No Tax on Gambling Winnings

No Tax on Gambling Winnings

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Gambling winnings in United States is considered taxable income if it is over $1200. Not all gamblers are winners though. As a gambler, I know that we have to spend hundreds or even thousands of dollars before we can even hit a win, and most times there is no win, just losses. 

In the United States, not only casino winnings is considered taxable income but winnings from racetracks, game shows, lotteries, and possibly even bingo are taxed if the winning is over $1200. 

Many big countries like Canada, United Kingdom, Germany, Australia and New Zealand do not see gambling winnings as necessarily being reasonable income, and this is a change that United States must bring. 

Not all gamblers are winners. In fact many people lose thousands and thousands of dollars in gambling but if they win, a $1200 once only, they must pay taxes on it. This is not fair. People pay taxes on their income and then spend their taxed income on leisure, gambling as one them. Winning is not guaranteed. There more losses than winnings in any given type of gambling. Then why does the government not give amnesty for the total losses if they tax their total winning?? 

CHANGE THIS LAW in United States - Gambling Winning Should be Tax Free!!!

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