Trump to Consider Scrapping Tax on Gambling Winnings
Donald Trump is considering eliminating federal taxes on gambling winnings, adding to his efforts to reduce taxes on various income types.Summary
President Donald Trump has indicated he is open to the idea of eliminating federal taxes on gambling winnings. While speaking to reporters, Trump pointed to the absence of taxes on tips, Social Security, and overtime pay as potential precedent. He stated he would need to consider the implications of such a change. Trump has previously suggested significant reductions or even complete elimination of the federal income tax, citing potential revenue from tariffs and investment. Any change would require congressional approval, and the White House has not yet presented a legislative plan. Currently, the IRS taxes gambling winnings from various sources, including lotteries and casinos. Budget analysts caution that substantial tax cuts would necessitate spending cuts, new revenue streams, or increased deficits.
(Source：Newsmax)