A relatively underappreciated constituency is raising the alarm about President Donald Trump’s “big, beautiful bill” — gamblers.
Tucked into the nearly 900-page legislation is a change to how gambling losses are taxed that some professional and amateur bettors say could crush the industry.
The provision, only a few paragraphs, would limit what gamblers can deduct from their yearly taxes to 90% of their losses starting in 2026. Currently, bettors can deduct the entirety of their losses, up until their winnings.
What a number of gambling aficionados pointed out on social media was that by limiting the tax deduction to 90% of losses, gamblers could actually owe taxes in years when they netted losses on their bets.
