Senate Republicans halted a Democratic bid on Thursday to roll back a tax change that professional gamblers argue could devastate their industry. Nevada Democrat Catherine Cortez Masto sought quick approval for a bill aimed at fully restoring gambling loss deductions. However, an objection from Indiana Republican Todd Young shelved the proposal, stalling momentum on the issue.
The contentious tax rule, embedded in the recent $3.3 trillion tax-and-spending overhaul known as the One Big Beautiful Bill Act, reduces how much gamblers can deduct starting in 2026. This act limits deductions to 90% of losses up to winnings, a significant change from the previous 100% deduction.
The contentious tax rule, embedded in the recent $3.3 trillion tax-and-spending overhaul known as the One Big Beautiful Bill Act, reduces how much gamblers can deduct starting in 2026. This act limits deductions to 90% of losses up to winnings, a significant change from the previous 100% deduction. Even gamblers who break even might find themselves owing taxes under this new regulation, sparking concern among professionals and casual players alike. Phil Galfond, a prominent poker professional, voiced his apprehension online, suggesting that this change could spell the end of professional gambling in the U.S. and negatively impact casual gamblers.
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