Good News on W2G's, I Hope it Happens

Originally posted by: AKQJ10

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 was fairly sure that some conservitard would yeep in response to what I said, and Miller already beat you to it. The difference NOW as opposed to the efforts the IRS has made in the past is that the funding enhancements requested by the IRS are presently directly requested by the current administration (as well as the IRS itself). Previously, Republican administrations/Congresses blocked such efforts. It's true that during the only two years when Democrats actually had control (the first two years of the Obama administration), this was something that should have been done...but they were focused on the much more important ACA.

 

I don't know what the current arcane mechanisms are, but isn't it kinda obvious that if a) the IRS says, and has repeatedly said, that they want the reporting thresholds raised, b) they have testified so in front of Congress, but c) it hasn't happened, that Congress, in whatever fashion, presents an obstacle? If the IRS could, as you say, just do it, why haven't they, and why were they even talking to Congress about it?

 

Isn't it also kinda obvious that like so many other measures placed in front of Congress over the last few years, the Republiholes have opposed this simply because it's something Biden wants? They've fucked over their own constituents hundreds of times already with this "implacable opposition" crap.

 

(I know the precise answer to the above, but I want to see if your erudition affords you access to it first.)

Originally posted by: AKQJ10

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?


What section of the Internal Revenue Code or other statute do you think grants the IRS the authority to raise the threshold on its own?  Thanks.

Does it really matter to a guy that can only afford to play quarter video poker?

Edited on May 18, 2024 4:55pm
Originally posted by: Jerry Ice 33

Does it really matter to a guy that can only afford to play quarter video poker?


It matters to anyone who doesn't want to generate W2-Gs. Those who preen and stroke themselves at being able to "afford" to play losing games probably don't care. But knowledgeable players are aware that a .25 play can be a winner, while an otherwise identical .50 play can be a loser, due to the tax issues.

 

But of course, you weren't really asking this question; you were just being a Jerryhole.


Originally posted by: Kevin Lewis

It matters to anyone who doesn't want to generate W2-Gs. Those who preen and stroke themselves at being able to "afford" to play losing games probably don't care. But knowledgeable players are aware that a .25 play can be a winner, while an otherwise identical .50 play can be a loser, due to the tax issues.

 

But of course, you weren't really asking this question; you were just being a Jerryhole.


  "Jerryhole"???????

Originally posted by: Kevin Lewis

It matters to anyone who doesn't want to generate W2-Gs. Those who preen and stroke themselves at being able to "afford" to play losing games probably don't care. But knowledgeable players are aware that a .25 play can be a winner, while an otherwise identical .50 play can be a loser, due to the tax issues.

 

But of course, you weren't really asking this question; you were just being a Jerryhole.


Nope, I wasn't. 

 

But then why do you care?  Or is it just another thing for you to bitch about?  

Originally posted by: Jerry Ice 33

Nope, I wasn't. 

 

But then why do you care?  Or is it just another thing for you to bitch about?  


I know that the question baffles you.

 

In three decades of VP advantage play, I've had myriad opportunities to move up in denomination when a good play presented itself. But I've had a strict policy of never generating a W2-G under any circumstances, because I realize that an ostensibly good play can be a bad one if the royal is taxable.

 

BUT...I've had many friends and associates with whom I've teamed up, and sometimes, for whatever reason, they've been willing to take the tax hit (like filing status, for example). I might buy, say, 25% of their action. It lowers their risk and extends the utility of their bankroll. So of course, I have to understand what constitutes a good play, even at a denomination I personally won't touch. And before you ask, they've always been at least as skilled as I am, and I've trusted them completely.

 

The broader consideration is that a "winning" play that depends on a taxable-threshold jackpot may actually be a losing play if one considers the resultant tax liability. Which is borderline criminal, but that's another issue.

The Trump tax cuts expire next year....regardless of who wins the election some kind of tax package will need to be passed again.    If this casino W2 endeavor has bipartisan support then there's a good chance it gets implemented in whatever that package may be.

Originally posted by: Kevin Lewis

I know that the question baffles you.

 

In three decades of VP advantage play, I've had myriad opportunities to move up in denomination when a good play presented itself. But I've had a strict policy of never generating a W2-G under any circumstances, because I realize that an ostensibly good play can be a bad one if the royal is taxable.

 

BUT...I've had many friends and associates with whom I've teamed up, and sometimes, for whatever reason, they've been willing to take the tax hit (like filing status, for example). I might buy, say, 25% of their action. It lowers their risk and extends the utility of their bankroll. So of course, I have to understand what constitutes a good play, even at a denomination I personally won't touch. And before you ask, they've always been at least as skilled as I am, and I've trusted them completely.

 

The broader consideration is that a "winning" play that depends on a taxable-threshold jackpot may actually be a losing play if one considers the resultant tax liability. Which is borderline criminal, but that's another issue.


Or it is just something for you to bitch about and that whole story is completely made up.  

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