The IRS seeking public input on the possibility of someday lowering the amount at which casinos must report slot winning

The IRS has been seeking public input on the possibility of someday lowering the amount at which casinos must report slot winnings from $1,200 to $600.

Idiots, 99.999 percent of gamblers lose in the long run. That's my in put. Should be raised to $100,000 that would make way more sense.

I understand the government wants to keep track of large cash transaction and income for income tax purposes, but reducing the limit for 1099's will just add complexity to casino operations and tax return preparation. Are table games next? I sure hope not, because casinos have no clue how much a table player wins or loses. I requested win / loss statements this year and the vastly overstated my numbers. They pretty much assumed I won every dollar that I used to buy chips.

All this begs for a simpler, consumption-based, tax system that ensure EVERYONE pays there fair share. There are so many people operating on "cash" that an "income" tax system makes no sense whatsoever. Why should drug dealers, hookers, tips, and other cash income go untaxed? How about a 10% federal sales tax and those who qualify can apply for earned income credit?

Washington's never ending appetite for more money.

Just one more step on the road to abolishing cash altogether.

Governments don't like cash. Well, technically, governments which want to control their population don't like cash, 'ccause they cannot track it, and they wanna know where all the cash is, . . . because, . . . because, . . . well, just because.

Lots of countries impose restrictions on cash-transactions and impose fines if they are violated. Lots of countries limit how much cash can be moved across a border too. Almost every country requires notification by its banks of transactions above a specified value.

And when Central Banks institute near-zero-interest-rates or even negative-interest-rates [umm, . . . like right now] there's no way they can collect their interest on cash deposits.

Ref: nestman.com

So Governments look forward to the day when all financial transactions are digital, . . . and, f'rinstance, the slot machine will report every "penny" of every transaction to the Government as it happens.

And won't that be a fine day !

it should be increased, not decreased. and that should have been done long ago. if it is decreased, well then we have one more good reason to stop going to the casinos. the casinos had better get their lobbyists in action quick.

Hearing is on June 17. Written or electronic comments must be submitted by today.

Link

I think that people who write in will generally favor the government not reducing the amount, whereas if it was a public poll taken by telephone or on the street, it would probably result in people favoring the reduced amount.

It is one more item to try and squeeze. If they lower it, look for them to try and lower it again in five to ten years. With casinos putting the extra squeeze on players by reducing odds on the payout tables or setting the payout percentages lower, there should be more than enough revenue from the casino end.

There is a problem when everything American Citizens uses like utilities, food, fuel, housing, alcohol, and even our taxes increase Then the IRS wants to turn around and kick them in the ass by lowering of their winnings on gambling. This is the problem in America today no common sense when in comes to running a business. When people want to get elected to a public office they promise you the moon and then after in office a few months or holding a Government job they go brain dead.

First, thank you for mixing in lower case letters today.

Second, WTF ARE YOU TALKING ABOUT?

The IRS isn't lowering anyone's gambling winnings. They considering adjusting the threshhold for casinos to report slot payouts.

Winnings, and the taxes that apply to them, will remain unchanged, whether the IRS approves this (dumb) idea or not.

You just now noticing that? LOL.

I hope the "public input" is plenty and sways the polititians to drop this proposal.
But they won't. It is perfect for them..."Look what I did, made all those gamblers pay their taxes." As if we don't already.