GOP Regrets Gambler Tax Hike in New Law | JQJO

Republican lawmakers are expressing regret over a new tax hike on gamblers included in a recent bill. The provision reduces the tax deduction for wagering losses from 100% to 90%, potentially impacting high-volume gamblers significantly. Several Republican senators, including Ted Cruz, are seeking to overturn this change, citing a lack of awareness during the bill's passage. However, Senate Majority Leader John Thune has indicated that reversing the tax hike is unlikely. The change is projected to generate $1.1 billion over ten years, but its impact on the gambling industry is causing concern.