Some members of the IRS (Internal Revenue Service) intend to lower the amount of winnings subject to taxation in American hard-core casinos to $ 600. The American Gaming Association (AGA) is far from agreeing with this IRS proposal.
According to the AGM, such an initiative has a strong risk of altering the players’ gaming experience. Moreover, this limit on the amount won, if adopted, will waste time and money for winning players as well as for land-based casinos. This project is currently the subject of a petition, an initiative taken by the association.
IRS (Internal Revenue Service) Wants To Lower Taxable Amount To $ 600
The IRS (Internal Revenue Service) is considering the possibility of lowering the limit on the amount won by US players that is subject to tax. Currently, a tax is levied when a player wins $ 1,200 or more at US land-based casinos. To be more precise, if a player wins $ 1,200 or more on a slot machine, the slot machine is blocked until they fill out an IRS form in the presence of a manager and receive their jackpot. If that player is a US citizen, a tax of approximately 30% will be levied on the amount he won. The procedure wastes time and money for the player and the casino. For information, if the winner is a French player, the entire amount will be returned to him, but not immediately. Indeed,
The IRS wants to increase that amount from $ 1,200 to $ 600. The American Gaming Association (AGA), against this project, says that such an initiative has only drawbacks.
In order to prevent this IRS project from happening, the AGM has launched a petition. So far, this petition has collected no less than 10,000 signatures. Indeed, the AGM underlines that raising to 600 dollars the sum of the profits subject to a levy of tax can only be harmful to the American land-based casinos. Winning mini-jackpots ($ 600 or more) is common in American hard-core casinos. If this proposal is adopted, slot machines will crash far too often. Casinos therefore risk losing money without forgetting that the procedure for the payment of winnings is long and tedious because of the form to be completed and the tax to be levied.
This initiative can also discourage players who, with each gain of more than 600 euros, will not only have to wait, but also agree to lose part of the amount won. It goes without saying therefore that the gaming experience of the players can be altered. The AGA wants to bury this project thanks to the petition it has launched. The association has many arguments against this proposal, the most important being the waste of time and money for the players as well as for the American land-based casinos.