BILLY BAXTER
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Billy Baxter Poker Player

Heads-up Match

  William E. Baxter took on the U.S. government in a heads-up match (William E. Baxter Jr. vs. the United States) for the right to pay taxes on poker winnings as earned income.  Billy Baxter won the match. Prior to his victory, poker winnings were classified as unearned income, which was taxed up to 70 percent.  Billy Baxter’s lawsuit changed the tax status for those earning a living as professional poker players.
   
  Billy Baxter is an accomplished poker pro who has won several world series of poker events, mostly in the Deuces to Seven Draw events, and a win in Ace to Five Draw and one in Razz.

Beyond his personal poker accomplishments, he was an important backer of Stu Ungar. Billy's greatest win was through his staking of Stu Unger in the 1997 WSOP main event ($10,000 buy-in), in which Stu won $1,000,000..  Billy and Stu split the winning evenly.

He also backed Stu other times through Stu's poker career, but the 1997 win was the big one.  In 1990, Billy Baxter staked Stu in another $10,000 buy-in event.  Stu did not return on the final day due to a drug problem, but his chip stack was so large that even after being blinded out, he made it to the final table. Billy did not take a loss because Stu won about $20K taking 9th place (blinded out). Had Stu played on the final day, Billy likely would have split 1st prize with Stu as he did in 1990..