gambling tax rates
gambling tax rates
Why was Obama 2.3 TRILLION OFF when he ESTIMATED the TEN YEAR DEFICIT for his WASTEFUL SPENDING?
Then last week the Democrats’ own Congressional Budget Office found that the ten-year deficits of the Obama plan will be about $2.3 trillion higher than the $6.97 trillion the White House is projecting. This is the policy of the party that was swept back into power in 2006 and 2008 promising a return to an era of fiscal responsibility.
Welcome to the Obama doctrine. It is built on the high stakes economic gamble that the public and the bond markets will tolerate trillions of dollars of borrowing to pay for massive expansions in government spending on popular income transfer programs. The corollary to this doctrine is that the left will create a political imperative to jack up tax rates to pay for higher spending commitments made today.
http://www.weeklystandard.com/Content/Public/Articles/000/000/016/332spljz.asp
obama is never good at math
gambling tax rates
Spread Betting: Who Pays The Taxes?
Given all the negative karma surrounding financial spreadbetting during the banking crisis and collapse of shares and huge profits being made on those falling shares by shorters, I was fully expecting the government to retaliate by dramatically increasing the corporation tax that spread betting providers pay tax, which, presumably, the bookie adds to the cost of the spread when you take it out. But, no……seems successive governments have either forgotten that this tax exists or….well, or what?!
How are Spread Betting Winnings Taxed?
Currently spread betting is classed as gambling in the UK and Ireland and all gambling gains are exempt from taxes because it is taxed by gambling tax, currently 3% on financial spread bets, and paid by the spread betting firms. Of course they could well up the 3% to 5% or even 10%, which would put it on a par with sports betting and that would be passed onto us.
Implications / Repercussions of a change in Tax Status
However, I don’t see a difference between spread betting and buying physical, beyond the fact one is leveraged and one isn’t. If HMRC were to take that view as well then they would have to put financial spread betting on a par with physical e.g. capital gains, and we know they won’t do that because too many people lose. Outside the providing a service issue, I can’t see how they could ever put buying Barclays on a spread bet for income and have it for capital gains on physical; doing so would simply wipe out spread-betting overnight as income tax is higher than CGT. Besides, that’s illogical. So could they make all physical for income? Yes….that they could do but would they?
However, I feel quite confident that for now spread betting winnings don’t need to go on the tax return. I’ve even contacted IG Index this moring about this tax issue and they assured me that in the UK any spreadbetting winnings are totally tax free. They also pointed out that the same works the other way, no spreadbetting losses can be used to offset tax
I know I shouldn’t discuss politics on here, and I know our politics are not the same but even I, hardened capitalist that I am, can see that this Labour Government made a very strange decision when they dropped CGT to 18%. Makes no sense. I expect CGT to return to marginal tax rates sooner rather than later.
About the Author
We specialise in comparing spread betting providers and offer free information on tax advantaged stockmarket products such as financial spread betting
Do people realize the cost of oil throughout world is not relevant?
I read comments all the time about gas being $5 a gallon or higher in different parts of the world. Countries use gas a means to tax people and to promote conservation. The US has low gas tax but we get hit with Federal,State,Local,Sales, Excise,Capital Gains,Gambling,etc taxes.. Countries simply tax at a rate to support people to a lifestyle demanded by the majority..Europe has free medical and college but pays very high taxes on wages..The US has low taxes on wages but expensive medical and college..Hard to say which is better.. Europeons generally like the government to take care of them while people in US don’t.. If you add up all the taxes paid in several countries along with cost of services received from the government you won’t find much difference overall
You are right. Because we have comparatively lower costs for oil, and because all these taxes are something which seem hidden and don’t hit us all at once in our paychecks, and because we have a good quality of life overall compared to most other countries, we are not a nation that values or sees the need to conserve, reduce, reuse, and recycle.
And you are right again: one side has better x; the other side has better y. Overall I think Americans need to be more globally aware, realize that oil is a finite natural resource and that when it runs out, it runs out. I believe if people really cared about the environment and about the quality of life for generations to come, they’d change their behavior. But humans are pleasure-seeking animals, and a change of behavior is hard to do if we don’t see a need or any scarcity.
Thanks for the question. There are many sides, many facets to this.
Cheers, K
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