In case you were wondering how close this came to being insane: A Miami player hit his first HR of the season on Monday… and it was a Grand Slam. Later that night, an Arizona player also hit one.
3 DK customers had the Miami player in their Grand Slam Payout wager.
If the Arizona grand slam never happened, those 3 bettors would’ve split an $83,334 payout 👀
Today I am urging @WaysMeansCmte Chairman @RepJasonSmith to place the FAIR BET Act on the committee calendar. Now is the time to fix the unfair 90% tax deduction for gambling losses that negatively impacts professional and casual players. See my full letter to the Chairman below.
An "unknown actor" created a Signal account and used artificial intelligence to impersonate Secretary of State Marco Rubio and contact government and foreign officials, according to a State Department cable obtained by CBS News. https://t.co/Adyvelztqe
Republicans hurt Las Vegas gamblers and the gaming industry with their BS budget.
I am working on a bill now that would reverse this unfair anti-gaming tax provision.
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