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One Gambling Losses Tax Deduction Bill Falters, Another Moves Forward
One bill designed to restore the gambling losses tax deduction to 100% is languishing in committee and has, for all intents and purposes, politically flat-lined. The giant tax and spending bill signed into law by President Donald Trump in July caps gambling loss deductions to 90% of winnings (from 100%)–a provision set to go into effect next year. Industry leaders have warned this rate change could hit horse racing hard through reduced revenues …
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One Gambling Losses Tax Deduction Bill Falters, Another Moves Forward
One bill designed to restore the gambling losses tax deduction to 100% is languishing in committee and has, for all intents and purposes, politically flat-lined. The giant tax and spending bill signed into law by President Donald Trump in July caps gambling loss deductions to 90% of winnings (from 100%)–a provision set to go into effect next year. Industry leaders have warned this rate change could hit horse racing hard through reduced revenues …
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