Wsop Main Event Taxes did you know???

wilpinsi

wilpinsi

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I agree to pay taxes but taxing at 47% of the prize amount is almost absurd
I never imagined that taxes would be so high when winning a major poker tournament.
Original Award
1. Scott Blumstein $ 8,150,000
-----------------------------------
Premium After Taxes
US $ 4,310,571
Will be US $ 3,839,429 paid in federal and state taxes. The sum corresponds to 47.11% of the value conquered.
 
natsgrampy

natsgrampy

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There was an Italian player a few years back who won a good chunk in the ME and, if memory serves me correct, he paid almost 80% between US and Italy taxes.

Not sure how he ended up after filing!
 
terryk

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he ended up oweing $$$,,,,:rofl:
 
RidersFan

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The US taxes gambling winnings as income, that's why they are so high for US players and for player from Countries that tax gambling. canada has a tax treaty with the US so, Canadians pay 30% which is withheld by the Casino on winnings over $1200 expect from blackjack, roulette, Craps, baccarat and Big-6 wheel. You can get the tax payed back the next year by filling a US tax form and showing losses that equal your winnings.
 
Sil3ntness

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Dan Ott placed 2nd and he's getting paid less than Benjamin Pollak. Tax is pretty high in the US for gambling winnings! As you can see Pollak, Hesp, Saout, and Sinclair all got to keep all of their winnings. It is all because of their country's tax treaty agreement with the US.

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fordman427

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Where wasPollak from he pays not taxes?
 
MissMtnDewAQ

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So how does 3rd, 4th, 5th, and 8th not pay taxes?
 
BriceNice

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I saw this in another eh hem forum, crazy how much uncle same takes.
 
JoseFerreras

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Wow this is incredible, the amount of taxes is stupidly high.
 
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marakhovskii

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When Scott Blumstein registered at the tournament, he was spending money and would be happy to receive a small portion of the prize money, I think he is happy.
 
vov4ik

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Yes, this is a terrible thing to take a lot of taxes, half a lot of them, the 9th place was a prize of 1 million and received half the prize
 
wilpinsi

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In brazil it would not reach these values:
Always seeking to comply with the legislation, the BSOP will use the IRS Progressive Table to perform the IRPF withholding calculations at the time of the award, on the net prize received by the player. This means that players can be taxed in different ranges, as provided in the table (exemption, 7.5%, 15%, 22.5% and 27.5%).
In the case of prizes awarded to players resident abroad, premiums paid will be subject to withholding tax at the rate of 15%, pursuant to article 685 of the same Income Tax Regulation - RIR / 99, which states:
"Art. 685. Income, capital gains and other proceeds paid, credited, delivered, employed or remitted, by source located in the Country, to individuals or legal entities resident abroad, are subject to the following taxes:
Of course, the taxes of their country of origin would still be missing, so in the case mentioned above the BSOP, taxes would be around 7.5% to 27.5% for residents in Brazil, and 15% For those of other nationalities
 
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ats272

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Many famous and successful people take Russian citizenship because of the low taxes.13% tax on poker winnings including.
 
vitalii029

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I agree this is a very big tax ,I think all that is connected with excitement is always the tax will be high
 
Steve1821

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That's one of the great things about the uk as it's tax free if you win! I know people who get sickness benefit for stress and depression though bad beats and when they have a nice score it's tax free and sickness benefits still paid!
 
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Brazenly

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Really F***ed and annoing if it's true. Didn't play main event but i was llaning to play WSOP ME 2018. Bu if that's true i won't spend 10k$ for the tourney
 
wilpinsi

wilpinsi

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Really F***ed and annoing if it's true. Didn't play main event but i was llaning to play WSOP ME 2018. Bu if that's true i won't spend 10k$ for the tourney

It's true, but let's see, if you pay 10k for the main event, and earn 8million and pay 4 million fees, there are still 4 million more for you to be called a millionaire, that's more than enough to live happily ...:):):):):)
 
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muunas

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its fu***ing nonsense. its not so easy to get those winnings. you dont win every tournament you participate. i think it could be 15-20%, but not more.
 
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discintildeath

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Thank you.

So, note to self......move to England or France if I plan on playing in the WSOP one day. =)
If you're planning on playing and winning big money** good luck planning a move to another country and getting this far in the tourney
 
MikeCarasone

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It's unreal how much goes to the government.
 
Poker Orifice

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Really F***ed and annoing if it's true. Didn't play main event but i was llaning to play WSOP ME 2018. Bu if that's true i won't spend 10k$ for the tourney

You are not a U.S. citizen so your taxation on winnings would be different.
 
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