Trump's 'big, beautiful bill' could spell trouble for gamblers: What to know
A gambling tax provision in President Trump’s megabill that passed Congress earlier this month is ruffling feathers on both sides of the aisle.
Tucked into the approximately 1,000-page tax and spending cuts plan is a measure that experts say will make it more expensive for gamblers to lose, and that some Republicans say they weren’t even aware of until after it passed.
Here are a few things to know about the change to the gambling tax.
What does the gambling tax provision do?
A major component of the plan passed by Republicans earlier this month was to extend expiring tax cuts enacted by Trump’s signature 2017 tax law.
But among the host of added tax changes in the plan, was a provision that reduces the tax deduction for gambling losses from 100 percent to 90 percent. The plan would take effect at the start of next year, absent congressional action.
Asked about the plan in recent days, some GOP senators have downplayed the impact of the bill on their constituents. But members on both sides have pointed to the swift pace at which Congress moved to get Trump’s tax agenda across the finish line.
“There was a reason I wanted a conference once we actually had language, and before we had motion to proceed, I wasn't granted that conference,” Sen. Ron Johnson (R-Wis.), a member of the Senate Finance Committee, said Tuesday.
“I knew we had all kinds of provisions that we had never discussed about in conference, and I wanted to discuss it,” he said. “I........
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