The post US Gamblers Watch Closely as WAGER Act Gains Momentum to Restore 100% Loss Tax Deduction appeared first on Vegas Slots Online News.
President Trump’s “One Big Beautiful Bill” caused a big stir when his administration announced the details in April. One of the big takeaways for the gambling community was that the deductions for losses would drop from 100% to 90% starting in the 2026 tax year. This effectively means that the professional gamblers could still have to pay taxes despite not having a profitable 12 months. The uproar led to some lawmakers introducing bills to reverse the decision.
While the FAIR Bet Act, led by Representative Dina Titus (D – Nevada), has been met with stiff resistance in the Committee on Ways and Means and the Rules Committee, another piece of legislation is having more luck. Republican Representative Andy Barr’s WAGER Act of 2025 has gotten bipartisan support after Democrat Representative Morgan McGarvey came on board this week as a co-sponsor to try to restore the deductions to 100%.
confident we can get it across the finish line”
Talking about the chances of success, McGarvey said that he’s “confident we can get it across the finish line.” The Kentucky congressman has support from horse racing authorities who are concerned that the 90% deduction cap could cut gambling revenues at their facilities.
The WAGER Act is now in the House Ways and Means Committee. Experts believe that it has a good chance of passage as Republicans currently have a tight grip in Congress.
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