New Posts For Thread: American pro-punters face wipe-outhttps://community.betfair.com/horse_racing/go/thread/view/94102/31878179/american-pro-punters-face-wipe-outTrump's big beautiful bill has a clause changing the way income tax is applied, and more importantly, how losses are offset. (The reason we have traditionally steered clear of income tax on betting winnings, btw.)Here's some bloke explaining it in aSwiftynifty - As you know from this forum, gamblers are by nature full of good community spirit and would never lie to the taxman.https://community.betfair.com/horse_racing/go/thread/view/94102/31878179/american-pro-punters-face-wipe-out?post_id=564823465#564823465Swiftynifty - As you know from this forum, gamblers are by nature full of good community spirit and would never lie to the taxman.Wed, 02 Jul 2025 08:15:03 -0500playing with cash , how would they ever know?https://community.betfair.com/horse_racing/go/thread/view/94102/31878179/american-pro-punters-face-wipe-out?post_id=564823451#564823451playing with cash , how would they ever know?Wed, 02 Jul 2025 08:10:24 -0500Thought they already do that in VEGAShttps://community.betfair.com/horse_racing/go/thread/view/94102/31878179/american-pro-punters-face-wipe-out?post_id=564823393#564823393Thought they already do that in VEGASWed, 02 Jul 2025 07:49:30 -0500So you win 100k and lose 100k pay no tax ( past law ) Now win 100k and lose 100k you pay tax on 10k winnings ( new law ) Nobody is going to stand for that.https://community.betfair.com/horse_racing/go/thread/view/94102/31878179/american-pro-punters-face-wipe-out?post_id=564823389#564823389So you win 100k and lose 100k pay no tax ( past law ) Now win 100k and lose 100k you pay tax on 10k winnings ( new law ) Nobody is going to stand for that.Wed, 02 Jul 2025 07:45:24 -0500Sergeant Bilko in the Top 5 imo.https://community.betfair.com/horse_racing/go/thread/view/94102/31878179/american-pro-punters-face-wipe-out?post_id=564823261#564823261Sergeant Bilko in the Top 5 imo.Wed, 02 Jul 2025 06:24:58 -0500The bookies will see it as good news if it stops some sharp money. Over here the big bookies did not mind a bit of off course betting tax to keep the sharp money away from their shops.https://community.betfair.com/horse_racing/go/thread/view/94102/31878179/american-pro-punters-face-wipe-out?post_id=564823225#564823225The bookies will see it as good news if it stops some sharp money. Over here the big bookies did not mind a bit of off course betting tax to keep the sharp money away from their shops.Wed, 02 Jul 2025 06:10:56 -0500Won't affect the 98% of losers, so most companies won't mind a jot.https://community.betfair.com/horse_racing/go/thread/view/94102/31878179/american-pro-punters-face-wipe-out?post_id=564823203#564823203Won't affect the 98% of losers, so most companies won't mind a jot.Wed, 02 Jul 2025 05:53:21 -0500You would normally see concerns like that reflected in the share price of affected companies on the run up to the decision or, if it came out of the blue, directly afterwards.Money talks and ..https://community.betfair.com/horse_racing/go/thread/view/94102/31878179/american-pro-punters-face-wipe-out?post_id=564823085#564823085You would normally see concerns like that reflected in the share price of affected companies on the run up to the decision or, if it came out of the blue, directly afterwards.Money talks and ..Wed, 02 Jul 2025 04:51:48 -0500Trump's big beautiful bill has a clause changing the way income tax is applied, and more importantly, how losses are offset. (The reason we have traditionally steered clear of income tax on betting winnings, btw.)Here's some bloke explaining it in ahttps://community.betfair.com/horse_racing/go/thread/view/94102/31878179/american-pro-punters-face-wipe-out?post_id=564822899#564822899Trump's big beautiful bill has a clause changing the way income tax is applied, and more importantly, how losses are offset. (The reason we have traditionally steered clear of income tax on betting winnings, btw.)Here's some bloke explaining it in aWed, 02 Jul 2025 00:01:19 -0500