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Trump Eyes HUGE Gambling Tax Cut (But There's a Catch You NEED to Know!) 🚨
President Trump is floating a potentially massive change for gamblers: the complete elimination of federal taxes on gambling winnings! This idea is part of his broader tax-cut platform, alongside proposals for tips, overtime, and social security.
Imagine a world where your big jackpot comes home entirely tax-free! 🎉
BUT HOLD ON! There's a critical detail you might have missed.
Earlier this year, the "One Big Beautiful Bill Act (OBBBA)" was signed into law, and it's set to drastically change how you deduct gambling losses starting in 2026:
The Current Good News (Through 2025): Right now, you can deduct up to 100% of your gambling losses, up to the amount of your winnings. This means you only pay tax on your net profit.
The Future Bad News (Starting 2026): Under OBBBA, you'll only be able to deduct 90% of your losses against your winnings. This creates a "phantom income" scenario.
Example: If you win $100,000 but lose $100,000, you'll still be taxed on $10,000 ($100,000 winnings - $90,000 deductible losses).
So, what does this all mean?
While the prospect of tax-free winnings is exciting, the OBBBA adds a layer of complexity (and potential tax liability) for many gamblers in the near future. It's a tale of two policies moving in seemingly opposite directions!
#fedtaxes
#BigBeautifulBill
#FedDovishNow
$JELLYJELLY $TITN $SENTIS
President Trump is floating a potentially massive change for gamblers: the complete elimination of federal taxes on gambling winnings! This idea is part of his broader tax-cut platform, alongside proposals for tips, overtime, and social security.
Imagine a world where your big jackpot comes home entirely tax-free! 🎉
BUT HOLD ON! There's a critical detail you might have missed.
Earlier this year, the "One Big Beautiful Bill Act (OBBBA)" was signed into law, and it's set to drastically change how you deduct gambling losses starting in 2026:
The Current Good News (Through 2025): Right now, you can deduct up to 100% of your gambling losses, up to the amount of your winnings. This means you only pay tax on your net profit.
The Future Bad News (Starting 2026): Under OBBBA, you'll only be able to deduct 90% of your losses against your winnings. This creates a "phantom income" scenario.
Example: If you win $100,000 but lose $100,000, you'll still be taxed on $10,000 ($100,000 winnings - $90,000 deductible losses).
So, what does this all mean?
While the prospect of tax-free winnings is exciting, the OBBBA adds a layer of complexity (and potential tax liability) for many gamblers in the near future. It's a tale of two policies moving in seemingly opposite directions!
#fedtaxes
#BigBeautifulBill
#FedDovishNow
$JELLYJELLY $TITN $SENTIS
ترجمة
🚨 #breakingnews
🇺🇸 A new Strategic Bitcoin Reserve Bill has been introduced in Congress, allowing federal taxes to be paid in BTC and removing capital-gains obligations on those transactions. With momentum like this, it's hard to make a bearish case for Bitcoin.
#BTC #BTCReserve #USCongress #fedtaxes
🇺🇸 A new Strategic Bitcoin Reserve Bill has been introduced in Congress, allowing federal taxes to be paid in BTC and removing capital-gains obligations on those transactions. With momentum like this, it's hard to make a bearish case for Bitcoin.
#BTC #BTCReserve #USCongress #fedtaxes
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