U.S. Representative Dina Titus, a Nevada Democrat, on Monday introduced a bill that would roll back a change to the amount of losses gamblers could claim on their taxes to the current level, which would undo a provision in the just-signed Congressional budget.
The Fair Accounting for Income Realized from Betting Earnings Taxation Act (FAIR BET Act) was succinct, proposing only to return to 100% the amount of gambling losses gamblers can deduct for tax purposes against their winnings.
A section of the so-called One Big Beautiful Bill (OBBB) rammed through by Republicans to allow for President Donald Trump to sign it on July 4 reduced the amount gamblers could deduct for wagering losses.
