Ticker
  • Chad Brown earns career victory #1,000 as Mr. Maybe scores in the John's Call.Posted 1 hour ago
  • Rachel's Temper (3-1) gets the job done in the Summer Colony.Posted 2 days ago
  • Midnight Storm (3-10) holds off Om to win the Grade 2 Del Mar Mile.Posted 3 days ago
  • Camp Creek (26-1) comes from well back to pull the upset in the Breeders' Stakes at Woodbine.Posted 3 days ago
  • Time and Motion (8-5) powers by Catch a Glimpse late in the Lake Placid.Posted 3 days ago
  • California Chrome rolls to victory over Beholder and Dortmund in the Pacific Classic.Posted 3 days ago
  • Ashleyluvssugar (5-2)  just holds off Metaboss in the Del Mar Handicap.Posted 3 days ago
  • Harmonize (7-2) gets there in a blanket finish in the Grade 1 Del Mar Oaks.Posted 3 days ago
  • Songbird (1-5) gallops to ten in a row with an easy Grade 1 Alabama score.Posted 4 days ago
  • Tourist (5-2) proves best in the Grade 1 Fourstardave.Posted 4 days ago

What Fiscal Cliff Legislation Means For Horseplayers

Daily Racing Form DRF

The tax-code changes passed last week by both houses of the U.S. Congress would have sent American horseplayers flying off a fiscal cliff had it not contained an exemption allowing them to continue deducting gambling losses against winnings regardless of new caps on itemized deductions.

 

The National Thoroughbred Racing Association deserves credit for lobbying for that reprieve, but its work in this area is not done. The Internal Revenue Service’s policies toward taxing gambling proceeds remains blatantly unjust and in need of reform. The continuing failure of the racing industry to change the fundamental problems with the tax code is costing it hundreds of millions of dollars a year in lost business.

 

The tax laws for racetrack gambling proceeds have changed little since the bygone era in which they were created, when the $2 bettor was the backbone of the industry and the most exotic wager was a daily double. It may have seemed reasonable then to consider a wager that paid more than 300-1 a lottery-like windfall to which the authorities had to be alerted. Today, however, with grandfather’s win-place-show bets accounting for less than a third of the handle, most players are regularly pursuing those higher-risk/higher-reward wagers, and getting themselves into tax trouble the moment they succeed. 

 

 

Read More

 

comments powered by Disqus

Older Comments about What Fiscal Cliff Legislation Means For Horseplayers...

Steven Crist does a good job documenting how horseplayers get the short end of the stick when it comes to taxes.

Top Stories