Trump Signals Possible Move To Eliminate Taxes On Gambling Winnings: ‘Have To Think About That’
Donald Trump is considering eliminating federal taxes on gambling winnings as part of broader tax reforms.Summary
US President Donald Trump has indicated he is open to ending federal taxes on gambling winnings, potentially as part of a larger tax overhaul that includes eliminating taxes on tips and overtime. During a briefing, Trump stated he would “have to think about that” when questioned about the possibility. This consideration aligns with ongoing discussions surrounding the One Big Beautiful Bill Act (OBBBA), which already includes provisions for “no tax on tips” and “no tax on overtime.” With nearly 60% of American adults engaging in gambling annually, such a change could significantly impact taxpayers and federal revenue. Currently, winnings over $600 are reported with a 24% withholding required for amounts exceeding $5,000, and all gambling income must be declared on Form 1040.
(Source：Ndtv Profit)