Trumps "BBB" Crushes Pro Gambling Industry

DiabloWags

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12:56p, 7/4/25

Ut-Oh.

Currently, gamblers can deduct their losses before paying taxes on their winnings.

Under Trump's bill, though, they'll be able to deduct just 90% of their losses. For example: Win $100,000, but lose $80,000? You'll have made $20,000 but owe taxes on $28,000.

"This new amendment to the One Big Beautiful Bill Act would end professional gambling in the US and hurt casual gamblers, too," professional poker player Phil Galfond said on X. "You could pay more in tax than you won."

wifeisafurd

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In reply to DiabloWags • 2:55p, 7/4/25

DiabloWags said:
Ut-Oh.

Currently, gamblers can deduct their losses before paying taxes on their winnings.

Under Trump's bill, though, they'll be able to deduct just 90% of their losses. For example: Win $100,000, but lose $80,000? You'll have made $20,000 but owe taxes on $28,000.

"This new amendment to the One Big Beautiful Bill Act would end professional gambling in the US and hurt casual gamblers, too," professional poker player Phil Galfond said on X. "You could pay more in tax than you won."

As a part time Las Vegas resident, let me just say this will not stand! I am joining Occupy the Bellagio, MoveOn to the Wynn, Democratic Socialists for the Top One Percent, and Gamblers for America! Thank you Bernie (I particularly enjoyed our weekend with you) for showing me the light!