By nature, businesses are taxable, so it makes sense that casinos should be taxed. But in some countries, they also tax individual gambling winnings. That got me thinking, what’s the real purpose behind that? Most of us gamblers are overall losers anyway, so what impact does taxing the winnings really have?
Does it count as an income to the individual gambler? Because if it does then, it’s taxable for real.
Now, I’m not living in a jurisdiction that gets tasked this way but just recently, we have a form of task where every money that goes beyond a certain amount, it doesn’t matter if it’s you having to send this money between your accounts on different banks. So long as it’s above a particular amount, the government takes a a small fee on it. Now this fee isn’t the transfer fee or anything, just a way to fund government purse.
The government is always going to find a way to make some money for themselves and this isn’t exactly about discouraging gambling, just a means to generating funds.
It’s tax on winnings, so technically it’s part of your income, and we don’t really have a choice, either pay it or break the law.
The thing is, when the government creates a law, they expect everyone to follow it, especially when it comes to gambling, where they know there’s a chance to earn big tax revenue. What’s unfair is that they also target the gamblers, even though most of us don’t actually win. Sure, we win sometimes, but in the long run, we still lose.
So it just feels like extra pressure on us, but they also know we’re not going to quit, because as the saying goes, winners never quit, and quitters never win.
For sure there would be some sort of petition of this one because there were no some sort of cashbacks at the time that they are that losing, but instead they would be that taxed at the time that they would be that winning some amount on which I do agree on what been said that the ones who would be needing up to pay up the taxes are to those gambling site or business owners out there on which its something which is in default. You wont be needing up to pay up something as a gambler and if this case happens then it would be that causing up that potential hindrance for gamblers to play just because they are now being taxed into the moment that they do play. This one would increase up the revenue since there are tons of gamblers would be taxed out but in opposite sense that it will be that totally discourage gambling on which you arent that only that losing up money on playing on it but also you are that bound on paying up some taxes. How's that?