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Table Of Contents
- "This is Outrageous"
- Repeal Efforts
Several bipartisan United States lawmakers are hoping to repeal a controversial gambling tax change passed by Congress earlier this month that experts say could have a devastating impact on professional and recreational poker players.
Nevada Sen. Catherine Cortez Masto, a Democrat, is leading the charge in the US Senate alongside fellow Democratic Nevada Sen. Jacky Rosen and Texas Republican Sen. Ted Cruz.
Masto recently spoke with high-stakes pro and content creator Doug Polk about her efforts to reverse the controversial gambling measure, which would cap gambling loss deductions at 90% of winnings.
What Tax Experts Want Poker Players to Know About Trump's Bill
"This is Outrageous"
In an 11-minute interview on July 17, Sen. Cortez Masto told Polk that the gambling provision was included in the massive task bill because of "budget gimmickry" by Republican leadership "to try to raise revenue somewhere," though she added that most conservatives don't support the provision.
"I think it caught Republicans off guard," Cortez Masto said. "Had we known this was happening, I think we could have stopped it ahead of time."
As the senior senator in Nevada, home to the gambling capital of the world that is Las Vegas, Cortez Masto said she was concerned about the "devastating impact" the change to gambling tax law would have on the gambling industry.
"This is outrageous. This is going to impact so many people across the country, not just in Las Vegas where there's world-class gaming going on, but across the country."
The senator added that recreational and casual gamblers would be negatively impacted by the change, including poker players.
https://twitter.com/DougPolkVids/status/1945910572228170201
"And it's not just for the casinos. There's sports gambling, there's online poker, as you well know, there's fantasy football. I mean, I could go on and on where people enjoy an opportunity to go out, and this is one of their entertainments."
Cortez Masto also warned that it could push professional gamblers to offshore and unregulated gambling sites.
"If we do not address this, the concern is, a lot of these great events, the World Series of Poker in Las Vegas, they could take it offshore somewhere, somewhere else ... So the goal is we don't want to push all of this offshore and we don't want to push it in the shadows. We want to make sure it's in the United States, everybody is free to do it, and continue to deduct 100% of their losses."
Phil Hellmuth Says Ted Cruz Aiming to Stop ‘Poker Players Death Tax’
Repeal Efforts
On July 10, Cortez Masto tried to fast-track a bill that would repeal the gambling provision of the Big Beautiful Bill, but her efforts were blocked by Indiana Republican Todd Young, according to KTNV Las Vegas.
Cortez Masto told Polk she and her colleagues, including Sen. Jackie Rosen and Sen. Ted Cruz, were working to put forward a revised bill that would be unobjectionable. "We need a clean version of this."
https://twitter.com/SenCortezMasto/status/1947403015301759445
In the US House of Representatives, meanwhile, Nevada Democratic Rep. Dina Titus is trying to pass her Fair Accounting for Income Realized from Betting Earnings Taxation (FAIR BET) Act, which has the support of Republicans Rep. Troy Nehls of Texas and Rep. Jeff Van Drew of New Jersey, Newsweek reported.
Head to YouTube to see the full conversation between Sen. Catherine Cortez Masto and Doug Polk.
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