RunnerRunner

Originally they were going to require the casinos to withhold 25% of all poker player's winnings (if they made over $5,000 profit), but the Internal Revenue Service and casino industry negotiated a supposed "better deal".

So, now, instead of forcing casinos to whithold the players' profits, they are going to instead force the casinos to report the winnings. Players will be responsible to declare their own winnings when it comes tax time...I bet there will be a lot of audits in the coming years!!!

Fortunately this doesn't even go into effect until March 2008. Hurry up and win a big tourney before you can no longer avoid the taxes!

willis

Taxes are always been a part of gambling but the percentage is a bit high. I know government generates huge revenue through taxes. But they should decrease the rate of percentage as it hurts the players. Because it’s rare for them to register a win and when they win ¼ of the amount is deducted as tax so it’s really tragic.