Ticker
  • Kobe's Back goes from last to first down the stretch to win the Palos Verdes.Posted 2 days ago
  • Storied Lady (4-1) up the rail to nip Saythreehailmary's in the Biogio's Rose.Posted 2 days ago
  • Hoppertunity nips Imperative by a San Antonio head-bob.Posted 3 days ago
  • In her seasonal debut, Songbird is a dominant winner of the Las Virgenes at Santa Anita.Posted 3 days ago
  • Lukes Alley kicks it in late to win the Grade 1 Gulfstream Park Turf Handicap.Posted 3 days ago
  • Mor Spirit cruises late to win the Robert B. Lewis at Santa Anita.Posted 3 days ago
  • Aussie-bred Power Alert gets there first in the GP Turf Sprint.Posted 3 days ago
  • Tommy Macho runs away with the Fred Hooper at Gulfsrtream Park.Posted 3 days ago
  • No catching Tammy the Torpedo in the turfy Suwannee River.Posted 3 days ago
  • Lady Shipman (1-5) is an easy winner in the Lady's Turf Sprint at Gulfstream.Posted 3 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