Now that the final table of the World Series of Poker Main Event has concluded, the hot topic of discussion on poker forums is the insanely gross amount of tax money that these players can expect to pay.
This year's Main Event Champion, 22 year old Peter Eastgate won a mind boggling $9,152,416 first place prize money. Too bad for him 45% of that money is headed right towards Denmark's IRS counterpart SKAT.
Eastgate will owe $6,660,545 in tax money leaving him with just under $2.5million for himself.
Second place finisher Ivan Demidov's second place prize money of $5,809,595 is also taxable by the State Taxation Service of Russia. Russia's tax rate however is only 13% so Demidov still walks away with a cool $5 million, after taxes.
Yeah that's right, second place finisher Ivan Demidov will end up walking away with almost twice the amount of money as Peter Eastgate after both players have paid their taxes.
In fact, here's a nice little break down of just how much money tax agencies, both domestic and international, collected from the final table prize money:
Amount won at Final Table: $32,731,625
Tax to SKAT (Denmark): $6,660,545
US Tax Withheld to IRS: $1,654,599
Additional Tax owed to IRS: $4,416,422
Total Tax to IRS: $6,071,021
State Taxation Service (Russia): $755,247
Tax to Revenue Canada: $491,728
Tax to NY Dept. of Tax and NYC: $387,966
Tax to California FTB: $291,376
Tax to Illinois Dept. of Revenue: $135,533
Total Taxes: $14,793,416.
Ouch! That's 45.20% of the entire final table prize pool going towards taxes. But I guess as the old cliché goes, there's only two things in life that are certain. Death and taxes.
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