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.
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.
Buried within the BS Republican Budget bill is a provision that harms poker players and those who gamble by limiting loss deductions. I’m working on a legislative fix that fairly treats gaming losses in the tax code.
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
@NYSGamingComm I urge the NYSGC to follow the Massachusetts Gaming Commission in their efforts to create conversation on the practice of limiting sportsbook customers.
Limiting winning bettors and allowing losing ones to delve into financial ruin is not risk management.
The Massachusetts Gaming Commission today held a long-awaited roundtable on the practice of limiting sportsbook customers, but had to do so without the presence of any of the state's live sportsbook operators.
https://t.co/ypUXtPirx8
Here’s the truthful answer that every operator is unwilling to give.
The “proprietary risk management” they are unwilling to share is they slash winning bettors limits and multiply losing bettors limits. They pretend to care about problem gambling but this practice clearly contradicts that. Problem Gamblers are their greatest customers. Winning gamblers they hate. Seems like a profitable simple solution in an open free market. This isn’t an open and free market. These are privileged licenses and we need answers.
I urge the @MassGamingComm and other state regulatory bodies to request data from operators not only on why each account is getting limited, but also why certain accounts are having their limits doubled, tripled, 10x etc…
For a customer with 10x limits, how does the operator determine if the customer is a problem gambler or not.
I’m guessing the findings will show that operators have been acting in a predatory manner towards both extremes of customers.
Standardized guaranteed house limits to ALL customers with a rare boost to a VIP who is NOT a problem gambler should hopefully become the new norm. This will of course require operators to hire talented bookmakers which the industry is severely lacking.
Tenants in buildings owned by TriHill Management in Upper Manhattan have endured mold, rats, ceiling collapses, no heat, no gas, even being locked in their building.
Tonight dozens of @TriHillTenants banded together to fight collectively for their rights & their homes.