CrazyNinjaMike
@CrazyNinjaMike1
SEC 70114 is unconstitutional. • Introduced by @MikeCrapo • Limits deductions to 90% of losses. • Win $100k / lose $100k → IRS taxes $10k you never kept. • The 90% cap violates the Sixteenth Amendment because it taxes something that is not “income.” • Under Eisner v.…
The failure of the Senate’s unanimous consent measure is not surprising. The Senate got us into this mess and it’s now time for both chambers to unite behind my bipartisan FAIR BET Act to ensure that average and high-stakes gamblers do not pay taxes on money they never won. If…
Our push for my FAIR BET Act is making the Senate aware of their mistake 👀
Tillis, another Finance committee member, calls it “bad policy.” “I was so focused on Medicaid, I wasn't looking for other reasons to be against the bill. But that would be another one,” he said
We’re getting the word out that Congress needs to pass the FAIR BET Act as soon as possible. Thank you @CNNPolitics, @NOTUSreports, @igorbobic, @BLaw, @PatrickE_Vegas, @punchbowlnews, @TheNVIndy, @KTNV, @LasVegasSun, and @reviewjournal. Keep pushing!
A reminder for my friends in the Senate: Revenue bills must originate in the House, per the Constitution. Any bill or unanimous consent action in the Senate would be just for show. My FAIR BET Act is the real fix to the Senate’s error in lowering the gambling loss deduction to…
The FAIR BET Act is gaining more bipartisan support! Thank you @RepHorsford, @Congressman_JVD, and @MarkAmodeiNV2 for co-sponsoring. Now it’s time to eliminate this unfair tax on phantom income.
FAIR BET Act by @RepDinaTitus is out. Language gets right to the point. First reported by InGame.
NEW: @repdinatitus, a Nevada Democrat, has introduced a bill that would roll back the controversial cap on the amount of losses gamblers can claim on their taxes, undoing a provision in the just-signed Congressional budget
The FAIR BET Act now has bipartisan support! Thank you @RepTroyNehls for signing on. I will continue championing this legislation through Congress. Keep the momentum going!
I just introduced the FAIR BET Act with @RepRoKhanna to rightfully restore the 100% tax deduction for gaming losses. I encourage other members to support this critical fix.
Thank you @repdinatitus for your leadership! I am happy to join you as a co-sponsor and work with you to get other members on board.
Join me @RoKhanna as a cosponsor of the FAIR BET Act. No one should have to pay taxes on money they didn’t win.
On Monday I’m introducing the FAIR BET Act, the Fair Accounting for Income Realized from Betting Earnings Taxation Act, to permanently restore the 100% loss deduction from gambling winnings. I welcome all other members to join this common sense fix.
Republicans hurt Las Vegas gamblers and the gaming industry with their BS budget. I am working on a bill now that would reverse this unfair anti-gaming tax provision.
🚨 SEC 70114 buries a 10 % tax on every $ you *win*, even when you break even. • Tiny “pay-for”: +$1 B over 10 yrs vs $3 T bill (0.03 %). • Drives handle offshore → states & feds lose more than it raises. • Hidden tax = bigger deficit, not smaller. STRIP 70114 or VOTE…
Buried within the BS Republican Budget bill is a provision that harms poker players and those who gamble by limiting loss deductions. I’m working on a legislative fix that fairly treats gaming losses in the tax code.