Comments on: Bad States for Amateur Gamblers http://www.taxabletalk.com/2010/03/01/bad-states-for-amateur-gamblers/ From Russ Fox, E.A., of Clayton Financial and Tax of Las Vegas, NV. All of the items below are for information only and are not meant as tax advice. Please consult your own tax advisor to see how each item impacts your own situation. Fri, 03 Feb 2012 02:18:00 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Greg http://www.taxabletalk.com/2010/03/01/bad-states-for-amateur-gamblers/#comment-52 Greg Sat, 13 Mar 2010 17:03:20 +0000 http://taxabletalk.com/?p=3279#comment-52 Illinois may not allow a deduction for gambling losses, but it does have one of the lowest income tax rates in the country - 3% - and it's not graduated, so if you make $1 or $1 million, you still pay only 3% tax. Of course, Illinois is right behind California in f'd up finances, but even if they double the tax rate, it'll only be 2/3 of California's.... Illinois may not allow a deduction for gambling losses, but it does have one of the lowest income tax rates in the country – 3% – and it’s not graduated, so if you make $1 or $1 million, you still pay only 3% tax.

Of course, Illinois is right behind California in f’d up finances, but even if they double the tax rate, it’ll only be 2/3 of California’s….

]]> By: Latest Good Reads | Web Tax Lawyers http://www.taxabletalk.com/2010/03/01/bad-states-for-amateur-gamblers/#comment-51 Latest Good Reads | Web Tax Lawyers Fri, 05 Mar 2010 11:29:18 +0000 http://taxabletalk.com/?p=3279#comment-51 [...] Bad States for pledge gamblers Taxpayers have $1.3 billion in unclaimed refunds [...] [...] Bad States for pledge gamblers Taxpayers have $1.3 billion in unclaimed refunds [...]

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