Monday, August 04, 2008
New law in US proposes to cut tax on betting

A new draft law was introduced in the U.S. House of Representatives that would eliminate the automatic 25% federal withholding on exotic bets with high winnings (over US$5K).

The National Thoroughbred Racing Association welcomed the proposal, explaining that the high level of witholding tax has a negative influence on re-investing of winnings (in new bets).