Rep. Max Miller introduces bill to restore gambling loss tax deduction
Rep. Max Miller introduced the FULL HOUSE Act to reinstate the full deduction for gambling losses against winnings, reversing a recent tax law change.Summary
U.S. Rep. Max Miller, along with Rep. Steven Horsford, has introduced the Facilitating Useful Loss Limitations to Help Our Unique Service Economy (FULL HOUSE) Act. This bipartisan legislation aims to reverse a recent change in federal tax law enacted in the 'One Big Beautiful Bill' that reduced the gambling loss deduction from 100% to 90%, creating what tax experts call “phantom income.” Currently, gamblers can only deduct 90% of their losses against winnings, meaning they may owe taxes on money they haven't actually earned. The bill seeks to restore the previous rule allowing a 100% deduction. Supporters argue this change is unfair and could harm the gaming industry, potentially driving tournaments and revenue abroad. The bill has been referred to the House Committee on Ways and Means and has a companion bill in the Senate with bipartisan support.
(Source：Cleveland)