Republican Senators Unaware of Gambling Tax Limit in Massive Spending Bill
Republican Senators Unaware of Gambling Tax Limit in Massive Spending Bill

Republican Senators Unaware of Gambling Tax Limit in Massive Spending Bill

News summary

President Donald Trump's massive tax and spending bill, known as the "One Big Beautiful Bill" (OBBB), includes a provision that limits gamblers to deducting only 90% of their losses against winnings, reducing their tax deductibility from 100%. This change has surprised many Republican senators, including members of the Senate Finance Committee who helped draft the legislation, as they were largely unaware of the gambling tax amendment before voting. Critics argue that this provision creates "phantom income," forcing gamblers to pay taxes on money they did not actually keep, which could push professional bettors toward the black market. Nevada Democratic Senator Catherine Cortez Masto has introduced the FULL HOUSE Act to repeal this gambling tax limitation, following the FAIR Bet Act introduced in the House, both aiming to restore full deductibility of losses. Despite bipartisan support for fixing the issue, efforts to pass repeal legislation have been blocked in the Senate, with some Republicans seeking to add unrelated provisions. The gambling tax provision was inserted by Senate Finance Committee Chair Mike Crapo and is expected to generate $1.1 billion in revenue over eight years, though it faces strong opposition from gambling advocates and some lawmakers who call it bad policy.

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Last Updated
19 hours ago
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