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Hawaii residents now taxed on Vegas winnings even if they lose

Topic closed. 23 replies. Last post 7 years ago by dingo.

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time*treat's avatar - radar

United States
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Posted: July 31, 2009, 12:16 pm - IP Logged

 "Chong, D-49th (Mauna- wili, Olomana, Enchanted Lake), introduced the measure as a way to bring in additional revenue at a time when the state is "undergoing a significant and possibly protracted economic downturn in tandem with the national and global economic and financial crises."

 I mean, Chong has a point. With actual unemployment reaching twenty percent or more and loss of revenue from the effects of said unemployment and record forcloseurs, the spread of wealth going to just a few percent and fewer working stiffs able to foot the bill, how can states come up with the money to pay for the trillions of dollars going to ponzi scheme banksters and spreading democracy around the globe?

 With so many unemployed and desperate to survive, violence and criminal acts rise with it. Are we going to put everyone who can't make it in prison? What would that cost the taxpayers? lol it seems so very fragile this capitalist system, especially when those on top get too greedy.

 Well, with a name like Chong I'm sure he'll come up with something.

 Peace Hippy

Are we going to put everyone who can't make it in prison?

That would be the Civilian Inmate Labor Program.

What would that cost the taxpayers?

It claims to be running at about $5 billion, a year -- a rounding error, in gov't accounting.

In neo-conned Amerika, bank robs you.
Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

    OldSchoolPa's avatar - Lottery-057.jpg
    Gurnee, Illinois
    United States
    Member #49731
    February 12, 2007
    917 Posts
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    Posted: July 31, 2009, 2:27 pm - IP Logged

    If you look, the majority of new legislation for new taxes are from the democrats. These people need to remember this at election time, The democrats here in NJ did the same thing and this puppet of a Governor we have says he did'nt know what was in the bill????? 

    Maybe next time I'll have them add all my outstanding debts and have him pay for it.   Tax repeal should start this year. I think they ought to have a politician repeal....! 

    Well, I can finally say, "I told you so!"  I was saying all throughout the election last year (Obama '08 ring any bells?) that it looks like too many people in this country had been drinking the "Obama/Democrat" Kool-Aid and doing something else that is not rated G to write here.  Now people are waking up to the realization that we now have too many liberals calling the shots in Washington...and who is going to pay?  You, me, and every other tax paying American citizen.  I am certain that our legislators allowances and perks more than offset any increases they would have to pay in taxes. 

    So yes, please do remember vividly how painful your current and upcoming tax bills will be...and remember that when you step into that ballot box in 2010 and 2012.  Like 9/11...don't ever forget.....

    Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

    The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

      dpoly1's avatar - driver
      PA
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      Posted: July 31, 2009, 8:59 pm - IP Logged

      This is from the Knucklehead State Government that already tried a statewide universal health care system and had it fail !

      We are no longer constituents - we are merely sources of income to the idiot politicians !

      Puke

        ca-dreamin*'s avatar - Lottery-065.jpg
        Chicago
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        Member #70678
        February 8, 2009
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        Posted: July 31, 2009, 10:56 pm - IP Logged

        WOW! It's not bad enough that they go after a select few but retroactive to January?  Nothing like after the fact. It's one thing knowing that whatever you win will be taxed with no offset but what about those who maybe have already lost more than they've won? Too bad sooo sad? LOL I wonder if the governor or Mr. Chong gamble in Vegas ?

          Avatar
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          Plano TX
          United States
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          December 8, 2005
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          Posted: July 31, 2009, 11:47 pm - IP Logged

          Huh?

          A new bill signed into law this month by Gov. Linda Lingle has some frequent Las Vegas visitors and local CPAs scratching their heads.

          Under House Bill 1495, no longer will gamblers be able to offset their winnings with their losses for Hawaii state income tax purposes. Previously gamblers would be taxed only on their net winnings, but now they will be taxed on gross winnings.

          A Hawaii resident who wins $10,000 in a year, for example, and loses $9,000 in the same year used to be taxed only on the $1,000 in net winnings. Under the new law, that resident would be taxed on the full $10,000 in winnings.

          Even if you end up a net loser, you will still be taxed on whatever you won along the way.

          Dennis Kohara, a certified public accountant in Honolulu, called the law "ridiculous."

          "You sit down at the blackjack table. You win a hand. You lose the next one. You win another hand. You lose the next one," he said.

          And, under the new law, you now owe taxes on all the winning hands, which are not offset by any of the losing hands, Kohara said.

          State Rep. Pono Chong, who sponsored the legislation, acknowledged that Kohara is correct.

          However, Chong said, the new law will mainly affect those who have substantial winnings, along with substantial losses.

          The law is expected to add about $300,000 a year to Hawaii tax revenue.

          Chong, D-49th (Mauna- wili, Olomana, Enchanted Lake), introduced the measure as a way to bring in additional revenue at a time when the state is "undergoing a significant and possibly protracted economic downturn in tandem with the national and global economic and financial crises."

          He said no one wanted to increase taxes, but something had to be done to address the state's budget deficit. Chong said his bill was one of numerous measures taken to address the shortfall.

          He also noted that Hawaii is one of only two states where gambling is not permitted. The previous statute that allowed offsetting wagering income with wagering losses "in effect subsidizes the other 48 states that do allow gambling."

          Some in Vegas have not taken the news lightly. Even before the new bill had been signed into law, April Gardner, staff editor for CasinoGamblingWeb.com, criticized Chong as hypocritical for questioning whether it's good policy to allow Hawaii taxpayers to make deductions for an activity that's not even allowed in their state.

          "Of course," wrote Gardner, "the state has no problem taking the taxes on money that is won in other jurisdictions."

          Frequent Vegas traveler Robyn Oshita-Vranesevic falls into the category of the average gambler — win a little here, lose overall.

          She used to have plenty of losses to offset her winnings.

          "When we did go to Vegas I lost my behind," she said.

          She said she understands the government's need to make up for lost income but suggested they do it elsewhere.

          "I can see why the government wants to do it," she said. "Because there's probably a lot of untapped money out there. But you know what? Make marijuana legal and tax that instead."

          The Department of Taxation, which supported the bill, has said it's unclear how much the law will actually bring in to the state. However, if it is assumed the gambling losses remain at the $5 million level currently claimed, the revenue gain could be $300,000 a year, the department said in testimony in support of the measure.

          The new law is retroactive to January of this year.

          Thanks to truecritic for the tip.

          While it's fun to put the blame on Democrats..Hawaii has a Republican governor that signed the bill....

            HaveABall's avatar - rocket

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            Posted: August 1, 2009, 8:53 pm - IP Logged

            I don't understand this logic. 

            Please explain what would have happened if this Hawaiian Governor would have REFUSED to sign this unfair bill being PUSHED by the MASSIVE majority (of past two years) democratic party?

            BS

            Having several millions of dollars in my financial accounts means receiving several valuable services each day!

            Disney

              TheGameGrl's avatar - character catafly.jpg
              A long and winding road
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              Posted: August 2, 2009, 12:08 am - IP Logged

              Pardon, lets not make this a political party issue. Its an issue on taxation and how our current economy is affecting the state budgets. New Jersey and some northern states have started to tap into gaming as a source to create revenue.....thus create a tax and retro it! Brilliant! NOT!!!

              ~~Is it true, Is it kind,Is it necessary. ~~~

              christmas holly jolly numbers: 255,303,6911, 474,477 silver:47,gold:79.

                Rocket 455's avatar - rocket
                Bellevue, KY
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                Posted: August 2, 2009, 1:30 am - IP Logged

                 Well the powers that be are going to use these divisive issues every chance they get to keep the people divided and fighting amongst each other, instead of using our energies to stop the race to the bottom. A few leftists like me and a few conservatives understand this but the propaganda machine is so massive and has such strong control over the electorate that there's really nothing we can do but watch it go down.

                 I really wish McCain and Palin had won the election, don't ask me why, but that just wasn't in the  cards.

                 Good Luck!

                She was made for the straitaways
                She grew up hatin' Chevrolets
                She's a rocket
                She was made to burn. ~Kathy Mattea

                  dingo's avatar - lottery of-birth.jpg
                  San Jose, California
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                  Posted: August 5, 2009, 1:04 pm - IP Logged

                  A Peanut brain politician!