Increasing Support for Upping Tax Threshold on Slot Winnings
LISTEN TO THIS ARTICLE:For close to a decade, Rep. Dina Titus has been campaigning for the Internal Revenue Service (IRS) to update the tax reporting threshold for slot winnings. Currently, winnings of $1,200 or more require players to complete a W-2G tax form. However, this threshold was set in 1977 when Nevada was the sole gambling state.
Since then, there has been a proliferation of casino gambling across the US through commercial and tribal casinos. As a result, Titus argues that the existing rules have become a burden for the IRS, casino operators, and gamblers alike.
To address this, Titus and Rep. Guy Reschenthaler have introduced the Shifting Limits on Thresholds Act. Its aim is to raise the threshold from $1,200 to $5,000.
IRSAC Lends Its Support
In November, the IRS Advisory Council (IRSAC) has lent its support to proposals to increase the tax threshold on slot winnings. It actually went further and suggested a threshold of $5,800. As a result of the support, Titus and Reschenthaler renewed their call for the IRS to revise the policy.
In a recent interview, Titus drew attention to the fact that a policy update can be implemented by changing the regulations without needing to change the legislation and she called on Danny Werfel, the IRS commissioner, to heed the advice of the IRS Advisory Council.
AGA Supportive of Proposals
The American Gaming Association (AGA), the leading trade group for the US casino industry, has also given its support to raising the tax threshold.
Bill Miller, the AGA’s CEO, called the current threshold “antiquated” and said that it puts unnecessary burdens on players, casino operators and the IRS, due to the number of W-2G forms that need processing.
The AGA commends Representatives Reschenthaler and Titus and other Congressional leaders for their dedicated efforts to modernize this long-outdated policy and join them in urging Commissioner Werfel to raise the threshold.
More Finance News
RELATED TOPICS: Finance
Latest News
Responsible Gambling
Parlays, Pressure, and Addiction - The Risks of Modern Sports Betting
Dec 20, 2024Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Increasing Support for Upping Tax Threshold on Slot Winnings