Gamblers Raise Alarm Over Tax Hike in Senate Tax, Spending Bill

Gamblers are raising the alarm about a $1.1 billion tax hike buried in the Senate GOP’s tax bill that would slash their net winnings and potentially charge income tax when they break even or lose money.

In the Senate’s roughly 900-page version of President Donald Trump’s multitrillion-dollar tax bill, gamblers would only be able to deduct 90% of their losses when calculating their net income. Under current law, a bettor can deduct the entirety of their losses, up until the amount of their gambling winnings.

“I’ve spoken to many clients and they’re very concerned,” Zachary Zimbile, an accountant with ...