Rand Paul Tax Plan

[Benton]

(06-20-2015, 08:21 AM)michaelsean Wrote: And they can all deduct things like entry fees.  

Ok so I bet $1000 a hand and win 5 and lose 5.  You really think I should have to pay tax on the 5 I won?  You don't think it should be net winnings?

I think it should be on all of it.

I'm into archery. I don't do tournaments, but if I did, I would be taxed on the equipment (sales). I don't know if the guy collecting the entry fee would be taxed, but I would be taxed the winnings in the purse if i won.

So, yeah, I think if you play 10, win five, you should be taxed on five hands. That hobby and its industry aren't any more break worthy than any other. They just bribe better. Mostly in quarters from the slots.

(06-20-2015, 08:32 AM)JustWinBaby Wrote: You can only claim gamling losses in excess of winnings if you are a professional gambler.

Which is different.