Sam

Poker Player (ACR JRoc11)

[Sam @sammyg113]

@KentWeyrauch Dude you're the GOAT thank you!

[Sam @sammyg113]

@LaFemillie @MemeDitka What was Zuckers odds?

[Sam @sammyg113]

@PatsPicksAI Thank you for this info! Look forward to it every week!

[Dina Titus @repdinatitus]

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.

[Phil Galfond @PhilGalfond]

This new amendment to the One Big Beautiful Bill Act would end professional gambling in the US and hurt casual gamblers, too.

You could pay more in tax than you won.

Contact your representative quickly.

[Matt Glantz @MattGlantz]

The new federal tax proposal on gamblers in the current Senate bill, often referred to as the “Big, Beautiful Bill,” introduces significant changes to how gambling winnings and losses are taxed:

Limits on Gambling Loss Deductions: The Senate version would permanently limit the deduction of gambling losses to 90% of gambling winnings. This means that both casual and professional gamblers could only deduct up to 90% of their winnings as losses, rather than the full amount as under current law1.

Professional Gamblers: For professionals, the total of losses and business expenses could not exceed 90% of gambling winnings. For example, if a professional gambler had $500,000 in winnings, $440,000 in losses, and $50,000 in business expenses, they would have to pay tax on $50,000 of income, not just the net $10,000 as previously allowed1.

Key effects:

Casual gamblers who break even over the year (equal winnings and losses) would now owe tax on 10% of their winnings.

Professional gamblers would be taxed on a minimum of 10% of their winnings, regardless of actual net profit after losses and business expenses.

Note: These provisions are in the Senate version of the bill and are not present in the House version, so they may change during the legislative process1.

Additionally, there is discussion about raising the federal excise tax on gambling wagers from 0.25% to 5%, which would significantly increase the tax burden on each bet placed, but this is presented as a policy option and not confirmed as part of the current bill2. Conversely, a separate bill has been introduced to repeal the existing 0.25% federal excise tax on sports betting, but this is unrelated to the Senate’s current proposal3.

In summary:
The new Senate bill proposes to limit gambling loss deductions to 90% of winnings, effectively ensuring that at least 10% of gambling winnings are always taxable, a significant change from current law where losses can fully offset winning

[ClubWPT Gold @ClubWPTGold]

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[Sam @sammyg113]

@ArbsGeoffrey @ClubWPTGold What time did it finish out of curiosity? Been considering playing but don't want to be up too late

[Sam @sammyg113]

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[Sam @sammyg113]

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[Sam @sammyg113]

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[Sam @sammyg113]

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[Sam @sammyg113]

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[Sam @sammyg113]

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[Sam @sammyg113]

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[Sam @sammyg113]

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[Sam @sammyg113]

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[Sam @sammyg113]

@FarazJaka @TheSaurus831 @jakacoaching Appreciate the info! I'll take it a copy of the video!

[Sam @sammyg113]

@gazelligpoker

[Sam @sammyg113]

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