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Trump's big beautiful bill has a clause changing the way income tax is applied, and more importantly, how losses are offset. (The reason we have traditionally steered clear of income tax on betting winnings, btw.)
Here's some bloke explaining it in a TwiX video:-
https://x.com/PhilGalfond/status/1940198538493010316
Here's some bloke explaining it in a TwiX video:-
https://x.com/PhilGalfond/status/1940198538493010316
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You would normally see concerns like that reflected in the share price of affected companies on the run up to the decision or, if it came out of the blue, directly afterwards.
Money talks and .. |
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Won't affect the 98% of losers, so most companies won't mind a jot.
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The bookies will see it as good news if it stops some sharp money. Over here the big bookies did not mind a bit of off course betting tax to keep the sharp money away from their shops.
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Sergeant Bilko in the Top 5 imo.
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So you win 100k and lose 100k pay no tax ( past law ) Now win 100k and lose 100k you pay tax on 10k winnings ( new law ) Nobody is going to stand for that.
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Thought they already do that in VEGAS
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playing with cash , how would they ever know?
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Swiftynifty - As you know from this forum, gamblers are by nature full of good community spirit and would never lie to the taxman.
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