Ed Miller on the IRS

Why is Ed Miller so awesome? Because he says stuff like this:

"...beginning March 4, 2008 the IRS will require tournament directors to withhold taxes from poker tournament winners who win in excess of $5,000
"... it would seem from Section 2 of the bulletin that it applies only to those prizes that exceed the entry fees by $5,000. So if you enter the main event of the WSOP for $10,000 and place 583rd to win an $11,500 prize, you won’t have withholding because your prize exceeds your entry fee by only $1,500.

"..Since poker has become high profile over the past few years, I think the IRS has spent and will spend more time and resources to take its pound of flesh from the game. US tax law is very unfavorable to gamblers, and this new policy is simply an extension of the old unfair policies."

And then in the comments he wrote:

"I mean seriously, what would happen if the IRS suddenly declared it was withholding 25% off the top of every trade on Wall Street that netted a profit over $5,000?"

Shorter Ed Miller: The main event at the WSOP isn't a great bet. And the IRS sucks.