Rep. Dina Titus’ attempt to include the Fair Accounting for Income Realized from Betting Earnings Taxation (FAIR Bet) Act in the National Defense Authorization Act (NDAA) failed on Tuesday when the Republican-controlled Rules Committee refused to attach it.
Nevada Democrat Titus proposed the amendment as a means to roll back a change to the gambling loss deductions policy in the most recent Trump administration budget. Under previous law, gamblers could deduct 100% of losses. The new policy, spearheaded by Republicans in the Senate Finance Committee led by Idaho Senator Mike Crapo, reduced that figure to 90%, meaning that gamblers could in theory owe taxes without generating income from gambling in a given tax year.
