00:00I know that the president of the United States essentially had a new bill that eliminated the idea that you could write off 100% of your gambling losses.
00:10Only 90% instead of 10.
00:12The state of New York wants you to be able to write off none of your gambling losses.
00:16Now there's another state senator that is trying to go against all of this and say you should be able to write it all off again.
00:22I mean, how is this all happening at once?
00:24Yeah, so what happened is since 19, I think it's 34 in the U.S. Revenue Act back in the 30s, they made it so you could write off 100% of your gambling losses.
00:38And it's made it pretty easy or better, I guess, more plausible that you can be a professional gambler and make a living and be okay.
00:45Well, somehow in President Trump's big, beautiful bill that we, you know, watched carefully over the last couple of months, as that was passed through the system, somebody in a Senate committee said, you know what, this seems like a great way to make a little bit of extra money and dropped that 100% deduction down to 90%.
01:06So what that means ultimately is, okay, say you gamble and you, you know, win $100,000.
01:13Great, that's fantastic.
01:15Well, say you lose $100,000 too, while you're breaking even, that's, you know, all right, fine, whatever.
01:19But then you go to do your taxes and, well, now you can only deduct 90% of those losses, so they're taxing you on $10,000 of winnings, you didn't actually win anything.
01:29So that is where this kind of outrage comes from, from the gambling, you know, world, rightfully so, I think.
01:38And then you get down to, you know, there were some articles last week published by, you know, national publications diving into this, talking to senators, including GOP senators who voted for the bill and passed it.
01:52And they said, well, we didn't know that this gambling provision was in that, this is, we didn't know it was this controversial, this is crazy, you know, we wouldn't have done this.
02:01And now since then, we've had a bill come forth from Reperative Dina Titus, who is from Nevada, a champion, you know, we talk about her quite a bit.
02:09She's since 2014 championed, trying to get rid of the excise tax, which is a 0.25 federal tax on all sports betting handle across the country.
02:18She's done that. She does a lot of other things in terms of trying to protect the Nevada gambling industry and the U.S. gambling industry.
02:25So she has led the charge in the House with the Fair Bet Act, which would, it's actually a very simple bill.
02:35It crosses out the 90% and reinserts 100% of gambling losses in that one big, beautiful bill.
02:42And there was also a Nevada senator who introduced it on the Senate side.
02:46That bill did not gain traction last week and kind of fell short.
02:50But it does seem like there is plenty of support to get one of those bills, either the Senate bill back going or the Fair Bet Act going and get that 100% deduction back in play come tax time.
03:03It is funny because, again, I said those are simple bills.
03:06They're just literally crossing out the 90 and reinserting 100.
03:08Those acronym titles, Fair Bet Act, and I forget, it was also a good one in the Senate.
03:14It must have taken a lot of time to come up with those titles versus the actual language of the bill.
03:18But definitely something to watch.
03:19But I do think those will eventually get back into the tax code and you'll see 100% deductions for gambling losses back in play.
