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Yahoo
12 minutes ago
- Yahoo
Gamblers Raise Alarm Over $1.1 Billion Tax Hike in Trump's Bill
(Bloomberg) -- Gamblers are raising the alarm about a $1.1 billion tax hike buried in the Senate GOP's tax bill that would slash their net winnings and potentially charge income tax when they break even or lose money. NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds What Gothenburg Got Out of Congestion Pricing Massachusetts to Follow NYC in Making Landlords Pay Broker Fees California Exempts Building Projects From Environmental Law In the Senate's roughly 900-page version of President Donald Trump's multitrillion-dollar tax bill, gamblers would only be able to deduct 90% of their losses when calculating their net income. Under current law, a bettor can deduct the entirety of their losses, up until the amount of their gambling winnings. 'I've spoken to many clients and they're very concerned,' Zachary Zimbile, an accountant with experience in gambling regulations, said in an interview. 'If you add a 10% penalty, it's going to eat into a lot of their profit.' Professional gamblers recently took to social media to rail against the measure, which would take effect next year, and urged Republicans to change it. Congressional scorekeepers have calculated it will net the government $1.1 billion through 2034. Representative Dina Titus, a Democrat who represents the Las Vegas area, said she is seeking a fix. 'It will have a big impact on gaming,' Titus said. 'They thought it was just a handful of professional poker players, but a lot of amateurs have come out of the woodwork to oppose it too.' Betting has become increasingly popular in the US in recent years with the rise of online firms like FanDuel Inc., DraftKings Inc. and Kalshi Inc. The industry brought close to $72 billion in US commercial gaming revenue in 2024, marking a fourth-straight record revenue year, according to the American Gaming Association. It has also been boosted by the Trump administration, with Donald Trump Jr. serving as a strategic adviser for Kalshi. A spokesperson for Kalshi declined to comment. FanDuel and DraftKings didn't immediately respond to a request for comment. The American Gaming Association declined to comment. Still, casinos and gaming firms are set to benefit from the extension of corporate tax cuts for interest, research and development, and expensing. The measure is now headed to the House after the Senate passed it Tuesday. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too America's Top Consumer-Sentiment Economist Is Worried How to Steal a House China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Fox News
14 minutes ago
- Fox News
Trump's remittance tax aims to slow illegal immigration by targeting the money flow
The Senate's version of the "one big, beautiful bill" includes a tiny, 1% tax on international cash transfers — called a remittance tax — which, according to experts, will have a major impact on immigrants working in the U.S. A remittance is a money transfer to another country outside the U.S., which is a common practice among immigrant workers who send part of their wages back to family in their native countries. Tens of billions of dollars in remittances are sent to other countries from the U.S. every year. Earlier versions of the bill included higher tax rates and specifically targeted illegal immigrants sending money outside the U.S. The current version of the "big, beautiful bill," however, imposes a 1% fee only on cash transfers, not electronic transfers, sent to other countries. U.S. citizens who want to send cash to other countries will also be subject to the 1% tax. The tax is expected to generate $10 billion in extra revenue for the federal government, according to an estimate done by Politico. Besides generating extra revenue, Lora Ries, director of the Border Security and Immigration Center at The Heritage Foundation, told Fox News Digital that the remittance tax has the potential to discourage illegal immigration into the U.S. by making it harder to send money back home. "Illegal aliens generally want five things when coming to the U.S.: to enter, to remain here, work, send money home (remittances), and bring family and/or have children here," she explained. "Prevent those five things, and you prevent illegal immigration and encourage self-deportation." The administration has been pushing hard for illegal immigrants to self-deport, incentivizing them by offering to front the cost of commercial flights and providing a $1,000 stipend to those who opt to self-deport. Ries said the remittance tax could be another effective strategy besides ICE raids that could help to crack down on illegal immigration into the country and reduce the number of illegal immigrants in the U.S. Ries said, however, that the 1% needs to be much higher to be effective. "A 1% tax only on cash transfers does very little. The tax should be much higher and cover all types of money transfers," she said. "Until now, the U.S. government has not touched the annual billions of dollars going out of the country, not benefiting the U.S. economy," she went on. "Remittances should be taxed to discourage unauthorized employment and its earnings." Meanwhile, Ariel Ruiz Soto, a senior policy analyst at the Migration Policy Institute, told Fox News Digital that though he believes the remittance tax will have a significant impact, it may not be in the way the Trump administration hopes. He argued that discouraging remittances to countries like El Salvador, Guatemala, and Honduras — where such payments account for more than 20% of the GDP — could actually drive more migration from those nations. "If you're Honduras, if you're El Salvador and Guatemala, even a 1% tax, if it decreases the remittances, could actually be a significant toll in the development of those countries," he said. "If the remains were actually to decrease significantly, that could potentially backfire on President Trump's agenda to reduce irregular migration because he could actually make circumstances, economic circumstances in these countries more difficult and spur new irregular immigration in the future." The House of Representatives is currently considering the Senate's version of the "big, beautiful bill."
Yahoo
14 minutes ago
- Yahoo
Trump vows to 'save New York City' from Zohran Mamdani: 'I hold all the levers'
President Donald Trump vowed to "save New York City" from mayoral hopeful Zohran Mamdani on Wednesday. Trump made the statement from his Truth Social account, blasting the Democratic Party's nominee for mayor and claiming that he has the power to step in and take action if he chooses. "As President of the United States, I'm not going to let this Communist Lunatic destroy New York," Trump wrote. "Rest assured, I hold all the levers, and have all the cards. I'll save New York City, and make it 'Hot' and 'Great' again, just like I did with the Good Ol' USA!" The post was only Trump's latest salvo against Mamdani, who has faced intense criticism from conservatives and even some Democrats over his socialist policies and refusal to condemn terrorism-linked rhetoric. Hakeem Jeffries Says Nyc Hopeful Mamdani Needs To 'Clarify' His Position On 'Globalize The Intifada' Mamdani's campaign did not respond to a request for comment from Fox News Digital. Read On The Fox News App Trump had previously threatened to pull federal funding from the city, saying in a Fox News interview that aired Sunday, "I can tell you this – whoever's mayor of New York is going to have to behave themselves, or the federal government is coming down very tough on them financially." White House press secretary Karoline Leavitt said on Monday that Mamdani would "crush" New York City if he is elected mayor. Fox News' White House correspondent Peter Doocy asked Leavitt about recent calls for Mamdani to be deported, citing calls from one lawmaker who said Mamdani should be denaturalized. "I haven't heard him say that. I haven't heard him call for that. But certainly he does not want this individual to be elected. I was just speaking to him about it and [Mamdani's] radical policies that will completely crush New York City, which is obviously a city that the president holds near and dear to his heart," Leavitt responded. Sen. Kirsten Gillibrand Urges Zohran Mamdani To Denounce 'Globalize The Intifada' Rhetoric Leavitt went on to say that Trump would be willing to work with Mamdani if he is elected, though she predicted that the relationship would be difficult. "Look, the president is always willing to work with everyone. He's working with Democrats across the country, Democrat governors. And he said he'll work with people on the far left. He works with Republicans. He works with people in the middle. He wants to do what's right for America," Leavitt said. "But surely someone who holds these values and is quite literally a communist and condemns every value that makes this country great: common sense, law and order, low taxes, working hard, and earning your keep in this country. He's against all of that. And I think the president would find it difficult to work with someone like that, if he is elected. I'm sure you'll hear more from the president on that, but we'll have to see. Hopefully, the voters of New York City choose wisely," she finished. Mamdani made waves earlier this week for refusing multiple times to condemn the phrase "globalize the intifada" during an appearance on article source: Trump vows to 'save New York City' from Zohran Mamdani: 'I hold all the levers'
