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
Everything to know about Googles earnings report $GOOGL 📈
- Stock Buyback: Announced a $70 billion stock buyback, which is the largest ever 🚀
- $90.23 billion revenue, %12 year-over-year increase.
- Net Income: $34 billion. Up 46% from $23.66 billion in Q1 2024.
- Earnings Per Share: $2.81. A 49% increase from Q1 2024 $1.89.
- Dividend: Increased by 5% to $0.21 per share.