HR 2140: A Bill to Give Gamblers a Break at Taxpayer Expense

Horseplayers,

Last night, Rep. John Yarmuth (D-KY) introduced a bill that would eliminate the automatic 25 percent federal withholding on pari-mutuel winnings of $5,000 or more for bets that carry odds of 300-1 or higher. Rep. Charles Boustany, Jr. (R-LA) is the bill’s lead co-sponsor.

The “Pari-mutuel Conformity and Equality Act of 2009” (H.R. 2140) or PACE Act was introduced by the Congressmen in the U.S. House of Representatives. Both Congressmen have race tracks in their respective districts and are members of the powerful Ways & Means Committee, which has jurisdiction over tax matters.

Compared to other gaming industries, the pari-mutuel industry currently suffers from an inequitable tax law that requires wagering facilities to automatically withhold federal taxes from certain pari-mutuel winnings as defined above. This burden impacts the amount of dollars horseplayers have to re-bet, which subsequently affects handle figures and ultimately purse levels and bloodstock markets.

Please watch for information from the NTRA on how you can help change the antiquated and unfair taxation of pari-mutuel winnings. We also encourage you to follow the bill’s progress at www.HorseplayersCoalition.com and ask you to consider supporting the NTRA’s legislative effort by becoming a member of the Horseplayers’ Coalition today.

Sincerely,

Joe Bacigalupo

Director of Membership Development

NTRA

Phone: 859-422-2677

e-mail: joeb@ntra.com
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Hey, no one istwisting their arms to gamble their money away. Why should we give them a tax-break at taxpayer expense,...now at a time when we need every dollar to get our deficit down?
Just say NO to tax-breaks for gamblers!

Click on title above to see and sign the petition;
http://www.thepetitionsite.com/1/no-tax-breaks-for-gamblers-at-our-expense