Rep. Barton Introduces Internet Poker Bill

[datsme53]

This just came to me in an email from PPA.

We have great news to report! The much anticipated legislation sponsored by Congressman Joe Barton (R-TX) was introduced earlier today. His bill, HR 2366, the Online Poker Act of 2011 will restore your online poker rights by allowing licensed companies to offer Internet poker with real-money play to U.S. residents. The bill is a huge leap forward for the poker community in the aftermath of April 15th. While much still needs to be done to ensure that players’ funds on Full Tilt Poker, Absolute Poker, and Ultimate Poker are returned, the Barton bill provides the legislative pathway for safe, reliable and regulated Internet poker in the U.S. Click here to view the PPA press release praising Congressman Barton.

[Press Release] PPA Applauds Rep. Barton’s Internet Poker Legislation (06/24/2011) | Poker Players Alliance

Here is a link to the full text of the bill

www.subjectpoker.com/files/barton_bill_june_2011.pdf

Rep. Barton at WSOP on Saturday!

We are also pleased to announce that Congressman Barton will be at the World Series of Poker TOMORROW, Saturday June 25th. The PPA has arranged for him to tour the WSOP and he will also announce the ceremonial “Shuffle Up and Deal” for event #43, No Limit Hold’em starting at noon (Pacific Time). If you are at the WSOP, be sure to seek Mr. Barton out and thank him for protecting your right to play. Also, stop by the PPA booth and send a customized email to your member of Congress urging him/her to support the Barton bill. Next week, all PPA members will be issued a detailed action alert to support H.R. 2366.

[alanperc]

Im in college and having withdrawl symptoms from Pokerstars. Bodog just isnt the same.

LETS GO ONLINE POKER!!

[Fonzi]

I finally got to read most of the bill...

2% tax on deposits - I like this. I figured it would be 2-3%

28% tax on winnings - not sure I like this as it stands.

30% tax on winnings for foreigners - So they pay a 30% tax to the US and then are taxed at home as well?

Conclusion: they need to tweak it a bit and have it make sense.

[BurtWH]

I don't agree with the 2% tax on deposits. You are already paying tax on that money when you earn it (taxable income) and now the government is double dipping. I understand the basic tax on gambling winnings, even if I think it is too high. The government has a stake in us doing well. This is also going to cause us to wait on the year end tax statement from the poker sites before we can file our tax returns. I say this based on the part where our winnings will be reported to the IRS, so they will be checking to see if we listed it on the tax return. I'm just playing wait and see, since I really have no control on what happens other than my option of playing or not.

[WSLuigi]

Originally Posted by Fonzi

30% tax on winnings for foreigners - So they pay a 30% tax to the US and then are taxed at home as well?

They need to get rid of that. I doubt any foreigners are going to play poker on a US site if they're going to be taxed 30% when they have many tax-free sites to choose from.

[vjp8169]

Originally Posted by Fonzi

I finally got to read most of the bill...

2% tax on deposits - I like this. I figured it would be 2-3%

28% tax on winnings - not sure I like this as it stands.

30% tax on winnings for foreigners - So they pay a 30% tax to the US and then are taxed at home as well?

Conclusion: they need to tweak it a bit and have it make sense.

28% is just ridiculous. Where are you getting this info from though? I'm looking at the bill and don't see anything about tax percentages.

[Fonzi]

Originally Posted by vjp8169

28% is just ridiculous. Where are you getting this info from though? I'm looking at the bill and don't see anything about tax percentages.

It's not in the bill but is part of it. Looking for the link now and can't find it.

Burt, a tax on the deposit is pretty standard in most countries and 2% is acceptable in my view.

[alanperc]

Originally Posted by Fonzi

It's not in the bill but is part of it. Looking for the link now and can't find it.

Burt, a tax on the deposit is pretty standard in most countries and 2% is acceptable in my view.

I wouldnt have a problem with the 2% but the 30% to foreigners makes NO sense at all. The ONLY way that makes sense is if they say that only applies if they are in the US when they play the online game, which would be sort of like what they do for live tournaments if im correct.

[Assistanc3]

read the cliff notes on 2+ and all I can say is good luck, most of what I understand leaves a monopoly and those living in states where politicians have publicly said no to online-poker might wanna consider moving.

I'm all for the 30% to foreigners, as a Canadian we can get it all back.


Free trade, share the donkeys

[lkport]

Yeah I didnt read it but isn't that withholding, sort of like deductions on a paycheck. Its not gone, you can file taxes and get whatever is owed after normal taxes.