U.S. Representative Dina Titus Advances Bill to Restore Full Gambling Loss Deductions
U.S. Representative Dina Titus, a Democrat from Nevada, has successfully advanced the FAIR BET Act out of a House committee. This legislation aims to restore the 100% tax deduction for gambling losses, which was reduced to 90% by last year's reconciliation package, known as the One Big Beautiful Bill. Under the current 90% deduction, individuals who report equal winnings and losses would still owe taxes on 10% of their winnings, effectively taxing 'phantom money' they never truly won. Representative Titus is now urging Congressional leaders to bring the measure to the House floor for approval before January 1, 2027, to prevent the reduction from taking effect. The change has been criticized by members of Nevada's congressional delegation, including U.S. Representative Steven Horsford, who argue it could negatively impact professional gamblers and casual sports bettors, potentially driving them to unregulated offshore markets. Several major casino operators, including MGM Resorts, Caesars Entertainment, Wyn...