The Rules Committee blocked the FAIR BET act from the NDAA. The fix now rests with @WaysandMeansGOP and @RepJasonSmith. Please schedule a markup of H.R. 4304 to restore the full 100% gambling-loss deduction. Break-even bettors shouldn’t owe tax on phantom income. @AmericanGaming @repdinatitus

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. Macomber (1920) income must be a “gain derived” from capital or labor. • Under Commissioner v. Glenshaw Glass (1955) it must be an “undeniable accession to wealth, clearly realized, over which the taxpayer has complete dominion.” When a gambler’s wins and losses net to zero, there is no accession (increase) to wealth. This phantom "income" tax will go into effect starting tax year 2026. @repdinatitus is working on a bill that would reverse this unfair anti-gaming tax provision. Let's hope common sense prevails and this is quickly reversed before 2026 gets here. #Kill70114 #StopHiddenTax

🚨 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 NO on the rule. #Kill70114 #StopHiddenTax #HoldTheLine @chiproytx @RepRalphNorman @timburchett @AndyOgles @RepBrecheen @RepSpartz @Rep_Clyde @RepMikeLawler @RepDesposito @RepMolinaro @RepDavidValadao @RepCiscomani @MarkAmodeiNV2 @nicklalota @RepTomKean @RepGarretGraves • Win $100 k / lose $100 k → IRS taxes $10 k you never kept. • Nevada, NJ, LA unions + AGA OPPOSE the cap.