Denmark Wins the 2008 WSOP
According to Danish tax laws, Peter Eastgate is now officially Denmark’s BITCH. After winning the bracelet and over nine million in cash here in the good ‘ole USA, Eastgate is likely facing one hell of a tax bill from SKAT (the Danish equivalent of the IRS). We’re not talking about a modest few million; we’re talking almost ALL of it.
I’m not kidding. The effective tax rate in Denmark for a person raking in this much cash in a year is 72.27% For the mathematically challenged that means of the $9,152,416 that Eastgate won, he owes the Danish SKAT man a whopping $6,660,545 of his winnings. Take home pay after all of that? $2,491,871
So essentially the biggest money winner of the event post-taxes is Ivan Demidov. Since Russia only asks for 13% of his winnings, he’s still taking over five million to the Russian Bank, or the mattress he stuffs in his winnings in, right next to the AK47.
Eastgate apparently did try to move to Britain but was not able to gain citizenship before winning the event. There’s debate on how much, if any, of the money he will actually pay to SKAT but how it pans out is anyone’s guess. What will be interesting is if now chooses to stay in Denmark or take up residence elsewhere, similar to what Gus Hansen did when he moved to Monaco.
Reilly said
am November 25 2008 @ 8:40 am
Although it has been commented recently during this days that Eastgate should pay 72% of his prize, our site (www.noticiaspoker.es) contacted SKAT to be sure of this information, and it’s not the correct percentage actually. The amount he should pay is 62,73%, as you can confirm in the mail SKAT sent us:
“If a player, living in Denmark, won that kind of money like Mr. Eastgate did, he would pay almost the numbers, that you are written.
The tax rate in Denmark is a little difficult to explain. First you will have to pay 8% of every income in Denmark. Second you will have to pay about 40-45% of the rest until about 375.000 DKK. At last you will have to pay max. 59% of every income above 375.000 DKK.
If your income were 53.899.250 DKK you will owe 33.808.639 DKK in tax. Then you will face an effective tax rate of 62,73%.
Michael Nielsen.
SKAT”
Regards.
http://www.noticiaspoker.es
Kaus said
am November 25 2008 @ 8:48 am
Thanks for the info
Kevin John Pantera said
am December 10 2008 @ 7:55 pm
The Isle of Mann or Nevis might also be great places to disappear too. He might also denounce his citizenship and become a servant of a country other that the thieves in Denmark (for a fee that is)He might also become a Corporation, or LLC like EastGate Ventures Inc, so he could churn the funds through corp channels, and be incorporated in the caymans or Nevis or another country with no extradition or tax law info sharing. Because everyone knows that People pay taxes and Corps DO NOT. Take a note young man you had better start reading up on tax havens and good ole Gold Bullion, cattle livestock and racehorses also come to mind. Enjoy!!!!!
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am July 22 2010 @ 2:05 am
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