House Ways And Means Committee Heading To Las Vegas Friday To Discuss Trump Tax Law
Provision to cut gambling-loss writeoffs seems sure to come up
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The House Ways and Means Committee will hold a “field hearing” in Las Vegas Friday to discuss the new Trump tax law. Expect Nevada Rep. Dina Titus to take advantage, and get some press for her FAIR Bet Act (HB 4303).
The new tax law includes cutting the deduction for gambling losses from 100% to 90%. On July 7, Titus introduced the FAIR Bet Act, which would repeal the provision. It doesn’t have a committee hearing date yet.
The field hearing will be held at YESCO beginning at 10 a.m. local time Friday, and only invited witnesses will be heard. Others, according to the Ways and Means Committee press release, can submit written testimony. The idea behind the hearing will be to “highlight the One, Big, Beautiful Bill’s benefits for American families and workers.”
But the gambling industry is up in arms over the bill, which would penalize the country’s biggest bettors and could lead to some gamblers owing taxes even if they’ve lost more than they’ve won in a given year.
Two bills filed
Titus filed her bill to restore the status quo three days after Trump signed his budget bill. And Nevada Sen. Catherine Cortez Masto dropped her own version of a fix July 10. The Nevada senator introduced her bill via unanimous consent in the Senate, but there was objection, and it failed. That bill will now go through traditional Senate channels should it move forward.
This week, Titus announced that two new sponsors were added to her bill: Pennsylvania Democrat Chris Deluzio and Florida Democrat Darren Soto. The bill currently has 10 sponsors from six states, including four Republicans.
Titus also put out a social media message this week with ironic proof that her bill is gaining traction:
