December 2, 2008 (InfoPowa News) — The current World Series of Poker champion Peter Eastgate (22)
apparently stands to lose much of his $9.1 million first prize to
Denmark’s taxman, according to the well-informed poker writer Thomas Somach on Poker Helper.com.   
 
As a resident of Denmark — a bastion of socialism, offering its
citizens everything from free health care to free college education,
and a consequently heavy tax regime — Eastgate is liable to pay 45
percent on the first $4 million he won, and an even higher 75 percent
on the rest. That will only leave him with something like $2.5 million.
 
Eastgate has been looking for alternatives, according to newspapers
following the story. During the enforced 117-day hiatus between making
the final table and the start of the final table action, the
forward-thinking Eastgate apparently explored the possibilities of
moving to the U.K., where the British taxman levies a more acceptable
flat 40 percent tax on winnings. That would improve Eastgate’s takings
considerably to $5.5 million, assuming the Danish tax authorities let
him go with his winnings intact.
 
However, Somach observes, the young professional could do even better
in Monaco, where there is no income tax at all for citizens.