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Big Winner of World Series of Poker: The Tax Man

RolandTD20KdrummerRolandTD20Kdrummer Posts: 13,066
edited November 2008 in A Moving Train
The government makes more money than the highest paid winner, and they don't have have to deal the cards, show up, lift a finger...

http://taxprof.typepad.com/taxprof_blog/2008/11/big-winner-of-world-series-of-poker.html

The big winner at this year's World Series of Poker: the tax man. Russ Fox computes the tax liability of the final nine players on their $32.7 million of winnings as $14.3 million -- a 43.7% tax rate:


1. Peter Eastgate (Denmark) won $9,152,416 -- $6,660,545 Denmark tax (72.8% rate)
2. Ivan Demidov (Russia) won $5,809,595 -- $755,247 Russian tax (13.0% rate)
3. Dennis Phillips (IL) won $4,517,773 -- $1,568,950 federal tax, $135,533 state tax (37.7% rate)
4. Ylon Schwartz (NY) won $3,774,974 -- $1,396,304 federal tax, $387,966 state tax (47.3% rate)
5. Scott Montgomery (Canada) won $3,096,768 -- $929,030 withholding tax (30.0% rate)
6. Darus Suharto (Toronto) won $2,418,562 -- $725,569 withholding tax (30.0% rate)
7. David Rheem (CA) won $1,772,650 -- $651,262 federal tax, $170,302 state tax (46.3% rate)
8. Kelly Kim (CA) won $1,288,217 -- $470,995 federal tax, $121,074 state tax (46.0% rate)
9. Craig Marquis (TX) won $900,670 -- $328,911 federal tax (36.5% rate)
Progress is not made by everyone joining some new fad,
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.

http://i36.tinypic.com/66j31x.jpg

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Post edited by Unknown User on

Comments

  • polarispolaris Posts: 3,527
    damm ... montgomery got knocked out on a bad beat ...
  • FiveB247xFiveB247x Posts: 2,330
    Yea it was!! Just a brutal way to lose!
    polaris wrote:
    damm ... montgomery got knocked out on a bad beat ...
    CONservative governMENt

    Our government is the potent, the omnipresent teacher. For good or for ill, it teaches the whole people by its example. Crime is contagious. If the government becomes a law-breaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy. - Louis Brandeis
  • cincybearcatcincybearcat Posts: 16,613
    So, who wants to change to Denmarks tax system???? I hope this isn't Obama's model. ;)
    hippiemom = goodness
  • JOEJOEJOEJOEJOEJOE Posts: 10,725
    RolandTD20Kdrummer wrote:
    The government makes more money than the highest paid winner, and they don't have have to deal the cards, show up, lift a finger...

    http://taxprof.typepad.com/taxprof_blog/2008/11/big-winner-of-world-series-of-poker.html

    The big winner at this year's World Series of Poker: the tax man. Russ Fox computes the tax liability of the final nine players on their $32.7 million of winnings as $14.3 million -- a 43.7% tax rate:


    1. Peter Eastgate (Denmark) won $9,152,416 -- $6,660,545 Denmark tax (72.8% rate)
    2. Ivan Demidov (Russia) won $5,809,595 -- $755,247 Russian tax (13.0% rate)
    3. Dennis Phillips (IL) won $4,517,773 -- $1,568,950 federal tax, $135,533 state tax (37.7% rate)
    4. Ylon Schwartz (NY) won $3,774,974 -- $1,396,304 federal tax, $387,966 state tax (47.3% rate)
    5. Scott Montgomery (Canada) won $3,096,768 -- $929,030 withholding tax (30.0% rate)
    6. Darus Suharto (Toronto) won $2,418,562 -- $725,569 withholding tax (30.0% rate)
    7. David Rheem (CA) won $1,772,650 -- $651,262 federal tax, $170,302 state tax (46.3% rate)
    8. Kelly Kim (CA) won $1,288,217 -- $470,995 federal tax, $121,074 state tax (46.0% rate)
    9. Craig Marquis (TX) won $900,670 -- $328,911 federal tax (36.5% rate)

    The same can be applied to any other sort of income.
  • polarispolaris Posts: 3,527
    cincybearcat wrote:
    So, who wants to change to Denmarks tax system???? I hope this isn't Obama's model. ;)

    notice how the socialist country of canada has the second lowest ... :)
  • Uncle LeoUncle Leo Posts: 1,059
    cincybearcat wrote:
    So, who wants to change to Denmarks tax system???? I hope this isn't Obama's model. ;)

    Yes, but all those Russia haters are gonna re-think. Let's all move to Russia where the government keeps their mits off of the money!
    I cannot come up with a new sig till I get this egg off my face.
  • RolandTD20KdrummerRolandTD20Kdrummer Posts: 13,066
    Uncle Leo wrote:
    Yes, but all those Russia haters are gonna re-think. Let's all move to Russia where the government keeps their mits off of the money!


    I know eh? 13%?!?! man that sounds nice...
    Progress is not made by everyone joining some new fad,
    and reveling in it's loyalty. It's made by forming coalitions
    over specific principles, goals, and policies.

    http://i36.tinypic.com/66j31x.jpg

    (\__/)
    ( o.O)
    (")_(")
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