How Much Tax Will The 2011 WSOP Winner Pius Heinz Pay?November 15, 2011 2:47 pm
Last week, German pro Pius Heinz won the 2011 WSOP Main Event for $8,715,636, and the question has been asked how much of that in taxes will the 22 year old have to pay.
Despite the huge amount won, the question becomes particularly poignant when you consider the extreme case of the 2008 WSOP winner Peter Eastgate from Denmark. After his win, Eastgate subsequently had to pay 72.77% of his $9.1 million in winnings as taxes to Denmark, leaving less than $3 million for himself.
Not quite as bad, but still pretty painful, is the example of the 2010 winner Canada’s Jonathan Duhamel, who won $8.9 million in Vegas but lost 48% or $4.3 million of his win to taxes.
As for this year’s Champion Pius Heinz, well, the 22 year old will be extra delighted to not only take down the prestigious event, but to be allowed to keep every cent of his staggering first place prize. Fortunately for him, there is a US-German tax treaty in place that exempts Germans from paying US taxes on gambling winnings. Otherwise, the IRS would have gotten their hands on 30% of his cash.
Not so fortunate were the other members of the 2011 WSOP Main Event final table, except the UK’s Sam Holden, whose country also shares a tax treaty exemption with the US.
Here is a table showing how much taxes each of the November Nine will have to pay, which appeared on taxabletalk.com. It also confirms what we already know, namely that no matter how the players fare, the house always wins:
Before-Tax (After-Tax Prize)
1. Pius Heinz $8,715,638 ($8,715,638)
2. Martin Stazko $5,433,086 ($4,618,123
3. Ben Lamb $4,021,138 ($2,497,127)
4. Matt Giannetti $3,012,700 ($1,964,058)
5. Phil Collins $2,269,599 ($1,417,119)
6. Eaoghan O’Dea $1,720,831 ($1,025,813)
7. Bob Bounahra $1,314,097 ($919,868)
8. Anton Makiievskyi $1,010,015 ($838,359)
9. Sam Holden $782,115 ($782,115)
Totals $28,279,219 ($22,778,220)