Trump, Beautiful Bill
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Professional poker players and sports bettors, and a handful of members of Congress, are demanding a change to the massive tax and spending bill President Donald Trump signed into law last week, arguing that a provision tucked into the measure late in the legislative process unfairly taxes gamblers on “phantom” winnings.
Rep. Nehls told Newsweek he "proudly voted for the One Big Beautiful Bill Act," but the Senate version "contained a provision that I strongly disagree with."
That’s because of an obscure provision to reduce the tax deduction for gambling losses, which Congress recently approved in Trump’s legislative package. The provision is projected to raise $1 billion for the government over the next decade. Here's why are gamblers " screaming from the rooftops ."
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Soy Nómada on MSNProfessionals on the Tightrope Due to Trump's New Tax TrapA new tax measure in President Donald Trump's spending bill has put professionals in a precarious position. This 'stealth tax hike' could force gamblers to pay income taxes even without net gains.
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Professional gamblers and tax advisers are warning that a little-noticed line in Senate Republicans' 900-page "One Big Beautiful Bill" could make bettors pay income tax even when they break even.
Here’s what polls showed of Trump's approval rating after the president’s mega tax and spending bill was passed by Congress and signed into law.