NTRA Announces Support For FAIR BET Act
The National Thoroughbred Racing Association (NTRA) announced its support for the bipartisan Fair Accounting for Income Realized from Betting Earnings Taxation (FAIR BET) Act on July 8. The FAIR BET Act, introduced by Representative Dina Titus (D-NV), seeks to restore the 100% deduction for gambling losses. The One Big Beautiful Bill Act, just recently signed into law, amended the deduction so that gamblers could only deduct 90% of their losses, instead of 100%. The legislation is co-sponsored by Reps. Troy Nehls (R-TX), Ro Khanna (D-CA), Jeff Van Drew (R-NJ), Steven Horsford (D-NV), and Mark Amodei (R-NV), as of Tuesday, July 8.
'The NTRA commends Congresswoman Titus for introducing the FAIR BET Act, which will restore the 100% tax deduction for gaming losses,' said NTRA President and CEO Tom Rooney.'There is no Thoroughbred racing without horseplayers. The changes to the tax deduction are detrimental to them and must be fixed. We're glad that swift bipartisan action is being taken. Along with Congresswoman Titus, the NTRA will continue to work alongside the Trump administration and leaders in the House and Senate to restore the tax deduction.'The Congresswoman has led the charge on rectifying this change to the tax code, which is set to take effect next year.
'My FAIR BET Act would rightfully restore the full deduction for losses so gamblers don't pay taxes on money they haven't won,' Congresswoman Titus said. 'This common-sense legislation will bring fairness back to gaming taxation, making sure that gamblers can fully deduct losses when they report their winnings. It gives everyone –from recreational gamblers to high-stakes gamblers -- a fair shake. We should be encouraging players to properly report their winnings and wager using legal operators. The Senate change will only push people to not report their winnings and to use unregulated platforms.''While I proudly voted for the One Big Beautiful Bill Act, which prevents the largest tax hike in American history, the Senate's version contained a provision that I strongly disagree with,' said Congressman Nehls. 'Prior to the passage of the OBBBA, the tax code contained a 100% deduction for gambling losses and expenses up to the amount of the individual's winnings. This deduction was not changed in the House-passed version of the bill. The Senate, unfortunately, included a provision in their version of the legislation that reduced the allowable deduction to 90%, creating an overly punitive tax on gambling. This provision is unfair, which is exactly why I am a cosponsor of Rep. Dina Titus' FAIR BET Act.'Rep. Titus's bill can be found here.
This story was originally reported by Paulick Report on Jul 8, 2025, where it first appeared.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fox News
34 minutes ago
- Fox News
Rams' Davante Adams says LeBron James would have been one of the best wide receivers in NFL history
Could LeBron James have thrived in the NFL if he had chosen to take his talents to the gridiron instead of the hardwood? Los Angeles Rams star wide receiver Davante Adams certainly thinks so. "He would have been one of the best receivers, tight ends of all time. No question," Adams said during a recent appearance on the "Dan Patrick Show." Adams cited James' speed as one of the reasons he would succeed in the NFL. "He can fly too. That's the thing. He's one of the fastest NBA players probably of all time," Adams said. "I've never seen somebody cover space on a basketball court. Maybe John Wall? Derrick Rose? Somebody like that, but he's up there with all of them." At six-foot-nine and 250 pounds, James certainly has the size to play tight end or wide receiver in the NFL, as he is bigger than some of the best to ever do it. James previously said his comparison on the football field would have been a combination of Randy Moss and Rob Gronkowski. "Probably like a mix between, you know, (Rob Gronkowski) or Randy Moss a little bit, but he's a lot smaller than me. He runs a lot faster, but he's a lot smaller than me," James said during an appearance on "New Heights" in March. The 21-time NBA All-Star compared his build to Hall of Famer Calvin Johnson, as James said they have "that same stature as far as build." James also brought up Tony Gonzalez, who played college basketball before eventually turning into a tight end and had an illustrious 17-year career in the NFL that ended in the Pro Football Hall of Fame. "Maybe Tony Gonzalez, with his size, and obviously he played basketball as well. I used to love his celebration when he used to dunk on the goal post too," James said. Gonzalez was six-foot-five and 243 pounds, while Johnson was listed as six-foot-five and 237 pounds during his playing career. The Lakers star said he only "seriously" considered joining the NFL in 2011, during the NBA lockout. "It was 2011 when we had the NBA lockout and, you know, I didn't know when we were going to make the deal with the owners and get our league back going. I actually thought about it a little bit back then. I was still young enough, you know, to get out there with y'all, but that's the only time I've actually seriously considered it," James said. Adams would certainly know what makes a good receiver, as the six-time Pro Bowler has been a top wide receiver in the NFL in his 11-year career. In 164 career games, Adams has 957 career catches for 11,844 yards and 103 touchdowns. Last season, across 14 games with the New York Jets and Las Vegas Raiders, Adams had 67 catches for 854 yards and seven touchdowns. Adams signed with the Rams this offseason and gives the team one of the league's best wide receiver duos alongside star Puka Nacua. Follow Fox News Digital's sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.
Gizmodo
34 minutes ago
- Gizmodo
Prime Day Pushes Oral-B Electric Toothbrush Bundle Below Black Friday Prices, Making Shoppers Smile
Our teeth are pretty important, as it turns out. While dental health is a pretty big deal in the USA in general, that doesn't mean we can't do a little bit more. After all, what's the point of having those lovely gnashes if you can't show them off? Well, that's why you should be looking around Prime Day deals for a great deal on an electric toothbrush, and we just so happened to have found one for you today. You can currently get the Oral-B iO Deep Clean + Protect rechargeable electric toothbrush for just $100. It would normally cost you $200, but Prime members can save a massive 55% on that right now (with $20 clip coupon). If that's not going to leave you smiling wide, we're not sure what will. Just make sure to use the on-page coupon to save the full amount. See at Amazon This powerful electric toothbrush has been proven to remove 100% more plaque than some other options in just one week, leading not only to healthier gums, but also brighter smiles, and fewer trips to the dentist. We've got nothing against dentists, we just think anyone who does it for a living probably needs a good hug and maybe a stiff drink. The smart features are what make this toothbrush so effective. It can actually keep track of your brushing time itself, meaning you don't have to worry about timing things in any other way, and it'll even show you where you're brushing properly and where you need work, thanks to the Oral-B app. It also tells you when you're brushing too hard or too softly, allowing you to actually master the art of teeth quickly. You can even choose from multiple modes, so you can focus on whitening, gum care, or just really cleaning your teeth to the max. You can switch these as you need to, so if your dentist is recommending you spend a little bit more time on your gums, for example, your toothbrush can literally help you do that. We know that we're all adults here, but sometimes a little boost to accountability is all you need for success. We think this is an excellent toothbrush at full price, so being able to get it for over half off at just $100 is the kind of deal that'll have you grinning like the Cheshire Cat. Just don't forget about that coupon to actually get the full deal here. See at Amazon
Washington Post
35 minutes ago
- Washington Post
A surprise IRS move on political endorsements leaves faith leaders and experts divided
WASHINGTON — A surprise move by the IRS that would allow pastors to back political candidates from the pulpit without losing their organization's tax-exempt status is drawing praise from conservatives and even some progressive religious groups but concern from other leaders of faith, along with tax and legal experts. A 1954 provision in the tax code called the Johnson Amendment says churches and other nonprofits could lose their tax-exempt status if they participate or intervene in any political campaign on behalf of or in opposition to any candidate for public office. The rule was rarely enforced.
