Trump punishes gamblers in tax bill

Yikes, gamblers just got hosed by the new tax bill. 

From PFT:

Professional gamblers may need to find a new profession.

The final version of the big, beautiful bill that will be signed into law by President Trump on Friday contains the tax provision that limits deductions for losses to 90 percent. It has caused widespread consternation among those who make their living by gambling. And by those who make their living by getting people to gamble.

Representative Dina Titus (D-Nevada), whose district includes Las Vegas, believes that the new law will nudge people away from legal gambling to illegal operations.

“It pushes people into the black market if they don’t do regulated gaming because they have a tax disadvantage,” Titus said on News Nation. “The black market doesn’t pay taxes, isn’t regulated, doesn’t help with problem gaming, so it’s bad for the industry, as well as for the player.”

Titus may be introducing legislation to change the law back to the way it was.

I’m not terribly surprised given how the Bush-era GOP punished us with the passage of the UIGEA in 2006, as a favor to brick and mortar donors Sheldon Adelson and Steve Wynn. Still, it’s disappointing.

Sigh. 

More from WaPo:

https://www.washingtonpost.com/sports/2025/07/04/tax-bill-gambling-deductions-provision/

Another exchange, Sporttrade, is regulated like a sportsbook but is seeking status akin to Kalshi’s. Sporttrade CEO Alex Kane called requiring some gamblers to pay taxes on nonexistent income “asinine,” adding that the new rule also “cripples” sharps’ ability to earn a living. 

That sucks. 

 But more importantly we can all regale in the very obvious  MASSIVE PLUNGE in all consumer prices - especially groceries -  

... just like the RACIST/CONVICTED FELON **promised**  ....right?!?!

President Trump  proves that RACIST/CONVICTED FELONS make the best Presidents..

The final version of the big, beautiful bill that will be signed into law by President Trump on Friday contains the tax provision that limits deductions for losses to 90 percent.

The 10% paid for juice on a loss is not deductible..

@Sidehatch

The legal books pushed people away on their own with their shady practices.  Oversight is complicit too.  I do feel for the average bettor.

Just to be clear, that has absolutely nothing to do with the GOP’s decision to punish law-abiding gamblers. This was totally unnecessary. 

It will also likely decrease tax revenues by forcing sharps out of the country.

Yay, another tax increase by the felon! 

@Sidehatch

Convicted felon...............

magas   

MAGA'S RULE............

MAGA-morons voted for it, so now it's here.

If, MAGA's are such morons ..how come the DEMs can't beat them ?