Professor Maule has an interesting post on whether people making their living gambling on cards should be treated differently than those gambling on stocks. His conclusion:
I wonder if the current Administration and its Congressional allies, in proposing to make permanent the special low rates [on capital gains] applicable to those who gamble in commodities, options, and similar items, understands that gambling is gambling. Do they understand that making those rates permanent will generate even more incentive for tax shelter designers to find ways to package poker games as long-term investments the income from which would be taxable as capital gains?
Definitely read the entire post—it’s well worth it.
Given the social engineering inherent in our tax code, don’t look for any changes in the treatment of gambling any time soon.
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