Scandal in the Senate: Republicans did not allow the abolition of the tax on gambling losses
What happened
Republican Senator Todd Young opposed an attempt by Democratic Senator Catherine Cortez Masto to repeal a new tax cap affecting players. This provision turned out to be part of a massive 900-page law called the "Big Beautiful Bill", initiated by Donald Trump and signed by him on July 4.
Paradoxically, many senators, including those who supported the law, did not even know that it had a clause limiting tax deductions for gambling losses.
Now players will only be able to write off 90% of their losses, even if their final profit is zero. For example, if you win $100,000 and lose the same amount, you will have to pay tax on $10,000, as if it were net income.
Why it matters
Such a measure can hit primarily professional players, bettors and poker players who systematically participate in tournaments and play for large sums. Previously, they could deduct all losses, thereby reducing the tax base.
If the new norm remains in force, many will simply not be able to conduct legal activities and will go into the shadows or abandon the profession altogether.
What will happen next
Senator Young has said he is willing to discuss lifting these tax caps, but only in exchange for concessions from Democrats on other parts of the legislation. So far, no agreement has been reached, and players remain hostages to the new law.
celese Haha, classic! First they screwed over the players, then the license turned out to be fake, and now they’re trying to undo everything. A total circus. Yeah, everything will just get bought. They’ll pay whoever they need in Curaçao and get a new license. Money rules everything, especially in this industry.
Mangarin4ik The section about how casinos fire VPNs is a gun. I've never thought about WebRTC and the time zone. Author, thank you, you may have just saved my next deposit.
Pfff, everything is simpler in Canada. Move in with us, guys.
Typical bureaucracy. 900 pages of the law, and no one bothered to check what was about gambling.
It will just destroy poker tournaments. I will not be able to write off losses, even if I win back according to the strategy.
delirium
As always, first they voted, and then they began to read what was generally adopted. America!
Typical bureaucracy. 900 pages of the law, and no one bothered to check what was about gambling.