Poker Champion Eastgate Getting Blasted By Danish Taxation Laws
If those in America think they are unfairly taxed when it comes to casino winnings, they should consider the dilemma that World series of Poker Main Event champion Peter Eastgate finds himself in.
Eastgate took home the top prize of $9.1 million in the Main Event, but after the country of Denmark gets through with him, Eastgate will have less than $3 million of his money. The country has one of the highest taxes on casino winnings in the world.
The Danish government takes forty five percent of the first $4 million that is won. after that, the winner is taxed seventy five percent on everything that is left. That would leave Eastgate to walk away from the biggest win of his life with less than a third of his money.
Eastgate knew the possibility of this happening was strong. That is why he spent the time between reaching the final table and the actual playing of the final table looking for a new home. he tried to establish residency in London during the break.
It is unknown yet whether he succeeded, but the consensus is that his efforts will go unrewarded. That will leave him to pay the government of Denmark for his miraculous efforts at the WSOP.
Ivan Demidov finished the WSOP in second place, but actually will walk away with more of his prize money than the champion. he won $5.8 million, and with the tax rate in Russia at fifteen percent, he will only lose $750,000 of his money.
"It is unbelievable that the champion wins less money than the second place finisher. Although it is nuts, he still puts over $2 million in his pocket. I'll take that payday any day," said poker player Gary Truban.
November 21, 2008
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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If those in America think they are unfairly taxed when it comes to casino winnings, they should consider the dilemma that World series of Poker Main Event champion Peter Eastgate finds himself in.
Eastgate took home the top prize of $9.1 million in the Main Event, but after the country of Denmark gets through with him, Eastgate will have less than $3 million of his money. The country has one of the highest taxes on casino winnings in the world.
The Danish government takes forty five percent of the first $4 million that is won. after that, the winner is taxed seventy five percent on everything that is left. That would leave Eastgate to walk away from the biggest win of his life with less than a third of his money.
Eastgate knew the possibility of this happening was strong. That is why he spent the time between reaching the final table and the actual playing of the final table looking for a new home. he tried to establish residency in London during the break.
It is unknown yet whether he succeeded, but the consensus is that his efforts will go unrewarded. That will leave him to pay the government of Denmark for his miraculous efforts at the WSOP.
Ivan Demidov finished the WSOP in second place, but actually will walk away with more of his prize money than the champion. he won $5.8 million, and with the tax rate in Russia at fifteen percent, he will only lose $750,000 of his money.
"It is unbelievable that the champion wins less money than the second place finisher. Although it is nuts, he still puts over $2 million in his pocket. I'll take that payday any day," said poker player Gary Truban.
November 21, 2008
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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