TwinSpires customers to pay additional tax on their wagers

DiscreetCat

Above-and-beyond the takeout.....how nice

http://www.bloodhorse.com/horse-racing/articles/67580/kentucky-committee-oks-tax-on-account-wagers

John Greenhaw

If I'm reading this article correctly, this tax only applies to Kentucky residents. However, as you know, once the flood gates open up on this tax it is just a matter of time before these idiot legislators decide to implement a tax on all wagers. CDI may be able to avoid some of this since their wagering facility is located in Oregon?

These morons that we send to our state and federal governments just don't get it that the horse racing industry is the only industry in which the "Trickle-Down" actually works, . The big money trickles down all the way to the backside employees, and that's a good thing!


I find it interesting that the article points out that Kentucky has not designated the revenue to go to the Horse industry. Makes you wonder how the blue-bloods in Kentucky can have such little influence over these nuts in the legislature. All you have to do is to look at that idiot McConnell who is the Kentucky Senator who is the hatchet man for everything he is paid to be on the side of. I'm not singleing out Kentucky, the rest of the states are just as bad, but you would expect better from a state so invested in racing!

FlyinLate

John Greenhaw wrote: »

If I'm reading this article correctly, this tax only applies to Kentucky residents. However, as you know, once the flood gates open up on this tax it is just a matter of time before these idiot legislators decide to implement a tax on all wagers. CDI may be able to avoid some of this since their wagering facility is located in Oregon?

It does in fact on apply to KY Residents but I do have to agree the flood gates will burst wide open in only a matter of time. CDI has no current opportunity to avoid this (as it is taxing the actual bettors rather than the corporation itself). Should future taxes be enforced, this might turn in to an extensive legal battle over taxation (lets hope the Feds dont jump on this future bandwagon). The problem is, most people don't care when "sin" taxes are raised (i.e. gambling, booze, tobacco, etc). Just keep taxing everything I enjoy :thumbdown: