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Republicans Rally to Restore Full Gambling Loss Deductions

7/26/2025

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Summary

Story summary

Top Republicans, led by Rep. Jason Smith, are voicing strong concerns over a new tax law that slashes gamblers' loss deductions from 100% to 90%, potentially taxing players even when they merely break even. Smith is determined to restore the full deduction by year-end, while bipartisan initiatives like the FULL HOUSE Act strive to protect the gaming industry from this detrimental change.

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Story summary

Top Republicans, led by Rep. Jason Smith, are voicing strong concerns over a new tax law that slashes gamblers' loss deductions from 100% to 90%, potentially taxing players even when they merely break even. Smith is determined to restore the full deduction by year-end, while bipartisan initiatives like the FULL HOUSE Act strive to protect the gaming industry from this detrimental change.