Trump's Big Beautiful Bill

[onemoretry]

If what I just read on Yahoo News is true, I doubt that very many folks on this site will agree with the Big Beautiful description.

In an article whose title includes the term "bad news for gamblers", it is stated that gamblers will no longer be able to offset their winnings with 100% of their losses, rather, the offset will be limited to 90% of losses. Whooppee!

[dinghy]

[olds442jetaway]

From what I just read the 90% rule is accurate. It’s not supposed to start until 2026. There is already a move to introduce legislation to fix that but who knows where that will go. If it is not corrected, it will be penny video poker for me and the Mrs. from here on out. As it is, I pay 7% of gross gambling winnings to my crooked state. This would just be rotten icing on the cake. Also, from what I read, this provision was inserted when it went back to the Senate before it went back to the house for a final time. Quite possibly nobody even picked up on it.

[olds442jetaway]

So much for the no tax on SS for Seniors too. If you itemize deductions to offset your gross gambling winnings. Over 65, get a 6,000 additional Standard deduction and a couple 12,000, but it applies to all income not just SS. Worse if you do take the standard deduction, it starts phasing out at 150,000 of income for a couple and you’re totally phased out at 250,000 for a couple. The whole thing is full of holes. Too tired to find the rest of them. Maybe tomorrow. maybe not. We had a mini tornado go through the neighborhood. Big tree just missed the house. Tore off the front screen and glass door. Some call it a microburst. It was really bad. Yesterday early evening. Nobody hurt thank goodness. Neighbor across the street lost their car.

[Come Back Kid]

Wow, that's scary Olds...Glad everyone is okay!

[olds442jetaway]

Thanks. Yard cleanup and chain saw running most of the day. New door coming. I’ll research some more on the bill, but it is absolutely terrible for the entire gaming industry. It just adds insult to injury on our taxes. Already our greedy State gets 7 percent of Gross winnings. Just as an example, if our gross winnings are 100,000 and we lose 120,000, we will still pay federal tax on 10,000 which in an average bracket like ours is 22 percent or 2200 bucks otherwise would not have to pay. Add 700 bucks to that for state taxes and you have 2,000 plus 700 the State gets. Pretty incredible.

[olds442jetaway]

Thanks OMT for bringing this BBB mess to everyone’s attention!