Lawmakers Float Reversing GOP Tax Law’s Gambling Loss Change

Lawmakers this week offered a bipartisan bill to undo a curb on a wagering losses deduction in President Donald Trump’s mammoth $3.4 trillion tax-and-spending law, just days after the bill was enacted.

Rep. Dina Titus (D-Nev.) proposed legislation that would restore the 100% deduction for gambling losses, reversing the new tax law that cut the deduction amount to 90%. Titus’ bill attractedthe support of Republican Rep. Troy Nehls (Texas) and is also cosponsored by Rep. Ro Khanna (D-Calif.).

• The GOP tax law provision, projected by the Joint Committee on Taxation to net the government $1.1 billion through 2034