Gambling Tax Law Sparks Outrage Among Professionals | JQJO

A new tax law included in President Trump's spending bill has sparked outrage among professional gamblers and some members of Congress. The law reduces the deductible gambling losses from 100% to 90%, potentially leading to taxes on "phantom" winnings. This impacts professional gamblers who often have high-volume, low-margin wins and losses. Rep. Dina Titus and Sen. Catherine Cortez Masto are working to reverse the change, arguing it's bad policy and could drive gamblers to unregulated platforms. The gaming industry also supports reversing the provision, citing concerns about its impact on businesses and gamblers.