View Single Post
  #6  
Old 10-21-2004, 08:48 PM
Kurn, son of Mogh Kurn, son of Mogh is offline
Senior Member
 
Join Date: Sep 2002
Location: Cranston, RI
Posts: 4,011
Default Re: Posting Again: Gambling and Taxes.

The federal government taxes gambling winnings at the highest rates allowed.

This is flat out false. Gambling winnings are taxed exactly the same as wages. They are all *ordinary income* and are taxed at exactly the same rate.
Reply With Quote