I came across a study on a website called LegalUSPokerSites that did the math on take-home winnings across the US. I live in California, Oakland to be exact, but saw that with the compounding state + federal tax and phantom income I'm essentially paying taxes on $10k+ I didn't actually get to keep, the study was set up across a standardized win of $100k. California ranked dead last. Gotta love high-tax states, makes me want to move to Florida.
OBBBA's 90% gambling loss cap + state taxes & federal taxes leaves $13k+ less
byu/SwimAnarchy intax
Posted by SwimAnarchy
4 Comments
Or just don’t gamble.
You could always try not gambling.
I don’t think any gambling losses should be tax deductible, frankly.
If I spend 10k on my hobby, I still pay taxes on that 10k my hobby cost me.
>California ranked dead last. Gotta love high-tax states, makes me want to move to Florida.
Highly doubt the accuracy of this, given that California has one of the lowest income taxes for most people and that there are many states (not including California) that do not permit any deduction of gambling losses.