Nevada Rep. Dina Titus is calling on the United States House Committee on Ways and Means to add the Fair Accounting for Income Realized from Betting Earnings Taxation Act (FAIR BET Act) to the legislative calendar before the end of the calendar year.
The act seeks “to amend the Internal Revenue Code of 1986 with respect to wagering losses.”
And the full text of the bill? “by striking ‘90 percent’ and inserting ‘100 percent.’”
Over the summer, when President Donald Trump’s One Big Beautiful Bill Act (OBBBA), passed, gamblers ended up holding the bag. One provision in the bill would only allow gamblers to deduct 90% of their gambling losses, as opposed to the current 100%. Put simply, losing gamblers could potentially owe tax money, and winning gamblers would see their winnings dramatically shrink.
