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Daniel Negreanu Calls Out US Tax Laws; But Why?  Poker
Amarylisa Gonsalves
Posted on 25 Aug, 2022
By Amarylisa Gonsalves
On 25 Aug, 2022
By Amarylisa Gonsalves
On 25 Aug, 2022

Daniel Negreanu Calls Out US Tax Laws; But Why? 

Poker pro Daniel Negreanu, recently took to Twitter to call out United State of America’s (USA) Taxation laws. The Canadian player who resides in the US, feels that the US Tax laws adversely affect the professional gamblers more than anyone else. He also shared an example to support his case. 

DNegs tweeted saying, “US Tax laws are worse for professional gamblers than anyone. You owe even if you lose.” He added an example saying hypothetically, a player loses $1 million in 2015, and wins $900,000 in 2016. His total net profit stands at just $100,000. However, the tax he owes to the government in 2016 would be around $270,000.

According to the current American gambling tax laws, 24% of a US resident’s winning is deducted on the spot. But in case of nonresidents, the Internal Revenue Service (IRS) requires them to report gambling winnings in Form 1040NR. According to the form, the winning income is taxed at a flat rate of 30%.

Negreanu being a Canadian, he falls under non-residents and is liable to pay 30% tax on his winnings. Hence he says $270,000, i.e., 30% of $900,000. He ended his argument saying, “Businesses can carry forward losses, but not gamblers.”

The Candian’s tweet received mixed reactions from his fans world wide. Popular players like Jeremy Ausmus, Josh Arieh also shared their views on the tweet.

A Canadian user replied to Negreanu’s tweet saying gambling winnings are not taxable in Canada and hence he loves the country. 

Another user took the opportunity to compare the US gambling laws with that of Hungary. The user shared that the tax for gambling on foreign websites in Hungary is approx 56% and that there are no proper domestic sites in the country. 

Another user named ‘stackman’ asked Negreanu if he was a gambler or a poker player.

One of the users also shared that the tax laws forced him to give up on poker.

US President Joe Bidden recently signed the Inflation Reduction Act of 2022. The new act includes a number of provisions for corporate tax, healthcare, energy, and climate change provisions. Like Negreanu, popular poker pro Mike Matusow also took to Twitter to express his disappointment on the tax laws introduced by Biden.

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