00:00Certainly, there are a lot of gamblers, be it professionals or even recreational gamblers that are, you know, really taking exception to the introduction or at least the, you know, proposal that is the One Big Beautiful Bill Act and the ramifications that it could have on people's taxes.
00:16And I mean, look, it's things like this.
00:18It's going to bring back the world of prevalence of bookies, right?
00:21You know, less online and more behind the scenes, so to speak.
00:25You know, what are the latest hurdles that we're seeing here?
00:27Yeah, so in the One Big Beautiful Bill that passed both the Senate and the House, you had a kind of a throwaway addition by a lawmaker in one of the committees that took out the 100% gambling loss deduction on taxes.
00:44So, you know, before it passed, if a gambler lost $100,000, but won $100,000, he broke even, he deducted that 100% of losses.
00:54This simple throwaway addition took that deduction limit from 100% to 90%.
01:01So, even if you break even, you still have to pay taxes on $10,000 of winnings, which, you know, of course, gamblers are pretty upset about.
01:09Well, the House Ways and Means Committee then held a field hearing last week in Las Vegas.
01:15Sure enough, they heard lots of people upset about that tax change.
01:18And you've got a couple proposals in both the Senate and the House saying, hey, let's change it back to 100%.
01:26They're very simple bills, literally just cross out the 90%, rewrite 100%.
01:31And we'll see if it passes, you know, it was interesting, the Ways and Means Committee in the House was saying, you know, we know where this is from.
01:40It's the Senate.
01:40The Senate passed it.
01:41It's their fault, which Rep.
01:44Dina Titus, who was from Nevada, introduced one of these bills, said, no, that's not true.
01:48You know, the House passed it, too.
01:50What are you talking about?
01:52And we knew exactly what was in these bills.
01:53You wouldn't allow amendments to change it back, etc.
01:56So, yeah, I think it's got a lot of bipartisan support, so it is possible that it does go ahead and pass and change that tax back to 100% deduction ability for gamblers.
02:09But, you know, anything can happen in the legislative action, and it's much easier to pass something once and then not worry about it than have to go back and change it.
02:18So it'll be interesting to see what happens and if they do ultimately end up getting 100% back.
02:23Sure enough, as you mentioned, lots of gamblers are upset and a lot of politicians, too.
02:28Back, you know, to the GOP side of it, they said, you know what, we didn't know what we were passing.
02:34We didn't mean to do that, which is interesting to hear lawmakers say that, especially when it's something as big as the one big bill.
