Big Tax Hit for Poker Players Fizzles
It was a big worry for a time, but it looks like poker players in the United States can breathe a sigh of relief now that the proposed IRS 25% tax withholding concept will not come to pass. The idea was for a flat 25% of poker tourney winnings over $5,000 to be withheld automatically from payout to players, but the Internal Revenue Service has come out and said that it is not a viable option to put such a rule into affect. The American Gaming Association were strong lobbyists against the idea.
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Poker dictionary:
- OVERCALL - To call a bet after one or more players already called.
- OPEN-ENDED STRAIGHT - Four cards to a straight which can be completed by drawing a card at either end. E.g., 6-7-8-9 is an open-ended straight. Also: BOBTAIL STRAIGHT. Compare: INSIDE STRAIGHT.
- GOOD GAME - A game with players worse than you so that you can expect to win a lot of money.
- BOARD - The exposed cards in Hold'em and stud. Also BOARD CARDS.
- POT LIMIT - A game where the maximum bet is determined by the size of the pot at the time. Note that a player wanting to raise first calls the bet, then totals the pot to determine the maximum amount he can raise.
- SHARK - A good/crafty player often posing as a fish early in the game.
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