Lawmakers Introduce Bill To Help Gamblers Affected By Trump’s “Big Beautiful Bill”

[Wandering Eyes]

Rep. Dina Titus, a Democratic Congresswoman from the gambling mecca of Nevada, has introduced what is being called the FAIR BET Act, which would restore a gambler's right to deduct 100 percent of his or her losses from gambling winnings.

Titus is the co-chair of the Congressional Gaming Caucus.

The latest version of the Trump bill stunned gamblers, racetracks, casinos and sports bettors when it became clear that a player could only deduct 90% of their losses from the winnings. Under the scenario, a gambler that won $1 million and lost the same amount during a calendar year would be stuck with a tax bill on the leftover $100,000. Titus is seeking to allow gamblers to once again write off all their losses.

The bill is titled the Fair Accounting for Income Realized from Betting Earnings Taxation (FAIR BET) Act.

“The recently passed budget bill included a provision inserted by Senate Republicans without consent of the House that imposed a tax increase on Americans who gamble by reducing from 100 percent to 90 percent the amount of losses they can deduct from gambling winnings for their income taxes,” Titus said in a statement. “My FAIR BET Act would rightfully restore the full deduction for losses so gamblers don't pay taxes on money they haven't won.”

The FAIR BET Act is being co-sponsored by California Democratic Rep. Ro Khanna.

“The Republican budget would kneecap sports and gambling by making Americans pay taxes on gambling losses, Khanna told Newsweek. “This is deeply unfair. I'm proud to introduce the FAIR BET Act with Rep. Titus to restore the 100% tax deduction for gaming losses.”

The American Gaming Association, the industry's top lobbying group, expressed support for the legislation.

“The American Gaming Association applauds Congresswoman Titus for introducing the FAIR BET Act. We are committed to working with Congresswoman Titus, other congressional leaders, and the Trump Administration to restore the long-standing tax treatment of gaming losses,” the AGA said in a statement.

Representative Troy Nehls, a Texas Republican, told Newsweek why he is cosponsoring a bill to repeal a measure included in President Donald Trump's One Big Beautiful Bill Act (OBBBA).

“While I proudly voted for the One Big Beautiful Bill Act, which prevents the largest tax hike in American history, the Senate's version contained a provision that I strongly disagree with,” Nehls told Newsweek in a statement.

Nehls is the first Republican to cosponsor the FAIR BET Act.

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