Quote:
Originally Posted by ReplayRandall
Of course, it's a no-brainer that money is taxed multiple times and obviously that wasn't my point. I'll give an example of a roulette player who walks up and hits a $100 straight-up bet on number 17. The player is pushed $3500, takes his original $100 bet off the table and goes to the cage to cash-out. At the cage, he receives $3600 and simply walks away, nothing to sign.
Now we have a pick-4 player at the track, who puts in a $100 pick-4 ticket and hits for $3600. Goes to a cashier to collect his winnings and has to show ID and sign for the $3600, yet the monies were already taxed with the vig being anywhere from 15-20%.
I know I'm not stating anything new here, and this situation is currently being addressed with the NTRA tax reform in Congress, but at some point, this tax hypocrisy has to stop somewhere, before the total implosion of horse racing comes to pass.....It's that critical, right now.
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An even BIGGER injustice is when the pick-4 player puts in a $100 ticket pick-4 ticket...and hits for
$601, instead of $3,600. He now goes to the window to collect his 5-1 "return on investment"...and is told that he needs to sign an IRS form...because his ROI was
600-1. And all this while the guy next to him is collecting $5,000 unsigned...because he bet $100-straight on a daily double that paid $100 for $2.
