On Monday Iβm 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.
The passage of the One Big Beautiful Bill Act significantly enhances our industryβs ability to sustain quality jobs and deliver economic benefits β and we look forward to President Trumpβs expected signature.
Hey @MikeCrapo just so you are aware, the professional sports bettors and poker players who currently pay gambling taxes operate on very slim margins.
By only allowing professional to deduct 90% of losing wagers these gamblers are now going to be unprofitable and will not be able to wager for a living anymore.
Example -> a pro sports bettor who has a break even year and has 50 million in wins and 50 Million in losses is now expected to only be able to deduct 45 Million of these losses and will be forced to pay taxes on 5 million in earnings that they never actually made.
There are countless examples of this both small and large like this but that is the big picture.
The USA and states will lose 100s of millions of dollars in taxes by putting the professionals who actually are the ones paying the gambling taxes out of work
This will affect casinos and sports betting apps from the smallest to the largest positions. This bill will put a lot of people out of work and will have some pretty big consequences
This gambling section of the BBB needs to be revisited and revised. As this bill is currently written this is worse than the Boston Tea party saga.
@DougPolkVids@spanky@capjack2000@RealKidPoker@junglemandan@RufusPeabody
Buried within the BS Republican Budget bill is a provision that harms poker players and those who gamble by limiting loss deductions. Iβm working on a legislative fix that fairly treats gaming losses in the tax code.
@ValueBetsPA You have made me so much money and saved me so much time since I started following you like 1-2 years ago.
You're a goat man wish you the best!!!πππ