Bloomberg brought us an interesting perspective on potential upcoming gambling tax changes in the US, as it argued Republicans may have inadvertently shot themselves in the foot.
As it turns out, increasing taxes on gamblers is a gamble in itself, and this piece argues lawmakers might be holding a losing hand.
Buried in the eye-wateringly titled One Big Beautiful Bill Act is a sneaky little tax tweak: gamblers can now only deduct 90% of their losses, down from 100%.
To many, that may sound harmless, but it’s certainly not if you’re a poker pro who wins and loses big. Under the new rule, you could end up owing taxes on money you don’t actually have.
