bet under the table, so to speak, in cryptocurrency casinos.

In most EU countries it's similar and you have to add the income from gambling to your total income on that year and pay tax. The only thing that differs between countries is the rate.

I agree that it should not be taxed, because whenever you take the risk and can lose everything, it's not a job or an investment. None of these give you 100% loss, unless you get scammed, but gambling does and therefore it should not be treated the same.

On the other hand, if they're taxing lottery wins, why not tax other forms of gambling? I'm still against it, but I know where this comes from.

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Quote from: Silberman on June 19, 2024, 02:15:44 PM

Quote from: MarvinHagler on June 18, 2024, 02:42:47 AM

In my country (Australia) ALL gambling winnings and profits are 100% tax free.

You don't have to declare it because it is considered a hobby.

In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.

If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

On many countries those taxes are set at the state level and not the federal one, this means that even at the same country the taxes you may need to pay could be very different, however I agree with you that gambling profits should be tax-free, since we are not really talking about an income over you may have any sort of control, but tell that to governments that want to know everything about you, and in which you are even supposed to declare whatever gift you receive on the form of cash, as it is considered to be a form of income as well.

Yes in my country we are not taxed and we are safe from gambling taxes, because gambling is illegal in our country so we access it in secret without any deep supervision and without any regulation to regulate a gambling activity, the government only prohibits it.

And indeed gamblers are not a profession that should be subject to income tax, it's too sad if gamblers who win they have to be taxed if they want to take their winnings, then when they lose they only bear it themselves, I think this has a certain purpose such as reducing the level of gamblers because it is considered that gambling is detrimental if you win and people who think about business will rule out gambling and only consider gambling as entertainment without thinking about having to earn money in gambling because the government will definitely deduct it regardless of the amount won, IMO.

It is quite difficult to convey if only one voice, it will only be considered as a waste by the owner of the regulation and maybe they don't even want to hear if a few people say it, they need a lot of time to be heard by the owners of the authority.

Agbamoni

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I agree with you here. Local casinos and online casinos should be taxed and not the gamblers. I don't see any reason why someone will bet with a small amount of money and still get taxed from the little winning. However, the government has been the one taxing local casinos and online casinos so that is why they see it necessary to tax the gamblers whenever they gamble.

Quote from: Hatchy on June 19, 2024, 12:36:00 PM

Quote from: MarvinHagler on June 18, 2024, 02:42:47 AM

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

I've heard about such countries who place taxes on gambling, which I think is totally illogical as gambling isn't a job but a means of having fun. What should be takes in the whole gambling scene are the casinos, since they literally represent the whole gambling body and every user. In my country, we literally don't pay any tax for gambling. Gambling shouldn't be taxed on any country as it's a game of luck which requires skill and experience. Should we be taxed on having skills to gaming or predictions? Just like telling me that when I bet on sport I will have to pay a percentage of it to the government for winning.what of the time when I loses.

Whether fun or not for profit. It shouldn't be taxed, because it has to do with risk. Imagine a situation where they tax people for investing online or in a different asset no one would want to go into investment.

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Quote from: MarvinHagler on June 18, 2024, 02:42:47 AM

In my country (Australia) ALL gambling winnings and profits are 100% tax free.

You don't have to declare it because it is considered a hobby.

In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.

If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

I think, if a certain country requires gamblers to pay taxes, then it seems like it would be more appropriate if there is a minimum profit that goes towards tax payments. That way, I think it would be fairer because of course, the tax payment would also be good for the revenue or maybe also the state treasury. So, because for example only large profits are required to pay taxes, then gamblers who bet just for fun and do not prioritize large profits, then they are not required to pay taxes. Because after all, gamblers don't always win big every day and therefore, they also won't always pay taxes every time they gamble, because they will only pay when they get a big profit and I think that would be better and maybe fair.

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Quote from: MarvinHagler on June 18, 2024, 02:42:47 AM

In my country (Australia) ALL gambling winnings and profits are 100% tax free.

You don't have to declare it because it is considered a hobby.

In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.

If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

On many countries those taxes are set at the state level and not the federal one, this means that even at the same country the taxes you may need to pay could be very different, however I agree with you that gambling profits should be tax-free, since we are not really talking about an income over you may have any sort of control, but tell that to governments that want to know everything about you, and in which you are even supposed to declare whatever gift you receive on the form of cash, as it is considered to be a form of income as well.

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Quote from: MarvinHagler on June 18, 2024, 02:42:47 AM

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

I've heard about such countries who place taxes on gambling, which I think is totally illogical as gambling isn't a job but a means of having fun. What should be takes in the whole gambling scene are the casinos, since they literally represent the whole gambling body and every user. In my country, we literally don't pay any tax for gambling. Gambling shouldn't be taxed on any country as it's a game of luck which requires skill and experience. Should we be taxed on having skills to gaming or predictions? Just like telling me that when I bet on sport I will have to pay a percentage of it to the government for winning.what of the time when I loses.

bangjoe

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Quote from: Reatim on June 18, 2024, 03:14:08 AM

Quote from: MarvinHagler on June 18, 2024, 02:42:47 AM

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

I think it makes sense that casinos or other gambling platforms are taxed because they are running a business, but gambling winnings are not really an income because it is not a job.

besides most gamblers gamble secretly anyway so why would they want to file it on their tax fees.

Not the casino but the gambler's winnings, of course as a gambling company needs to pay taxes to the government and that is usually already quite mandatory for any businessman, but ii about the gambler who gets the winnings from gambling in some countries it is taxed, just like you when you get the winnings from your game or bet then the winnings are taxed by the government and will be deducted directly when you make a withdrawal.

It should be tax-free for gamblers because when they lose they get nothing, not even compensation from the government.

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Quote from: Eternad on June 19, 2024, 10:37:09 AM

Simple answer; Because you gain money.

Government charge taxes for every profit which the citizens earned or gain regardless of the source. It’s called capital gain tax which simply growing your capital. In some country like 3rd world country the implementation of this tax law is not absolute since it requires a thorough tax audit in able to monitor all citizens.

But this is possible and happening country like US. You are using all the services by the government which is paid by taxes. Even the road, police and other public services is run by the tax so they have the right to charge a tax on your gain whether you like it or not since they need it to run the country.

Yeah I understand the whole concept of taxation and how they need this to regenerate capital for the economy, but paying taxes off gambling seems to sound a bit off to me considering the risk attached to wining a bet. Too much taxes definitely increases the cost of living and how about those who aren't able to meet up family needs after paying up all those taxes from their fixed earned salary? Majority of them are just left with no choice but to migrate elsewhere where they can actually survive without necessarily paying taxes for anything they do or use.

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Quote from: Makus on June 19, 2024, 10:30:42 AM

Same here, where I'm from, we own the full possession of our gambling wins. I don't see any reason why taxes has to be implemented on gambling in the first place. It certain we are responsible for the wins and loses we experience in gambling so why should gambler pay task of their gambling wins, knowing fully well by the government that gambling is risky and the winning possibility is very low, as the house is always on the winning side. I can't help but think most of these government officials are just being wicked and mean to humanity. Though some person are already used to paying tax from almost all that they do, and it's no big deal for them in paying taxes from their gambling.

Simple answer; Because you gain money.

Government charge taxes for every profit which the citizens earned or gain regardless of the source. It’s called capital gain tax which simply growing your capital. In some country like 3rd world country the implementation of this tax law is not absolute since it requires a thorough tax audit in able to monitor all citizens.

But this is possible and happening country like US. You are using all the services by the government which is paid by taxes. Even the road, police and other public services is run by the tax so they have the right to charge a tax on your gain whether you like it or not since they need it to run the country.

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In Australia, a very interesting case occurred: Joe Hachem.

The guy was a chiropractor, but when he returned to his country, Australia, they wanted to charge him taxes for having won a prize in Las Vegas, that is, if prizes from casino earnings are taxed.

If it is your main income, yes. In the case I mentioned, he managed to prove that it was not his main income and was exonerated for that prize, but since his earnings were greater than his income as a chiropractor, he had to declare himself as a professional poker player later.

So, be careful with what you say, personal cases do not always apply to everyone.

Quote from: MarvinHagler on June 18, 2024, 02:42:47 AM

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Makus

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Quote from: MarvinHagler on June 18, 2024, 02:42:47 AM

In my country (Australia) ALL gambling winnings and profits are 100% tax free.

You don't have to declare it because it is considered a hobby.

In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.

If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

Same here, where I'm from, we own the full possession of our gambling wins. I don't see any reason why taxes has to be implemented on gambling in the first place. It certain we are responsible for the wins and loses we experience in gambling so why should gambler pay task of their gambling wins, knowing fully well by the government that gambling is risky and the winning possibility is very low, as the house is always on the winning side. I can't help but think most of these government officials are just being wicked and mean to humanity. Though some person are already used to paying tax from almost all that they do, and it's no big deal for them in paying taxes from their gambling.

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That's good for your people because they don't have to pay the tax. But that can attract people to playing gambling too often and will not consider that can gives risks for them because use gambling as a hobby can makes them use much money without care. Your government must campaign about the risks of playing gambling so their people can be careful when playing gambling.

Many examples about people who becomes addicted to gambling while they use gambling as a hobby and it should gives concern to any government to their citizen. I accept if I must pay the tax for gambling winnings as long as the amount is not too big, especially for people who doesn't wins much money. The tax should be adjust from their wins amount and it's better the gambling operator withhold the taxes on our behalf so we don't have to bother to do that by ourselves.

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I agree with the OP's proposal but I don't think the majority of politicians will pay attention. If not, don't be surprised if Australia imposes taxes on casino profits in the future.

To complete what others have said about how it is taxed in various countries, in Spain the net profits you obtain at the end of the year are added to your income tax, which discourages betting if you are in the highest bands, 37% or 45% (in some regions a little more). The people who are in these bands either don't bet, or if they are poker or sports betting professionals they have long since emigrated, or they bet under the table, so to speak, in cryptocurrency casinos.

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Quote from: MarvinHagler on June 18, 2024, 02:42:47 AM

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

Any service that you use is taxable especially if it’s involved money. You are paying tax when you purchased something or hanging out in the bar for leisure time. This is same principle on gambling since you are paying for it.

In my country, Gambling tax varies depending on the game which winning comes from. Lottery has the highest tax since it has huge prize and operated by the government itself. Casino charge taxes too for licensed operators.

Your only chance to avoid tax here is through playing on unregulated casino.

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Quote from: Viscore on June 19, 2024, 09:03:53 AM

It differs from country to country, but if you ask me, I am not in favor of taxing gambling winnings unless it's a huge win like a lottery jackpot. In such cases, we can assume that overall, the winner will become profitable with that large amount.

However, taxing winnings in a casino is not acceptable to me. Casinos are profitable in the long run, and when we win, we usually come back to gamble again, risking losses. So, it doesn't make sense to tax our gambling winnings. It seems like the government is imposing a form of double taxation, which is a burden on us gamblers.

Gambling is seen as a source of income in my country hence wins in my country are taxed under general income tax laws. But while submitting your tax returns statement, gambling losses will be reported as expenditures. So gamblers would have to deduct their losses from wins before the taxable income will be determined. This method of taxation is fair because the government shouldn't just consider only wins, meanwhile, bettors have been incurring many losses. I am also of the view that gambling should be tax free because it is not a source of income. The government should see it as an entertainment that people engage in just for fun.

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Quote from: MarvinHagler on June 18, 2024, 02:42:47 AM

In my country (Australia) ALL gambling winnings and profits are 100% tax free.

You don't have to declare it because it is considered a hobby.

In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.

If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

It varies I guess.

If the casinos will tell you that you've won a tax-free lottery jackpot then you won't doubt them as it comes from them. And any gain that someone makes whether it's from any hustle or gambling, I think they're all taxable and will be considered as income to an individual.

Again, this varies per country and really depends on how laws in your country's have been made. So, in Australia, check it out in which state are you so let's put that out and try to check the other areas if gambling gains are taxable there or not.

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Quote from: Viscore on June 19, 2024, 09:03:53 AM

It differs from country to country, but if you ask me, I am not in favor of taxing gambling winnings unless it's a huge win like a lottery jackpot. In such cases, we can assume that overall, the winner will become profitable with that large amount.

I wouldn't mind too. However, in our country, winning from the lottery is tax free, so I could enjoy the winning 100%. About the taxes on winning, I don't remember we have that kind of tax being impose, I guess it's only impose on casinos and they'll have to pay taxes for their operation. If ever a gambler will pay taxes, that's more like an income tax, but it's not actually necessary to declare that, so the government won't know we are gambling, you know, when you re a gambler, you don't have a good reputation because some people are judgmental.

Quote from: Viscore on June 19, 2024, 09:03:53 AM

However, taxing winnings in a casino is not acceptable to me. Casinos are profitable in the long run, and when we win, we usually come back to gamble again, risking losses. So, it doesn't make sense to tax our gambling winnings. It seems like the government is imposing a form of double taxation, which is a burden on us gamblers.

I'm with you on that, how can we pay taxes when we are losing most of the time, paying taxes would only result to more losses.

Viscore

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It differs from country to country, but if you ask me, I am not in favor of taxing gambling winnings unless it's a huge win like a lottery jackpot. In such cases, we can assume that overall, the winner will become profitable with that large amount.

However, taxing winnings in a casino is not acceptable to me. Casinos are profitable in the long run, and when we win, we usually come back to gamble again, risking losses. So, it doesn't make sense to tax our gambling winnings. It seems like the government is imposing a form of double taxation, which is a burden on us gamblers.

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Quote from: MarvinHagler on June 18, 2024, 02:42:47 AM

In my country (Australia) ALL gambling winnings and profits are 100% tax free.

You don't have to declare it because it is considered a hobby.

In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.

If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

Definitely the gambling operation withholds the taxes from winnings of a particular player, and without that money to be collected from them by authority; their operation couldn't prosper for a long period of time. That's the requirement to run the gambling business so they should comply it mandatorily. You can't shoulder that taxes your own self, and I haven't heard gambling winnings deducted by taxation unlike the local goods and commodities which is really affected with huge tax implementation by the law. The citizen who played gambling isn't earning profitably but rather luck is only the main motive, not a consistent profit so it shouldn't be included on a person who bet for gambling as well.

Dr.Bitcoin_Strange

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Gambling here is also tax-free. If I win, I usually withdraw the entire amount, and nothing is removed by the casino. But every cash transaction has a tax. For example, if I withdraw my casino account to my bank account, some percentage will be cut off as tax. The same thing is applicable when I make a transfer to anyone; I will be taxed for that amount. I don't know if that's how it is in every country, but I know that the government doesn't joke with tax. So, I will not be surprised that taxes are applicable to gambling in some countries. That's not what can make me stop gambling if the same thing is initiated here.

Topic: Gambling winnings should NOT be taxed - page 4. (Read 823 times)