US Edition
Gamblers Say ‘Big, Beautiful Bill’ May Force Them to Fold
- On July 3, the Senate narrowly approved Trump’s bill with an amendment limiting gambling loss deductions to 90%, threatening professional gamblers' profits.
- The amendment, driven by budget concerns, raises about $1.1 billion by ending a decades-long hidden subsidy for high-volume betting, offsetting part of the $3.4 trillion deficit.
- The amendment limits deductible losses to 90%, meaning break-even or losing bettors could owe taxes, exemplified by a $210,000 loss resulting in a $189,000 deduction.
- Industry warns the bill could kill professional gambling and push bettors to offshore sites, threatening domestic industry decline, as critics say it will 'destroy' the gambling sector.
- The House must approve Senate changes before Trump signs, with implementation set for 2026, while Rep. Titus seeks a legislative rollback.
18 Articles
18 Articles
Bettors are worried Trump's 'big, beautiful bill' could cause professional gambling in the U.S. to fold
Gamblers pointed out on social media that by limiting the tax deduction to 90% of losses, bettors could actually owe taxes in years when they netted losses on their bets.
Gamblers say ‘Big, Beautiful Bill’ may force them to fold
Professional gamblers say President Donald Trump’s “Big, Beautiful Bill” is a bad bet. Deep inside the fiscal measure adopted Thursday, July 3, is a provision that limits income-tax write-offs for gambling losses. “Yikes,” professional poker player Phil Galford wrote on X. “Senate amendment to the Big Beautiful Bill=you get taxes on more than you earned from gambling, even if you netted $0 (or less!).” “Poker as we know it is under attack in Ame…
Trump’s “Big Beautiful Bill” Could Help Break America’s Gambling Addiction, Making Media, Democrats, Upset
The corporate media is in full panic over a single provision in President Trump’s new tax reform bill: a small change with the potential to weaken not just America’s gambling addiction, but the seedy networks that profit from it.
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Bias Distribution
- 42% of the sources lean Left
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