With the new Congress, the National Thoroughbred Racing Associations (NTRA) lobbying team is gearing up to secure re-introduction of the Pari-mutuel Conformity and Equality Act (the PACE Act).
The PACE Act would eliminate the automatic federal withholding on winnings of $5,000 or more. The bill was introduced in the last Congress by Rep. Charles Boustany, Jr. (R-LA), whose district includes two racetracks.
It is not enough that the recently enacted Farm Bill and Economic Stimulus Act gives over $400 million in tax breaks and breeding incentives to the equine industries, breeders & owners of race and showhorses,....now it is being proposed in this new bill that we should give racetrack players & gamblers a tax break by doing away with federal witholding on their wins! Think of how much revenue will be lost to our federal govt if this "no withholding" plan is implemented, and of course, as always, it will be the taxpayers the govt will look to to make up the lost income. This is a bill that will benefit only gamblers. Do you think gamblers deserve such a break from our government? No one twists their arms to lay down their money on a bet. Moreover, gamblers have always been able to write off some of their gambling losses - but to do away with taxing their wins is going just a bit too far we think. We think a better idea would be to take the federally withheld money from the gamblers wins and put it into a National American Equine Athelete Re-Homing and Retirement Fund.
We think the horses are FAR more deserving of financial help from our government than the gamblers are, dont you?
Call your congressional representatives and let them know that you DO NOT support the PARI-MUTUEL CONFORMITY & EQUALITY ACT and you are hoping they will vote against it.
This type of legislation is porkbarrel politics & cronieism at its best. The racing industry needs its gamblers, of course, so who can blame them for wanting to do "something nice" for them to keep them betting, ..but at what or whos expense? At GREAT expense, and OURS! The NTRA, Rep. Boustany and any others who support this bill are very generous to the gamblers, only with our money! If this bill passes Americans should be outraged! Pass the word around: NO to the proposed PACE ACT!!!
