Nevada Rep. Dina Titus Introduces Bill to Restore Full Gambling Loss Tax Deductions

President Donald Trump's One Big Beautiful Bill Act, signed into law in July 2025, includes a provision that limits gambling loss deductions to 90% of losses, down from the previous 100%. This change, effective in 2026, means professional and amateur gamblers may owe taxes even if they break even, as they cannot fully offset their winnings with losses. The rule has drawn strong criticism from the gambling community, with professionals like poker player Phil Galfond warning that it will create 'phantom' income and could essentially kill professional gambling in the U.S. Nevada Democrat Rep. Dina Titus has introduced the FAIR BET Act to reverse this provision, but faces challenges in passing it through Congress. Tax experts and gamblers alike express concern that the new rule unfairly increases tax burdens, potentially adding $1.1 billion in taxes over the next decade and complicating tax reporting for gamblers. The American Gaming Association and industry figures have also voiced opposition, highlighting the broader negative impact on the gambling industry.