US EditionGamblers Raise Concerns Over Little-Known Provision in Trump-Backed Legislation
UNITED STATES, JUL 9 – The FAIR BET Act aims to reinstate full deductibility of gambling losses, reversing a 10% cap in a recent tax bill that industry groups say harms gamblers nationwide.
- On July 4, President Donald Trump signed a nearly 900-page Republican tax-and-spending bill into law that included new gambling loss deduction limits.
- The law limited gamblers to deduct only 90% of losses against winnings, a change that surprised many, including some Republican lawmakers unaware of the provision.
- Senator Catherine Cortez Masto and Representative Dina Titus have pushed legislation to repeal this limit, warning it could harm Nevada’s gaming industry and push gambling offshore.
- Cortez Masto warned that without changes, gamblers could end up being taxed on funds they never actually gained, calling the current system flawed, while Titus advocated for equitable treatment that allows gamblers to fully claim their losses as deductions.
- An attempt to roll back the change failed in the Senate on Thursday, with Titus stating Senate action is moot without House support, making repeal dependent on passing new legislation.
27 Articles
27 Articles
Dina Titus Fights to Reverse GOP’s Anti-Gambling Provision in Big, Ugly Bill
Titus’ bipartisan FAIR BET Act reinstates 100% deductions for gambling losses Nevadans are seeing wall–to–wall coverage of how Dina Titus is fighting to protect Las Vegas’ economy from a provision in Republicans’ Big, Ugly Bill that unfairly caps how much gamblers can deduct for their losses. The Big, Ugly Bill could force people to pay taxes on money they never even saw, which could drive gamblers underground and hurt Nevada’s local economies.…
Colorado Springs Gazette
Colorado PoliticsTrump agenda law limits gambling loss deductions
The Republican megabill that is now law includes a key tax provision that has the gambling industry frustrated, and some lawmakers are already pushing for changes. Republicans pushed the Senate-passed legislation through the House of Representatives in a 218-214 vote…
Trump agenda law limits gambling loss deductions - Washington Examiner
The Republican megabill that is now law includes a key tax provision that has the gambling industry frustrated, and some lawmakers are already pushing for changes. Republicans pushed the Senate-passed legislation through the House of Representatives in a 218-214 vote just ahead of July 4. And President Donald Trump signed it into law on the holiday, cementing a key domestic policy win less than six months into his second, nonconsecutive term. Th…
Republican objection blocks Cortez Masto plan to close gambling tax loophole
LAS VEGAS (KLAS) -- A proposal from Democratic Nevada Sen. Catherine Cortez Masto to close a loophole requiring gamblers who lose money to pay taxes on their losses failed an initial test Thursday after Republican objection. Cortez Masto introduced the Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act on Thursday to fix a change in the tax code written into President Donald Trump’s budget bill. No Democrat …
Bid to repeal big beautiful tax bump fails
The latest attempt to roll back a change in tax law that could affect thousands of gamblers across the country failed in the U.S. Senate on Thursday, but one Nevada lawmaker vowed to fight on.U.S. Sen. Catherine Cortez Masto, D-Nev., tried to fast-track her bill S.2230, dubbed the FULL HOUSE Act which would repeal a provision in the Republican tax-and-spending bill that changed how much in losses gamblers could write off on their taxes. WATCH | …
Gambling tax repeal bill blocked in Senate
Senate Republicans on Thursday objected to quick passage of legislation that would restore full deductibility of wagering losses after Nevada Democrat Catherine Cortez Masto made the unanimous consent request. The bill from Cortez Masto would fix a provision enacted in the massive reconciliation package last week that would allow only 90 percent of gambling losses to be deducted against any winnings, estimated to raise $1.1 billion over a decade…
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