Latest news with #DinaTitus
Newsweek
3 days ago
- Business
- Newsweek
Exclusive: Democrat on Bipartisan Push to Undo Part of 'Big Beautiful Bill'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Representative Dina Titus, a Nevada Democrat, has introduced legislation that would restore the 100 percent deduction for gambling losses that Senate Republicans reduced to 90 percent late in the passing of the One Big Beautiful Bill Act (OBBB). Titus spoke with Newsweek about her Fair Accounting for Income Realized from Betting Earnings Taxation (FAIR BET) Act, which she says so far has garnered "10 times the response" from constituents in her state and beyond compared to other aspects of the OBBB. Republican Representatives including Troy Nehls of Texas and Jeff Van Drew of New Jersey, also support Titus' bill. Why It Matters The roughly 900-page bill passed by Congress included a provision inserted by Senate Republicans without consent of the House that imposed a tax increase on Americans who gamble, reducing from 100 percent to 90 percent the amount of losses they can deduct from gambling winnings for their income taxes. The new provision, added by the Senate Finance Committee late in the legislative process ahead of the July 4 bill signing by President Donald Trump, means that gambling losses that have traditionally been fully deductible would no longer be so and gamblers could owe taxes even if they ended up with net losses in a year. For example, someone winning $100,000 and then losing that same amount may still owe $10,000 in taxes on that income—even though they broke even. What To Know Titus, in an exclusive interview, said the issue has drawn more widespread attention on the OBBB compared to other scrutinized portions of the legislation, such as Medicaid and food stamp cuts. "We've certainly heard from the industry, they've all kind of now gotten on board," Titus said. "But I can tell you that we put out a lot of messages about that big, bad BS bill and we talked about Medicaid, we talked about food stamps, we talked about renewable energy, but this issue has gotten 10 times the response than any of those have." The congresswoman continued: "I think it's people who are on the internet, I think it's young people who found an issue that they can kind of identify with. And I don't think it's just limited to the people directly impacted by gaming in Nevada. It's a national issue because now everybody can gamble on their phone, and so they're writing in, they're texting in, they're calling in to say, 'We should fix this.'" Titus said she "found it hard to believe" that some Republican senators were unaware of this provision in the bill's final version. She doesn't believe it was inserted from an ideological or partisan standpoint, however, but rather based on tax policy. "Let's just make it clear these are not just high rollers, these are not just the big professional poker players who itemize," she said. "Think how many people bet on a football game or bet on their phone, and how much they advertise some of the sports betting apps. These are just ordinary people who bet." Titus added: "It's not fair...I don't think people are going to say, 'I'm not going to gamble,' but what they may say is, 'Why would I itemize? Why would I turn this in if I'm going to have to pay tax on losses?'" Gambling losses up to the amount of one's winnings can be claimed but only if one itemizes their deductions. However, most don't do that because they opt for the standard deduction and better tax break. Titus also has a front-row seat to the benefits of the gaming industry, noting how cities like Las Vegas are important economically. People travel to gamble, spend on dining and shows, or just to watch poker championships—the "full ambiance" as she described. "They're going to go gamble on unregulated sources, whether it's offshore or the black market or the predictions market that's coming on so strong," Titus said. "Those entities don't pay taxes to the state, they don't invest in brick and mortar, they don't hire good union labor. In that sense it also hurts industry and a community's economy." Representative Dina Titus, a Nevada Democrat, tells Newsweek why she introduced the FAIR BET Act to restore the 100 percent deduction for gambling losses that Senate Republicans reduced to 90 percent in the One Big... Representative Dina Titus, a Nevada Democrat, tells Newsweek why she introduced the FAIR BET Act to restore the 100 percent deduction for gambling losses that Senate Republicans reduced to 90 percent in the One Big Beautiful Bill Act. More Americans Overwhelmingly Support Gambling In its August 2024 report on Americans' attitudes towards gambling, the American Gaming Association (AGA) said than half of all American adults (55 percent) participated in some form of gambling in the previous 12 months. Roughly 122 million adult Americans, or 49 percent of the population, visited a casino for gambling or other entertainment purposes in that span—the highest level of casino visitation on record. Nearly nine-in-10 (88 percent) Americans find casino gambling to be acceptable for themselves or others, the research found, with 59 percent of Americans finding gambling personally acceptable—another an all-time high. The AGA represents major trade partners including Churchill Downs, DraftKings, MGM Resorts International and other big companies online and in casinos. A gaming industry source told Newsweek that there is support for Titus' legislation, adding that lawmakers or the Trump administration did not convey why this provision was included in the final bill. "This could potentially have a very direct impact on a professional gambler or a very high-volume recreational gambler who chooses to itemize committed to working with Representative Titus, as well as her co-sponsors in the House," the source said. Asked if Titus' bill is unsuccessful, the source said there's time to make legislative fixes between now and the spring of 2027 when people go to file their taxes for their prior calendar year. "We're motivated to get this done," they said. Financial Hit to Nevada Efforts in the Senate, led by Democratic Senator Catherine Cortez Masto of Nevada, sought unanimous consent to restore the full deduction for gambling losses. That was unsuccessful. Cortez Masto told Newsweek that she will continue to explore all options available to restore the 100 percent dedication for gambling losses and protect Nevada's gaming and hospitality industries. "Republicans' hastily put-together bill is full of provisions that are completely counterproductive and harmful to Americans," the senator said. "The provision limiting the wagering loss deduction will have a negative impact on Nevada, and it's one of the many reasons I voted no." What People Are Saying Representative Ro Khanna, a California Democrat, in a statement to Newsweek: "The Republican budget would kneecap sports and gambling by making Americans pay taxes on gambling losses. This is deeply unfair. I'm proud to introduce the FAIR BET Act with Rep. Titus to restore the 100 percent tax deduction for gaming losses." Professional poker player Daniel Negreanu told "I'm going to do everything I can to help make sure this isn't a reality or a problem. And when I say everything, I mean everything. This law would be, as I understand good at all. I'm going to reach out to people who are smarter than me on this. And then take measures to see if I can help in any way. And hopefully I can." Rufus Peabody, a professional sports bettor, told The Wall Street Journal: "More likely than not, I would owe more money in taxes than I actually made in 2026 if I continue betting. And so, as it stands, it becomes untenable to be a professional gambler." Phil Galfond, a professional poker player, wrote on social media: "This new amendment to the One Big Beautiful Bill Act would end professional gambling in the US and hurt casual gamblers, too," "You could pay more in tax than you won." What Happens Next The tax deduction change is going into effect on January 1, 2026, unless modified sooner by Congress. It won't affect Americans' tax returns until after that date. Titus said the timeframe provides "a little bit of breathing room" for changes to take hold.
Yahoo
7 days ago
- Politics
- Yahoo
House committee rejects Trump effort to allow slaughter of wild horses
Wild horses in the Northern Nevada Virginia Range. (Photo courtesy of the American Wild Horse Campaign) President Donald Trump's effort to eliminate longstanding protections preventing the slaughter of America's wild horses hit a snag this week when the U.S. House Committee on Appropriations included language in an Interior Dept. funding bill that reaffirmed the protections. Trump's budget proposal to slash funding for the Bureau of Land Management's Wild Horse and Burro program by 25% would have allowed the slaughter of some 64,000 federal protected wild horses in government holding facilities. 'The action by the House Appropriations Committee, in response to our June 11, 2025, letter, to again prohibit the slaughter of wild horses corrects an omission in the President's Budget Request,' U.S. Rep. Dina Titus, a Democrat from Nevada, said in a statement to the Current. Trump's proposal 'would have also allowed for the large-scale transfer of wild horses and burros to foreign countries such as Canada and Mexico, where horse slaughter facilities continue to operate,' the American Wild Horse Campaign (AWHC) said in a news release. The effort mirrored Trump's 2017 budget, which initially called for a 30% cut to the program's funding and the elimination of protections against slaughter. Congress restored the protections against killing the animals and augmented funding. The House bill appropriates $144 million to the BLM's Wild Horse and Burro Program. The measure 'reaffirms Congressional intent to prohibit slaughter and reflects the values of the American people,' Suzanne Roy, executive director of AWHC, said in a news release. Legislation introduced by Titus last week calls for the BLM to employ humane roundup techniques. 'Wild horses need to be protected from slaughter but also from helicopter roundups that can injure and kill them,' Titus said. 'What is needed now is action by Congress on my legislation to eliminate the use of helicopters in BLM wild horse roundups and require a report to explore the benefits of alternative methods for humanely gathering horses, such as employing traditional cowboys.' In the last five years, the government has spent at least $36.7 million on roundups, according to Titus, including more than $6 million paid in one year to helicopter roundup contractors. 'Scientific research has shown that more humane and cost-effective alternatives, like fertility control, are equally effective in controlling equine populations,' Titus said in a news release. 'The BLM's Wild Horse and Burro Program, however, currently spends less than four percent of its budget on these methods.'
Miami Herald
15-07-2025
- Business
- Miami Herald
Las Vegas Strip: IRS quietly raised jackpot handpay limits
By now, most gamblers know that President Donald Trump's One Big Beautiful Bill Act contains a poison pill they are being forced to swallow. The tax bill only allows them to deduct 90% of their gambling losses, meaning gamblers could have to pay taxes on money they actually lost. Related: The Las Vegas Strip's top-rated hotel bans the usual vices That makes the loss even worse and, in theory, ruins things like casino loyalty programs. Few gamblers are going to sign up to have their play tracked if it means that they might end up owing taxes on money they did not win. It's hard to imagine an IRS that can actually keep track of how much money people have gambled. Doing so would mean bringing in forms and tracking play not just in the United States, but on cruise ships around the world. Right now, gamblers are supposed to pay taxes on anything they win. In reality, nobody reports a win to the IRS if they do not have to. Don't miss the move: Subscribe to TheStreet's free daily newsletter Currently, you only have to report a win when you exceed certain thresholds. The most famous one of those is when you hit $1,200 or more playing slot machines. When that happens, your machine freezes and somebody from the casino has to walk over and collect your personal information. They use this to fill out a tax form in order to report your winnings to the IRS. Slot players have had to get a tax form for a hand-pay at the $1,200 rate since 1977. The number has not increased by a single dollar, even though Congresspeople, generally representatives from states that have casinos, have tried to get the limits lifted. That's not just a question of taxes. In theory, gamblers owe taxes on any winnings, since they count as income even when no form has reported them to the IRS. On a practical basis, however, you have to imagine that few people are honest enough to pay taxes on wins the IRS knows nothing about. More Las Vegas: Las Vegas Strip casino signs country superstar to new residencyLas Vegas Strip casinos can't shake an alarming trendLas Vegas Strip Sphere brings back country superstar residency That's because casinos don't like having players who just won a small jackpot (or a large one) stop playing in order to wait for a tax form. Filling out those forms requires labor, and sometimes when you win, it can be a challenge to track down a casino worker. This can take a happy moment and make it an angry one, as people are tied to their machine until someone shows up. If they have been drinking, that can lead to an uncomfortable situation, given that you can't really leave to go to the bathroom. Earlier this year, federal legislation to update the tax reporting threshold for slot-machine wins was reintroduced to Congress by United States Reps. Dina Titus (D-Nev.) and Guy Reschenthaler (R-Pa.). The bipartisan legislation would increase the IRS reporting requirements for casinos from $1,200 to $5,000 before a casino needs to issue a W2-G. That legislation has been proposed multiple times and has never reached a vote. Helping gamblers does not seem to be a priority for Congress, as they refused to vote on a provision to reverse the tax on money that may have been lost that's part of the new tax bill. The bill, technically known as the One Big Beautiful Bill Act (OBBBA), however, does have a gift for slot players. Related: Las Vegas Strip casino closes huge superstars' residency "An element of the OBBBA that hasn't garnered nearly the same media coverage as it relates to the gaming industry is 'Section 70433 C - Application to Reporting on Remuneration for Services.' The text increases the tax reporting threshold on gambling winnings to $2,000," first reported. That's a meaningful increase for slot players, as it will limit how often they must stop to wait for a hand-pay and tax form. It's a minor win, since $2,000 isn't the $5,000 sought to account for the nearly 50 years since the number was increased. But as gamblers know, a win is a win. Copyright 2025 The Arena Group, Inc. All Rights Reserved
Miami Herald
15-07-2025
- Business
- Miami Herald
Tax bill offers gift to Las Vegas Strip, cruise ship slot players
By now, most gamblers know that President Donald Trump's so-called Big Beautiful Bill contains a poison pill they are being forced to swallow. The tax bill only allows them to deduct 90% of their gambling losses. That means, that gamblers could have to pay taxes on Monday they actually lost. Related: The Las Vegas Strip's top-rated hotel bans the usual vices That makes the loss even worse and, in theory, ruins things like casino loyalty programs. Few gamblers are going to sign up to have their play tracked if it means that they might end up owing money on money, they did not win. In reality, it's hard to imagine and IRS that can actually keep track of how much money people have gambled. That would mean, bringing in forms and track and play not just in the United States, but on cruise ships around the world. Right now, gamblers are supposed to pay taxes on anything they win. In reality, nobody reports a win to the IRS if they do not have to. Don't miss the move: Subscribe to TheStreet's free daily newsletter Currently, you only have to report a win when you exceed certain thresholds. The most famous one of those is when you hit $1200 or more playing slot machine. When that happens, your machine freezes and somebody from the casino has to walk over and collect your personal information. They use this to fill out a tax form in order to report your winnings to the IRS. Slot players have had to get a tax form for a hand-pay at the $1,200 rate since 1977. The numbers has not increase by a single dollar even though congress, generally representatives from states that have casinos, have tried to get the limits lifted. That's not just a question of taxes. In theory, gamblers owe taxes on any winnings they have as they count as income when no form has reported them to the IRS. On a practical basis, however, you have to imagine that few people are honest enough to pay taxes on wins the IRS knows nothing about. Still, Congresspeople from states with casino lobbies have tried to get the threshold raised many times. More Las Vegas: Las Vegas Strip casino signs country superstar to new residencyLas Vegas Strip casinos can't shake an alarming trendLas Vegas Strip Sphere brings back country superstar residency That's because casinos don't like having players who just won a small jackpot (or a large one) stop playing in order to wait for a tax form. Filling out those forms requires labor, and sometimes, when you win, it can be a challenge to track down a casino worker. That can take a happy moment and make it an angry one as people are tied to their machine until someone shows up. If they have been drinking, that can lead to an uncomfortable situation as you can't really leave to go to the bathroom. Earlier this year, federal legislation to update the tax reporting threshold for slot machine wins was reintroduced to Congress by United States Reps. Dina Titus (D-Nevada) and Guy Reschenthaler (R-Pennsylvania). The bipartisan legislation would increase the IRS reporting requirements for casinos $1,200 to $5,000 before a casino needs to issue a W2-G. That legislation has been proposed multiple times and has never reached a vote. Helping gamblers does not seem to be a priority for Congress as they refused to vote on a provision to reverse the tax on money that may have been lost that's part of the new tax bill. The bill, technically known as the One Big Beautiful Bill Act (OBBBA) however, does have a gift for slot players. Related: Las Vegas Strip casino closes huge superstars' residency "An element of the OBBBA that hasn't garnered nearly the same media coverage as it relates to the gaming industry is 'Section 70433 C - Application to Reporting on Remuneration for Services.' The text increases the tax reporting threshold on gambling winnings to $2,000," first reported. That's a meaningful increase for slot players as it will limit how often they must stop to wait for a handpay and tax form. It's a minor win, since $2,000 isn't the $5,000 sought to account for the nearly 50 years since the number was increased, but as gamblers know, a win is a win. Copyright 2025 The Arena Group, Inc. All Rights Reserved
Boston Globe
14-07-2025
- Business
- Boston Globe
Seniors score, gamblers get rolled in Trump's ‘big beautiful bill'
One is a tax break that falls short of Trump's promise to eliminate taxes on Social Security benefits, but still delivers welcome — though temporary — relief for some seniors. Advertisement The other is a last-minute change to the IRS's treatment of betting losses that has set off howls of protest from gamblers and could squeeze Massachusetts' cut of gaming revenue. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Here's a rundown. Promises made, promises kept — sort of As congressional Republicans scrambled to put together a package of tax cuts and spending increases demanded by Trump, they were also under pressure to deliver on their leader's vow to do away with taxes on Social Security income. It was an impossible order to carry out — and not just because it would blow up the federal budget. Changes to Social Security aren't allowed under So, in an adroit bit of budgetary legerdemain, GOP lawmakers instead crafted a tax break specifically for filers 65 and older. Advertisement This 'enhanced deduction' — $6,000 for individuals ($12,000 for couples) — is set to expire after Trump leaves office. It comes on top of the standard deduction available to all taxpayers ($15,000 for individuals and $30,000 for couples in 2025), as well as the existing bonus deduction for filers over 65 ($2,000 for an individual, $3,200 for a couple). There are important caveats: Congress didn't eliminate taxes on Social Security income; the deduction is a back-door way to reduce seniors' taxable income, including the retirement benefits. Taxpayers under 65 aren't eligible, even if they receive Social Security. The full deduction is limited to individuals with taxable income of less than $75,000 ($150,000 for joint filers). It shrinks at higher income levels, disappearing altogether for individuals with taxable income of more than $175,000 ($250,000 for couples). The temporary change will mostly help middle- and upper-middle class taxpayers, A losing proposition Republicans slipped a last-minute change into their bill that lowered the amount of gambling losses that can be used to offset income from winning bets. The result: Some gamblers could end up owing taxes Republicans said the change was necessitated by the budget reconciliation rules, the details of which are so arcane they defy my powers to explain. A longstanding tax provision allowed gamblers to deduct 100 percent of their losing bets, up to the amount of their winnings. For example, a high roller or professional gambler with $100,000 in losing bets in a year could use that amount to offset up to $100,000 in wagers that paid off. In the new bill, the deduction limit has been dropped to 90 percent, which in the scenario above would leave the gambler with taxes owed on $10,000 — even though they had no net earnings for the year. 'No one should have to pay taxes on money they didn't win,' Representative Dina Titus, a Nevada Democrat, Advertisement Titus is a co-sponsor of the FAIR BET Act, which would permanently restore the 100 percent offset. Rufus Peabody, a professional sports bettor, 'More likely than not, I would owe more money in taxes than I actually made in 2026 if I continue betting,' Peabody said. 'And so, as it stands, it becomes untenable to be a professional gambler.' Unless the change is reversed, casinos such as the Encore in Everett and online betting apps including Boston's DraftKings could see a falloff in revenue as gamblers back away. Massachusetts, which has raked in $2.4 billion in tax revenue since casino and sports betting began in the state, could see its budget take a hit. As always, Congress giveth and it taketh away. This time, seniors are happy to take what they can get. Gambler, on the other hand, rolled snake eyes. Larry Edelman can be reached at
