@Starbucks can you help me/ fix the app? I reset password, but i get this error when I try to log in. It’s been 3 weeks, called support last week, and they “will get back to me”. Something clearly wrong on your end.
Earlier this year the BS Budget Bill reduced the tax deduction for gambling losses to 90%.
In response, I introduced the FAIR BET Act to restore the commonsense 100% tax deduction to protect professional and recreational gamblers. I was the first in Congress to introduce this fix and haven’t stopped garnering support from members and stakeholders since.
In fact, the #FAIRBETAct has up to 21 bipartisan co-sponsors with @RepEzell most recently joining!
It is now critical for @WaysandMeansGOP to add this bill to the legislative calendar before the year ends. We must get this fixed.
I’m back in DC which means the fight for the FAIR BET Act continues. Thank you @RepSalinas and @RepGregStanton for signing on. We are one step closer to getting this fixed.
Changing the gambling loss deduction to 90% will lead to decreased jobs and tax revenue and benefit illegal operators. @Reason explains why the FAIR BET Act is needed.
https://t.co/Pg524NI5hg
Gambling is a legal activity, regulated by the government.
Those who engage enough to itemize – which could include a lot of regular Joes & Janes who just lucked into one big slot machine/video poker payout – should be able to claim losses up to 100% of winnings
Bettors/poker players etc. aren't asking to be able to deduct losses that exceed winnings. Again, just losses up to 100% of winnings.
To do otherwise, as the OBBB suggests at 90%, is to make people pay tax on income THEY DID NOT REALIZE.
I can think of nothing that Advances American Freedom less than taxing people on money they didn't make.
Part of the problem with this tax rule is that the separation of "wins" and "losses" doesn't make sense.
You either win or lose.
Nobody thinks about their win as:
I won X, but I lost Y, so my total is X - Y.
Unnecessarily confusing and misleading.
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!