The Fair Bet Act, introduced by Representative Dina Titus (D), hopes to restore the 100% deduction for gambling losses.
The One Big Beautiful Bill Act amended the deduction so that gamblers could only deduct 90% of their losses, instead of 100%.
Under current tax law, gamblers can write off 100% of losses against any winnings, if they itemize deductions on Schedule A.
What will happen starting on 2026, according to the provisions put in place by President Trump’s Big Beautiful Bill, 90 percent deduction means if someone wins $100,000 but loses $100,000 for the year, they will have to pay taxes on $10,000.
The Fair Bet Act would restore the tax code to its original state.
Senator Jacky Rosen (D) posted to X:
“Republicans’ Big Beautiful Betrayal is an all-around disaster for Nevada. On top of deep cuts to health care coverage, there’s a hidden provision that will hurt our gaming industry with an unfair tax burden for players who lose money.”
Congressman Mark Amodei (R) has signed onto the Fair Bet Act as well as Senator Catherine Cortez Masto (D).
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