Articles2008 WSOP Main Event champ will pay two thirds of his winning in taxes
- By Flo Prunnea
- Published 11/21/2008
- Poker , News
-
Rating:
If you
think that tax policies on gambling winnings in the U.S are excessive, then you
better take a look at this. According to several gaming and poker news sites, the 2008 World Series of Poker Main Event
champion, Peter Eastgate, will have to honor the Danish tax authorities with about
63% of his tournament winnings. The Danish government, which has one of the toughest
tax policies on casino winnings in the world, will apply a 40% deduction on the
first $4 million won by Eastgate, and a second 75% deduction on the remaining funds.
So if we do the math, from the $9.1 million won by Eastgate, a total of $3.675.000
will go to the 22-year old player while the remaining $5.425.000 will go to the
Danish tax authorities.
Eastgate took home the top prize of $9.1 million in the Main Event, but after
the Danish government applies its tax deductions, Eastgate will keep about 37% of
the prize paid. Eastgate was aware that something like this would happen and during
the four-month break established by the WSOP officials, the Danish player attempted
to move to England and set a residency there in his effort to ease any possible
tax deductions on his winnings. English gambling tax law is set at 40% of
winnings, but as it’s been being reported by several gaming news sites, Eastgate's chances to evade his tax responsibilities
with the Danish authorities are less than few.
Russian player and Main Event Runner up, Ivan Demidov, will walk away with more
money in his pocket than the 2008 WSOP
Main Event champ, Demidov won a total of $5.8 million for the second place, and
since the tax rate in Russia is fixed at 15%, he will only have to pay the tax
authorities about $750,000 of his winnings. Even the third-place finisher,
Dennis Phillips, will keep a bigger percentage of his winnings, after finishing
in third place and getting a $4.5 million paycheck, Phillips will have to pay the
U.S government a total of 35% of his winnings, plus $135,000 to the state of
Spread The Word
Related Articles
4 Responses to "2008 WSOP Main Event champ will pay two thirds of his winning in taxes" 
Author)|
said this on 27 Nov 2008 3:40:01 PM CDT
yeah thats total s**t ,feel bad for the dude he is a hell of a player and deserves more
|
|
said this on 31 Dec 2008 9:57:58 AM CDT
It is an absolute joke that the government should get one nickel of any poker winnings. The WSOP 10K entrance fee is paid by the players, where does the IRS get off getting their dirty hands on this cash? They have nothing to do with this! It's not their money being put up? What the hell is this country coming to?
|
|
said this on 29 Jan 2009 5:24:39 PM CDT
I'm not sure this is quite true, I don't think the UK charge tax on poker winnings at all. I sure as hell never paid any :/
|