Friday, June 30, 2006

There is a constant hide and seek game on between the gamblers trying to save as much tax as they possibly can, even if it means breaking a few tax laws. After all they are gamblers and wont mind taking some extra risk if they can come out with some extra cash. The IRA is not kind to winners nor does it like losers. The federal authorities, as do many states, tax gambling winnings at the highest rates possible. In many states and cities the government takes 50 percent of every additional dollar you earn be it through hard work or play. Read further...