Senator Lankford Blocks Full Gambling Loss Deduction
Senator Lankford is blocking legislation to restore full tax deductions for gambling losses, leaving gamblers to pay taxes on phantom income.Summary
Senator James Lankford is opposing bipartisan legislation that would allow gamblers to fully deduct their losses against winnings. Currently, due to a change implemented in the 'One Big Beautiful Bill' last year, gamblers can only deduct 90% of their losses, meaning they pay taxes on money they haven't actually won. Critics argue this is unfair, taxing 'phantom' income. Representatives Dina Titus and Andy Barr have introduced bills to restore the full deduction, gaining bipartisan support, but progress has been slow. Industry groups fear this change could drive high-volume gamblers to unregulated markets and result in billions of dollars in lost revenue. Lankford’s resistance, following a previous failed attempt by unanimous consent in the Senate, presents a significant obstacle to restoring the full deduction.
(Source：Gamblingnews)