SEC 70114 is unconstitutional.
• Introduced by @MikeCrapo
• Limits deductions to 90% of losses.
• Win $100k / lose $100k → IRS taxes $10k you never kept.
• The 90% cap violates the Sixteenth Amendment because it taxes something that is not “income.”
• Under Eisner v. Macomber (1920) income must be a “gain derived” from capital or labor.
• Under Commissioner v. Glenshaw Glass (1955) it must be an “undeniable accession to wealth, clearly realized, over which the taxpayer has complete dominion.” When a gambler’s wins and losses net to zero, there is no accession (increase) to wealth.
This phantom "income" tax will go into effect starting tax year 2026. @repdinatitus is working on a bill that would reverse this unfair anti-gaming tax provision. Let's hope common sense prevails and this is quickly reversed before 2026 gets here.
#Kill70114 #StopHiddenTax
ESPN 20% NHL
EV: 6.3%
FV: +603 (Pinny)
QK: 0.24u
Should be last play for parlay club.
Would play Sabres o6.5 +125 with Flyers u5.5 +135 if limits allow or you don’t have parlay club
Peyton Manning went to Denver. And won a Super Bowl.
Tom Brady went to Tampa Bay. And won a Super Bowl.
Russell Wilson went to Pittsburgh. And won a…
We’ll start to find out today. Steelers Country. Let’s Ride!
Betway graded this as a loss and needs to pay up for everyone who hit this boost. Please retweet/like it. This is actually a scam and I will file with the gaming commission if not fixed. #Betway@betwayusa