Key Moments: Representatives Steven Horsford and Max Miller introduced HR 6985 to repeal a gambling loss deduction cap created by OBBBA. The bill would allow professional gamblers to fully deduct losses, directly addressing so-called “phantom income” taxation. If passed, the change would apply to tax years starting after December 31, 2025. Background of the Controversial Tax Provision Two lawmakers from opposite parties have joined forces to challenge a tax rule from President Donald Trump’s One Big Beautiful Bill Act (OBBBA). Under this rule, gamblers can deduct only 90 percent of…
Read MoreBipartisan Bill Targets Gambling Tax Rule From Trump Era
