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Trump's Budget Bill Sparks Bipartisan Outcry Over Gambling Tax

7/9/2025

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Summary

Story summary

Republicans are taken aback by a surprising twist in Donald Trump's budget bill, which slashes gambling loss deductions from 100% to 90%. This unexpected change could impose taxes on "phantom" winnings, igniting bipartisan calls for repeal. Lawmakers and industry experts fear this move may push gamblers toward black-market alternatives, jeopardizing the integrity of the regulated gambling industry.

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Story summary

Republicans are taken aback by a surprising twist in Donald Trump's budget bill, which slashes gambling loss deductions from 100% to 90%. This unexpected change could impose taxes on "phantom" winnings, igniting bipartisan calls for repeal. Lawmakers and industry experts fear this move may push gamblers toward black-market alternatives, jeopardizing the integrity of the regulated gambling industry.