Trump’s Tax Bill Expected to Limit Gambling Loss Deductions, Threatening US Professional Gamblers
Trump’s Tax Bill Expected to Limit Gambling Loss Deductions, Threatening US Professional Gamblers

Trump’s Tax Bill Expected to Limit Gambling Loss Deductions, Threatening US Professional Gamblers

News summary

President Donald Trump's "One Big Beautiful Bill Act" includes a controversial tax provision that limits gamblers to deducting only 90% of their losses against their winnings starting in 2026, a change that professional and amateur gamblers warn could severely harm the gambling industry. Under current law, gamblers can deduct 100% of their losses up to the amount of their winnings, but the new rule could force individuals to pay taxes even when they break even or lose money, effectively taxing "phantom" income. Professional poker players like Phil Galfond have highlighted how this amendment could lead to disproportionately high tax burdens, describing scenarios where gamblers pay taxes on earnings they did not actually make. The provision is expected to raise about $1.1 billion for the government but faces criticism for potentially undermining the financial viability of professional gambling and impacting casual gamblers and gaming operators alike. Critics argue this tax hike could discourage high-stakes gambling and disrupt the broader gambling ecosystem at a time when legalized gambling is expanding across many U.S. states. The bill is set to be signed into law soon, despite widespread concern from the gambling community and industry stakeholders.

Story Coverage
Bias Distribution
67% Right
Information Sources
a8525413-d1cb-4a36-b99e-5987ae74bd31cd82d326-59e4-47b8-850b-8562b5b6919f0431014e-f57d-40d0-94c2-886dde9b8288
Left 33%
Right 67%
Coverage Details
Total News Sources
3
Left
1
Center
0
Right
2
Unrated
0
Last Updated
12 hours ago
Bias Distribution
67% Right
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