This would make my life easier!
Cruise lines, Las Vegas Strip, gamblers get good IRS news - TheStreet
This would make my life easier!
Cruise lines, Las Vegas Strip, gamblers get good IRS news - TheStreet
Originally posted by: MaxFlavor
This would make my life easier!
Cruise lines, Las Vegas Strip, gamblers get good IRS news - TheStreet
Unfortunately, this isn't really a news article as such. The IRS has been championing such a move for several years. But for whatever reason, they've been unable to sell Congress on it. They're no closer now than they were, say, last year.
The only possible reason I've heard is that the Republicans, who control Congress, want to keep the IRS underfunded and crippled, as that makes it easier for big corporations to stuff fat checks into their pockets without any danger of scrutiny. And I'm sure you've heard that a major initiative of the Biden administration, one that has been fought against tooth and nail by the Republicans, is to increase IRS enforcement funding, which would result in a 5:1 return on investment.
In the meantime, console yourself with the thought that while you're sitting there, drumming your fingers, waiting for your W2-G, you're not gambling, and thus, you're saving money.
Originally posted by: Kevin Lewis
Unfortunately, this isn't really a news article as such. The IRS has been championing such a move for several years. But for whatever reason, they've been unable to sell Congress on it. They're no closer now than they were, say, last year.
The only possible reason I've heard is that the Republicans, who control Congress, want to keep the IRS underfunded and crippled, as that makes it easier for big corporations to stuff fat checks into their pockets without any danger of scrutiny. And I'm sure you've heard that a major initiative of the Biden administration, one that has been fought against tooth and nail by the Republicans, is to increase IRS enforcement funding, which would result in a 5:1 return on investment.
In the meantime, console yourself with the thought that while you're sitting there, drumming your fingers, waiting for your W2-G, you're not gambling, and thus, you're saving money.
You state -"Unfortunately, this isn't really a news article as such. The IRS has been championing such a move for several years. But for whatever reason, they've been unable to sell Congress on it. They're no closer now than they were, say, last year. The only possible reason I've heard is that the Republicans, who control Congress, want to keep the IRS underfunded and crippled,- which implies that this move is being held up by the Republicans. -- I wonder why no previous Congress acted on this proposal? - This $1200 threshhold has beeen in effect since 1977 - 42 years - and considered multiple times during this time frame. Is it only now, since the Republicans, who control Congress, that they alone are the blame for nothing being done to raise the threshhold? I believe that if blame is to be assesed, there is plenty of blame to go around in any/all of the previous Congresses who at different times have been controlled by both the Democrats and the Republicans. Laying all of the blame on the current Congress is farfetched and disingenuous at best.
Originally posted by: Kevin Lewis
Unfortunately, this isn't really a news article as such. The IRS has been championing such a move for several years. But for whatever reason, they've been unable to sell Congress on it. They're no closer now than they were, say, last year.
The only possible reason I've heard is that the Republicans, who control Congress, want to keep the IRS underfunded and crippled, as that makes it easier for big corporations to stuff fat checks into their pockets without any danger of scrutiny. And I'm sure you've heard that a major initiative of the Biden administration, one that has been fought against tooth and nail by the Republicans, is to increase IRS enforcement funding, which would result in a 5:1 return on investment.
In the meantime, console yourself with the thought that while you're sitting there, drumming your fingers, waiting for your W2-G, you're not gambling, and thus, you're saving money.
I just thought I'd post some info that might be good news for folks. I've found that you tend to be condescending know it all on any post about general gambling or Vegas info. Welcome back.
I just noticed this part of Kevin's post:
"In the meantime, console yourself with the thought that while you're sitting there, drumming your fingers, waiting for your W2-G, you're not gambling, and thus, you're saving money."
I'm not in Vegas, I have an advantage video poker play at my local casino that's not in Vegas It's on Sundays, and I arrive at 8:30 am when I hit a royal the wait is minimal and I can play the machine next to me if I wanted. I've been playing there for the last 18 months and I'm a net winner. My wife is way ahead of me in winnings since she won a Caddilac the previous Labor Day weekend from the entries she had from her same advantage play.
Originally posted by: MaxFlavor
I just noticed this part of Kevin's post:
"In the meantime, console yourself with the thought that while you're sitting there, drumming your fingers, waiting for your W2-G, you're not gambling, and thus, you're saving money."
I'm not in Vegas, I have an advantage video poker play at my local casino that's not in Vegas It's on Sundays, and I arrive at 8:30 am when I hit a royal the wait is minimal and I can play the machine next to me if I wanted. I've been playing there for the last 18 months and I'm a net winner. My wife is way ahead of me in winnings since she won a Caddilac the previous Labor Day weekend from the entries she had from her same advantage play.
Nice, Max! Keep it up!
Originally posted by: MaxFlavor
I just noticed this part of Kevin's post:
"In the meantime, console yourself with the thought that while you're sitting there, drumming your fingers, waiting for your W2-G, you're not gambling, and thus, you're saving money."
I'm not in Vegas, I have an advantage video poker play at my local casino that's not in Vegas It's on Sundays, and I arrive at 8:30 am when I hit a royal the wait is minimal and I can play the machine next to me if I wanted. I've been playing there for the last 18 months and I'm a net winner. My wife is way ahead of me in winnings since she won a Caddilac the previous Labor Day weekend from the entries she had from her same advantage play.
And, at least fairly recently and at some casinos, the 'attendant' who comes to get the jackpot information can (and does) turn the key allowing continuation of play while they do whatever they do while getting your money. Me, as Kevin says, I figure I'm saving money during that down time.
Candy
Originally posted by: MaxFlavor
This would make my life easier!
Cruise lines, Las Vegas Strip, gamblers get good IRS news - TheStreet
I wouldn't bet a $2 daily double on it. This is another lip service 'action' that will never happen in my lifetime, I'm sure of it (would love to be proven wrong, though).
And you have to read the whole article almost to the end of it to realize that it says nothing of substance as far as the reporting thresholds actually being raised. JHMO.
Candy
Originally posted by: David Miller
You state -"Unfortunately, this isn't really a news article as such. The IRS has been championing such a move for several years. But for whatever reason, they've been unable to sell Congress on it. They're no closer now than they were, say, last year. The only possible reason I've heard is that the Republicans, who control Congress, want to keep the IRS underfunded and crippled,- which implies that this move is being held up by the Republicans. -- I wonder why no previous Congress acted on this proposal? - This $1200 threshhold has beeen in effect since 1977 - 42 years - and considered multiple times during this time frame. Is it only now, since the Republicans, who control Congress, that they alone are the blame for nothing being done to raise the threshhold? I believe that if blame is to be assesed, there is plenty of blame to go around in any/all of the previous Congresses who at different times have been controlled by both the Democrats and the Republicans. Laying all of the blame on the current Congress is farfetched and disingenuous at best.
Great point that somehow in all his research on the matter, Kevin hasn't addressed that this limit has been in effect for decades with either party in control and yet it hasn't changed. Sure Kevin, blame it on the current Congress Republicans! lol
What Kevin also fails to understand, is that while the rule would change if Congress passed a bill directly addressing the limit, the IRS has the authority to make the change itself, without approval from Congress. In other words, the limit can be changed without involving Congress at all! This is why the latest news on the matter is a bit more promising than prior efforts. Why hasn't your in depth research of the matter along with your superior intelligence made you aware of this, Kevin? How can you account for not fully understanding this simple matter?
I've learned my lesson, I will never attempt to share a bit of potential good news on this forum, it makes people kind of angry, it seems.
