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WSOP champ Eastgate can't escape the taxman

21 November 2008

DENMARK -- As reported by the San Antonio Express: "It doesn't matter who you are or what you do, there is no getting away from the taxman no matter where in the globe you hang your hat.

"Peter Eastgate, the 2008 World Series of Poker champion, is getting a quick dose of that reality. A native of Denmark, Eastgate is subject to some of the strictest tax laws in the world since the Danish government provides a bevy of services for its citizens ranging from free education to free health care.

"Citizens are subject to massive taxation with casino winnings.

"The Danish currency is called a krone and has a conversion rate of approximately 6 to 1 vs. American money. reports that the Danes are taxed 45 percent on the first $4 million won and 75 percent on top of everything exceeding that.

"This high taxation rate effectively wipes out Eastgate's $9.1 million win into a little under $2.5 million.

"...During the nearly four-month break between making the final table and the actual play of it, Eastgate attempted to move to London and establish residency to alleviate the tax burden. English tax law is a more favorable 40 percent tax on winnings, but it's being reported that the odds of Eastgate's attempt to skirt his tax debt to Denmark are slim at best..."

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