Congress introduces bill to eliminate 25% withholding tax on horse winnings

[vegas jay]

A bill was introduced Tuesday night in the U.S. House of Representatives 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.

The bi-partisan "Pari-Mutuel Conformity and Equality Act" was introduced by Rep. John Yarmuth (D-KY). Rep. Charles W. Boustany, Jr. (R-LA) is the lead co-sponsor.

The complete story: www.ntra.com/content_print.aspx?type=news&id=39121

[njhorseman]

A good idea, because it keeps money circulating in the wagering pools. A better idea would be to eliminate taxing gambling winnings.

[vegas jay]

I agree! It's my understanding that Canada does not tax gambling winnings.