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Please contact your reps in Congress, super easy via this site: https://t.co/C2yjWCv6mT. Ask them to support the FAIR BET Act to ensure no taxes on phantom income!
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The Rules Committee blocked the FAIR BET act from the NDAA. The fix now rests with @WaysandMeansGOP and @RepJasonSmith. Please schedule a markup of H.R. 4304 to restore the full 100% gambling-loss deduction. Break-even bettors shouldn’t owe tax on phantom income. @AmericanGaming@repdinatitus
The fight to restore the 100% gambling loss tax deduction continues.
I’ve introduced the #FAIRBETAct as an amendment to the 2026 National Defense Authorization Act (NDAA).
I strongly encourage the Republicans to make this amendment in order when it goes before the House Rules Committee upon our return to Congress next month.
The FAIR BET Act now has bipartisan support! Thank you @RepTroyNehls for signing on.
I will continue championing this legislation through Congress.
Keep the momentum going!
I just introduced the FAIR BET Act with @RepRoKhanna to rightfully restore the 100% tax deduction for gaming losses.
I encourage other members to support this critical fix.
I have solutions for all three!
🏈 The Discriminatory Gaming Tax Repeal Act
⚖️ The soon to be introduced FAIR BET Act
🎰 The SLOT Act
Gaming should be treated like any other industry.
On Monday I’m introducing the FAIR BET Act, the Fair Accounting for Income Realized from Betting Earnings Taxation Act, to permanently restore the 100% loss deduction from gambling winnings.
I welcome all other members to join this common sense fix.
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