Now, I will admit that I have not read every hand from the final table, and there were definitely some lucky hands at the table that night.
BUT
I do remember that within the first 3 hours Eastgate was playing aggressively while everyone else was sitting back and being cautious. At that time my thought was "The rest of the table better watch out, or else they are going to let Eastgate steal all the chips!".
He picked up a lot of chips during that early part, and that helped him later on.
Congrats to Eastgate!
On the plus side too, now we won't have to listed to the Hellmuth "Youngest player to win the Main Event" anymore either!
Sooo lucky to only have 20% of yourself when you win one of the largest prizepools ever.
I would /life. After I rolled around in my 2mil of course.
Read somewhere (2P2?) that, because of Denmark's tax system, he will not have any US withholding, but will only net around $2.8M US after the Danish government gets their slice (they take over 70%). So he'll only be rolling in about $600k. No wonder he wasn't jumping around like a mad fool. Second place took home more $$$, in the end. At least, it seems that way.
Read somewhere (2P2?) that, because of Denmark's tax system, he will not have any US withholding, but will only net around $2.8M US after the Danish government gets their slice (they take over 70%). So he'll only be rolling in about $600k. No wonder he wasn't jumping around like a mad fool. Second place took home more $$$, in the end. At least, it seems that way.
70%???
I'd start looking for a place in the Caymans and tell my friends and family to come visit when they can.
Not likely to happen. There is a tax treaty involved between the US and Denmark (as well as elsewhere in Europe), so I would bet that the casino will take "X" off the top in order to be in compliance with US law, with regard to the treaty. Then he has to settle up with his backers, and then he can cash his cheque for $600k. Doubt VERY much that there is any sort of legitimate work-around to be had. Still, I'd take it.
the best thing to do would be to emigrate out of Denmark asap; as long as he as left the country by Dec 31st, he should be able to avoid this crazy tax bill. I always wondered if some full time pros just travel the world all year and really don't have a place they call home. If you are always on the road making money in different countries, do you really need to worry about tax returns? withholding would always be a problem if you don't have a fixed home base.
Eastgate really did get a lot of good cards (based on the hands shown by espn); whenever he had a decent hand, other players were raising into him (all-in in a few cases) and he just looked baffled.
Not likely to happen. There is a tax treaty involved between the US and Denmark (as well as elsewhere in Europe), so I would bet that the casino will take "X" off the top in order to be in compliance with US law, with regard to the treaty. Then he has to settle up with his backers, and then he can cash his cheque for $600k. Doubt VERY much that there is any sort of legitimate work-around to be had. Still, I'd take it.
I am not sure about the backers as he had won a few million a couple of months before the start of the Worldseries...
He moved to England earlier this year and became a citizen. Winning are tax free over there I believe.
I belong to another poker forum that has alot of players from the uk and you are right its tax free in the uk. Its considered a game of chance over there.
However eastgate was still living in denmark when the tournament started and moved to the uk in between. I wonder if he owes denmark anything? It will be interesting to see.
Even if he does or doesn't have to pay denmark some money im sure some poker site will sign him to a nice contract.
I belong to another poker forum that has alot of players from the uk and you are right its tax free in the uk. Its considered a game of chance over there.
However eastgate was still living in denmark when the tournament started and moved to the uk in between. I wonder if he owes denmark anything? It will be interesting to see.
Even if he does or doesn't have to pay denmark some money im sure some poker site will sign him to a nice contract.
Technically he was guaranteed 9th place money at the time of the move so he'd have to pay tax on that as I see it.
Government taxes...I only have one thing to say...
I do believe it is country of residence when the win happened. Though, I also think one must be a residence of the new country for 6 months? Meh..the lawyers will get paid well...
Great pic. I think that the Euro treaty probably will take precedence for Eastgate. That means he not only is going to get screwed out of the majority of his winnings, but he will probably get screwed when he signs an endorsement deal, as well.
As an example of how screwy things are: Here the goal is to own your home outright, correct? In Holland, no one wants to own their own place, because the government will tax you at a higher rate, because now you are a "property owner" (as opposed to a serf?). Anyway, most everybody just remortgages the place before they pay it off, and use the $$$ for vacations and such. Some even renovate, like they claim on the paperwork. Cradle to grave socialism is expensive boys and girls.
the best thing to do would be to emigrate out of Denmark asap; as long as he as left the country by Dec 31st, he should be able to avoid this crazy tax bill. I always wondered if some full time pros just travel the world all year and really don't have a place they call home. If you are always on the road making money in different countries, do you really need to worry about tax returns? withholding would always be a problem if you don't have a fixed home base.
WTF? Dude, how about buying a hot air balloon and spending your entire life floating in the air? Yeah that'll work too. I can see it now, giant floating armadas of tax evading balloons, beholden to no-one. :o???:o
Comments
BUT
I do remember that within the first 3 hours Eastgate was playing aggressively while everyone else was sitting back and being cautious. At that time my thought was "The rest of the table better watch out, or else they are going to let Eastgate steal all the chips!".
He picked up a lot of chips during that early part, and that helped him later on.
Congrats to Eastgate!
On the plus side too, now we won't have to listed to the Hellmuth "Youngest player to win the Main Event" anymore either!
Sooo lucky to only have 20% of yourself when you win one of the largest prizepools ever.
I would /life. After I rolled around in my 2mil of course.
Read somewhere (2P2?) that, because of Denmark's tax system, he will not have any US withholding, but will only net around $2.8M US after the Danish government gets their slice (they take over 70%). So he'll only be rolling in about $600k. No wonder he wasn't jumping around like a mad fool. Second place took home more $$$, in the end. At least, it seems that way.
70%???
I'd start looking for a place in the Caymans and tell my friends and family to come visit when they can.
Significant tax, then pay the backers. Nice.
Eastgate really did get a lot of good cards (based on the hands shown by espn); whenever he had a decent hand, other players were raising into him (all-in in a few cases) and he just looked baffled.
I am not sure about the backers as he had won a few million a couple of months before the start of the Worldseries...
I belong to another poker forum that has alot of players from the uk and you are right its tax free in the uk. Its considered a game of chance over there.
However eastgate was still living in denmark when the tournament started and moved to the uk in between. I wonder if he owes denmark anything? It will be interesting to see.
Even if he does or doesn't have to pay denmark some money im sure some poker site will sign him to a nice contract.
Technically he was guaranteed 9th place money at the time of the move so he'd have to pay tax on that as I see it.
I do believe it is country of residence when the win happened. Though, I also think one must be a residence of the new country for 6 months? Meh..the lawyers will get paid well...
As an example of how screwy things are: Here the goal is to own your home outright, correct? In Holland, no one wants to own their own place, because the government will tax you at a higher rate, because now you are a "property owner" (as opposed to a serf?). Anyway, most everybody just remortgages the place before they pay it off, and use the $$$ for vacations and such. Some even renovate, like they claim on the paperwork. Cradle to grave socialism is expensive boys and girls.
WTF? Dude, how about buying a hot air balloon and spending your entire life floating in the air? Yeah that'll work too. I can see it now, giant floating armadas of tax evading balloons, beholden to no-one.